Audit & Accounting

The American Institute of CPAs’ Auditing Standards Board has issued a new auditing standard on internal control and an interpretation related to the sustainability financial statements used by the government for long-term projections of social insurance programs.

South Korea will draw up measures to increase transparency to the accounting methods used by construction and shipbuilding companies to prevent them from running up huge losses when projects are delayed.

Daily fantasy-sports companies, at the center of legal and regulatory debate about whether their games are gambling, have agreed to the formation of a self-regulatory body led by former acting U.S. Secretary of Labor Seth Harris.

The Securities and Exchange Commission has charged the St. Joe Company, a Watersound, Fla.-based real estate developer and landowner, its former top executives, and two former accounting department directors, with improperly accounting for the declining value of its residential real estate developments during the financial crisis.

The Sustainability Accounting Standards Board has introduced a new credential for accountants and other professionals who deal with sustainability issues.

Marvell Technology Group Inc., a chipmaker that disclosed an internal investigation into its accounting last month, plunged to its lowest price in more than two years after saying PricewaterhouseCoopers LLP resigned as its external accounting firm.

The Financial Accounting Standards Board and the International Accounting Standards Board have delayed the effective date of their converged revenue recognition standard for a year, but companies are going to need the extra time to get their systems adjusted.

Valeant Pharmaceuticals International Inc. shares slumped as Chief Executive Officer J. Michael Pearson’s defense of the drugmaker’s accounting and ethics failed to resonate with investors fretting about its relationship with a mail-order pharmacy.

The oil and gas industry’s earnings season is barely underway, and already there’s been $6.5 billion in writedowns.

A senior Republican senator said lawmakers need better data on Puerto Rico’s financial situation before helping the island, as the Obama administration and the territory’s governor stepped up their warnings about the depths of its crisis.