Audit & Accounting

The Governmental Accounting Standards Board has issued two documents describing its preliminary views on lease accounting for state and local governments, and financial reporting for fiduciary responsibilities, as it solicits public comments on possible standards.

Internal auditors are more likely to be satisfied with their jobs and remain with employers who use internal audit as a talent pipeline for management positions, according to a new survey.

The Financial Accounting Foundation, has named Jan Sylvis, the chief of accounts for the Tennessee Department of Finance and Administration, as vice chair of the Governmental Accounting Standards Board.

The Financial Accounting Foundation, the parent organization of the Financial Accounting Standards Board, has launched a new Web page highlighting the benefits of U.S. GAAP.

The Center for Audit Quality and the American Institute of CPAs have jointly issued a new member alert reminding audit firms of the independence rules required by the Securities and Exchange Commission and the Public Company Accounting Oversight Board.

As previously reported, Troy K. Lewis, chair of the Tax Executive Committee of the AICPA, spoke to a Senate panel on Tuesday, urging Congress to pass legislation that would give natural disaster victims access to permanent and prompt tax relief.

The Securities and Exchange Commission is taking a fresh look at the question of allowing U.S. public companies to use International Financial Reporting Standards.

The Financial Accounting Standards Board and the Securities and Exchange Commission have issued new guidance on so-called “pushdown accounting,” which occurs when an acquired organization uses the acquirer’s basis of accounting to prepare its financial statements.

BDO USA LLP has entered into an agreement to acquire Top 100 Firm UHY Advisor's Texas practice. The deal is expected to close on December 1.

The Financial Accounting Standards Board is doing more rigorous cost/benefit analyses of any new changes in accounting standards, and in some cases that is causing some of the divergence from the International Accounting Standards Board, according to FASB officials.