Audit & Accounting

The proposed changes in lease accounting standards described in the recent exposure draft from the Financial Accounting Standards Board and the International Accounting Standards Board will significantly alter financial reporting standards for both lessors and lessees, according to Fitch Ratings.

The Public Company Accounting Oversight Board is taking a close look at the nearly 1,000 accounting firms that have registered with the PCAOB even though they do not audit public companies and may decide to drop many of them.

The International Federation of Accountants and the Institute of Internal Auditors said Wednesday they have signed a memorandum of understanding to create a formal basis for the advancement of risk management and internal controls toward a common goal of enhanced governance.

The Financial Accounting Standards Board and the Private Company Council voted Tuesday to finalize the Private Company Decision-Making Framework, which outlines criteria they intend to use for determining whether and under what circumstances it is appropriate to adjust financial reporting requirements for private companies following U.S. GAAP.

The cost of the transition to International Financial Reporting Standards was significant for many companies, but generally around the same amount they had budgeted or less than they expected, according to a new study.

With the formal release of the 2013 AICPA Guide, Valuation of Privately-Held Company Equity Securities Issued as Compensation, there are two valuation concepts that are new to the updated guide, but are already in fairly wide use.

The global consulting firm Protiviti has published a new study on how the internal audit function is changing at companies around the world as internal audit teams collaborate with more parts of the organization while also trying to maintain their independence.

The National Association of State Boards of Accountancy and the American Institute of CPAs have pledged their cooperation on financial reporting frameworks for private after a dispute broke out between the two organizations over the AICPA’s recent issuance of its Financial Reporting Framework for Small and Medium-sized Enterprises.

CPA firms are predicting they will face challenges in gaining acceptance of the American Institute of CPAs’ recently introduced Financial Reporting Framework for Small and Medium-sized Entities, according to a new survey.

M&A surveys, OSCPA’s Women’s Initiative and more…