Audit & Accounting

The Private Company Council is calling for the removal of the effective dates of four accounting standards updates.

Japan’s Securities and Exchange Surveillance Commission recommended fining Toshiba Corp. about 7.37 billion yen ($60 million) for falsifying earnings, the largest financial penalty ever sought by the watchdog.

Litigation against accounting firms appears to have subsided for now, according to one legal expert, but is showing signs of reviving as the Securities and Exchange Commission turns its attention back to accounting and audit enforcement cases.

A new international survey ranks Zurich, Switzerland as the highest-paying city for accountants, with another Swiss city, Geneva, in second place.

North American employees and managers are missing out on more than $10.7 billion of unclaimed expenses every year, according to new estimates.

The Financial Accounting Standards Board has issued a proposed accounting standards update to improve the effectiveness of the disclosure requirements for fair value measurements.

PricewaterhouseCoopers has released a report on the firm’s efforts to improve audit quality.

The Year Ahead: 2016 Toolkit

Grant Thornton has agreed to pay $4.5 million to settle charges that the firm and two of its partners disregarded red flags and fraud risks during audits of two publicly traded companies that ultimately faced SEC enforcement actions for improper accounting and other violations.

Check out the digital edition of the December 2015 issue of Accounting Today.