Audit & Accounting

As G8 leaders met in Northern Ireland for a summit focused on increasing financial transparency and tax information exchange, 150 business leaders and investors also gathered in Germany to advance a market-led solution to financial transparency.

Cloud accounting and small business finance tool maker Wave has added the Payroll Tax Service for in 10 U.S. states with more coming later in the year.

The New York State Society of CPAs has expressed concern that an International Audit and Assurance Standards Board proposal that aims to make auditor reporting more transparent and improve users’ understanding of audited financial statements goes too far in expanding the scope of auditor responsibilities.

The current accounting rules for accounting for loan losses were in part responsible for the failures of community banks in the wake of the financial crisis, according to a new report by the Government Accountability Office.

American Institute of CPAs president and CEO Barry Melancon has written to the leaders of the state CPA societies in response to an announcement from the National Association of State Boards of Accountancy urging private companies not to use the AICPA’s recently unveiled Financial Reporting Framework for Small and Medium-sized Entities.

For anyone evaluating the principles of the new service organization controls (SOC), particularly SOC 2, BrightLine CPAs & Associates principal and SOC reporting practice leader Greg Miller describes the five key principles and how to select the right one.

Surveys, office relocation and more...

The National Association of State Boards of Accountancy has advised private companies not to use the American Institute of CPAs’ recently released Financial Reporting Framework for Small and Medium-sized Entities.

The International Integrated Reporting Council has signed a memorandum of understanding with the World Intellectual Capital Initiative to ensure that "intellectual capital" is reflected as a crucial and essential source of an organization's value creation within integrated reporting.

The Financial Accounting Standards Board voted Wednesday to indefinitely defer certain disclosures about investments held by a nonpublic employee benefit plan in its plan sponsor’s own nonpublic equity securities.