Audit & Accounting

Accounting firm awards, name changes and more…

After starting the year with a wobble, the accounting profession's expectations for economic growth remained uncertain, according to the February edition of Accounting Today’s monthly Accountants Confidence Index.

The Governmental Accounting Standards Board has drafted a proposed Hierarchy of Generally Accepted Accounting Principles for State and Local Governments, listing the order of priority for the types of pronouncements that a state or local government should look to for guidance when preparing their financial statements.

The International Federation of Accountants’ Professional Accountants in Business Committee has issued proposed guidance on supplementary financial measures such as EBITDA, free cash flow and underlying profit.

A post-implementation review of the Financial Accounting Standards Board’s fair value measurement standard by FASB’s parent organization found the standard generally met its objectives, even though some investors have difficulty understanding fair value information provided in the financial statements, and their level of satisfaction with the information varies.

The Sustainability Accounting Standards Board has issued provisional standards for seven industries in the financial services sector.

New accounting websites, blogs and more...

Members of the Financial Accounting Standards Board voted at a meeting Wednesday to scale back FASB’s convergence efforts on insurance accounting standards with the International Accounting Standards Board.

The National Association of State Boards of Accountancy has written a letter to the Financial Accounting Foundation, the parent organization of the Financial Accounting Standards Board, questioning the FAF’s recent decision to contribute up to $3 million to the International Financial Reporting Standards Foundation, the parent of the International Accounting Standards Board.

Bloomberg BNA has published a new book examining the history and workings of the Public Company Accounting Oversight Board.