Audit & Accounting

Almost nine in ten audits of broker/dealers examined in 2014 had deficiencies, according to a new Public Company Accounting Oversight Board report, and almost a quarter had independence issues.

The Financial Accounting Foundation has named Candace Wright as the next chair of the Private Company Council.

Last December, based on a recommendation from the Private Company Council, the Financial Accounting Standards Board issued a notable accounting standards update for intangible assets in business combinations.

The American Institute of CPAs' Auditing Standards Board has issued a new exposure draft proposing amendments to the auditing standard on auditor’s reports.

The Governmental Accounting Standards Board has issued final guidance that requires state and local governments for the first time to disclose information about tax abatement agreements.

The Financial Accounting Standards Board has issued an accounting standards update on derivatives and hedging related to electricity contracts.

The causes behind Greece’s ever-worsening debt crisis have been attributed to different factors, including widespread tax evasion, harsh austerity measures, an underground economy, and predatory investment banks and hedge funds, but according to one expert, the main culprit is bad accounting.

The Financial Accounting Standards Board issued an accounting standards update on Wednesday deferring by one year the effective date of the converged revenue recognition standard that it released last year with the International Accounting Standards Board.

By definition, analytical procedures involve a process of analytically detecting ways to decrease time and increase efficiency.

The American Institute of CPAs has sent a comment letter to the Financial Accounting Standards Board weighing in on proposed changes in accounting standards for not-for-profits and saying they could create divergence from the financial reporting model used by for-profit businesses.