Audit & Accounting

Changes in the proposed lease accounting standards that the Financial Accounting Standards Board and the International Accounting Standards Board are working to converge are expected to have an impact on approximately half of public companies, but less than 10 percent will see a major impact, according to new research by the IASB.

The Hong Kong government plans to meet Chinese officials to discuss concerns over a proposal to ban foreign accounting firms without a mainland partner from auditing Chinese companies planning to list overseas.

Public companies are confronting significant new compliance challenges from a combination of Sarbanes-Oxley requirements, Public Company Accounting Oversight Board inspections of their auditing firms, and COSO’s new internal control framework, according to a new survey.

Accounting firms are full of barriers to growth, many of which are invisible, and some of which may spring from the owners themselves, according to growth consultant Angie Grissom.

The XBRL International Standards Board is forming a global Corporate Actions Working Group to standardize the transmission of corporate action events in Extensible Business Reporting Language, or XBRL.

The Governmental Accounting Standards Board voted unanimously Wednesday to approve two exposure drafts proposing significant improvements to financial reporting by state and local governments of other post-employment benefits, such as retiree health insurance.

The Financial Accounting Standards Board and the International Accounting Standards Board have released their long-awaited converged standard on revenue recognition after more than a decade of effort.

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The American Institute of CPAs is working with the College Board to develop an advanced placement course in accounting for high school students.

The Center for Audit Quality plans to fund four new academic research projects after requesting proposals last December.