Audit & Accounting

The International Ethics Standards Board for Accountants has released for public comment an updated exposure draft on a standard for addressing how audit firm personnel should act toward an audit or assurance client who has a long association with the firm.

Hans Hoogervorst has been re-appointed as chairman of the International Accounting Standards Board for a second five-year term, but his vice-chairman, Ian Mackintosh will not be seeking a second term.

The U.S. Securities and Exchange Commission is investigating whether Boeing Co. properly accounted for the costs and expected sales of two of its best known jetliners, according to people with knowledge of the matter.

The Governmental Accounting Standards Board issued a guidance Thursday to provide clarity about how certain component units incorporated as not-for-profit corporations should be presented in the financial statements of the primary state or local government.

An internal whistleblower could collect up to $24 million of the $80 million penalty imposed by the Securities and Exchange Commission against agribusiness giant Monsanto.

The Securities and Exchange Commission said Tuesday that St. Louis-based agribusiness Monsanto Company has agreed to pay an $80 million penalty and retain an independent compliance consultant to settle charges that it violated accounting rules and misstated company earnings pertaining to its flagship product Roundup.

Morison International and KS International have merged to form a $1 billion international association of accounting and professional services firms to be known as Morison KSi.

The Governmental Accounting Standards Board has issued a proposal to establish a single approach for state and local governments to report leases based on the principle that leases are financings of the right to use an underlying asset.

Brixmor Property Group Inc. shares plunged after Chief Executive Officer Michael Carroll and two other executives resigned following a discovery by the company’s audit committee that employees were “smoothing” income to make quarterly results more consistent.

A group of community bankers from the Independent Community Bankers of America met last week with the Financial Accounting Standards Board to discuss their concerns with FASB’s upcoming impairment standard on credit losses.