Accounting standards

The Financial Accounting Foundation’s board of trustees has appointed Susan M. Cosper, technical director of the Financial Accounting Standards Board, as a member of the FASB board.

The United Kingdom’s Competition and Markets Authority has issued a long-awaited report calling for separation of audit from consulting services, mandatory “joint audits” and regulatory powers to increase the accountability of audit committees.

South Korean auditors are refusing to sign off on more and more corporate financial statements due to tighter regulations, giving investors earlier warning signs of trouble ahead.

There were fewer total settlements in 2018, but the dollar figures involved increased more than fivefold.

The senator really hates it when corporations that report billions of dollars in profit pay little or no tax to Uncle Sam.

Denmark has reported the local operations of Ernst & Young and KPMG to the police amid a widening crackdown on money laundering in the country.

The financial institution expects to increase reserves by about $5 billion for implementation of the current expected credit loss standard.

Approximately 40 percent of private companies are behind schedule on the new leases standard or haven’t started getting ready yet.

The Financial Accounting Standards Board has made two decisions that will limit changes to the CECL standard ahead of implementation.

The Center for Audit Quality has released an updated version of its tool for audit committees to address recent changes in accounting standards and potential areas of risk.

Firms should be forced to legally separate their “cash cow” consulting work from their auditing businesses, a U.K. Parliament committee said.

The Financial Accounting Standards Board and the Governmental Accounting Standards Board are both on the lookout for new chairmen, with the end of the term approaching next year for leaders of both FASB and GASB.

Both public and private companies are struggling with implementing the new lease accounting standard, according to a new survey by Deloitte.

Three firms share their journeys into the cloud.

Tax reform, non-GAAP metrics and sustainability reporting are expected to be among the top shareholder concerns this spring at corporations’ annual general meetings, according to BDO USA.

CEO Markus Braun tried to put fraud allegations behind him as questions persisted after an external probe failed to resolve issues from potential criminal behavior.

The QuickBooks provider wants to help small businesses afford accounting help, and provide new opportunities for its ProAdvisors.

The news comes as software giant Intuit is developing its own bookkeeping-on-demand service, sparking discussion in the accounting world.

Wirecard AG surged the most in more than a decade after saying irregularities found in an external investigation into fraud allegations in Asia weren’t material.

The Financial Accounting Standards Board is proposing to make further changes in the income tax disclosure requirements for companies to make them more relevant to users of financial statements.