Audit & Accounting

Ranking

The Four-Way Test shows GAAP-based financial reporting is unethical

A Houston-based company, FMC Technologies, has agreed to pay a $2.5 million penalty to resolve charges that it overstated profits in one of its business segments, the Securities and Exchange Commission said Thursday.

Three former Tesco Plc executives charged with accounting fraud will go on trial in September 2017.

The countdown is on for 2018, as new international accounting rules, IFRS 15 for international countries and ASC 606 for the U.S., will change the way companies need to manage revenue recognition.

GASB issued an exposure draft of a proposed implementation guide on the requirements of GASB Statement No. 74, "Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans."

Comedian Harry Shearer is suing the company that owns the rights to “This is Spinal Tap,” claiming that it has shortchanged the film’s creators through fraudulent accounting.

The Public Company Accounting Oversight Board announced a cooperative agreement with the audit regulator of Finland, the Finnish Patent and Registration Office.

The trustees of the IFRS Foundation, which oversees of the International Accounting Standards Board, have appointed Sue Lloyd as vice chair of the board.

Big Four firm Ernst & Young has agreed to pay more than $11.8 million to the Securities and Exchange Commission for failing to detect fraud in its audits of an oil services company.