Accounting standards

The Financial Accounting Foundation has reappointed James L. Kroeker to a second term as vice chairman of the Financial Accounting Standards Board and appointed Gary R. Buesser, a portfolio manager and financial analyst, as a new FASB member, starting July 1, 2018.

Many businesses are still getting ready for the new revenue recognition and leasing standards, and in some cases that involves changing their technology and processes.

The Securities and Exchange Commission is taking a close look at the trend toward blockchain technology, including the burgeoning investments in bitcoin and initial coin offerings.

Increases in audit fees paid by public companies aren’t necessarily producing better audit quality, according to a new report.

The Governmental Accounting Standards Board proposed guidance Thursday to clarify how to account for a state or local government’s majority equity interest in organizations that stay legally separate after the acquisition, such as a public hospital buying a rehabilitation center that remains legally separate.

The Financial Accounting Standards Board’s new standard on accounting for credit losses will require some major changes for banks, particularly smaller ones, as well as many companies that provide loans.

With the solution, CPAs can help companies improve their bottom line by evaluating the effects of benefit plans.

The Public Company Accounting Oversight Board has signed a cooperative agreement with the Irish Auditing and Accounting Supervisory Authority, allowing them to cooperate on joint inspections and oversight of auditing firms subject to of both organizations’ regulatory jurisdiction.

Even as the Trump administration takes a strong line on renegotiating NAFTA, the American Institute of CPAs renewed a mutual recognition agreement with the accounting bodies of Canada and Mexico on Wednesday.

Baker Tilly International has named Timothy Christen as the accounting firm network’s new chairman after he recently completed a term chairing the American Institute of CPAs.

In the second of a series of articles, Profs. Miller and Bahnson explore a new paradigm for corporate reporting.

A prominent investor group is applauding the Securities and Exchange Commission’s approval this week of the Public Company Accounting Oversight Board’s new standard expanding the scope of the audit report.

The deadline is approaching next year for public companies to begin using the new revenue recognition standard, and many not-for-profits may find themselves confronting the new standard a lot sooner than they had expected.

The number of audit deficiencies tied to fair value measurements is still high, but declined for the second year in a row, according to a new analysis of Public Company Accounting Oversight Board inspection reports on auditing firms.

The Securities and Exchange Commission gave its approval Monday to the Public Company Accounting Oversight Board’s new standard for an enhanced audit report.

Economic confidence improved globally in the third quarter of 2017, but continued to fall in the U.S., according to a new survey of accountants.

The new revenue recognition standards are just about ready to go live: Brian Marshall, a partner in the National Accounting Standards Group at RSM US, talks about the challenges they represent.

The recent string of devastating hurricanes and wildfires in the U.S. and its territories has prompted questions about financial reporting by companies striving to recover from natural disasters while wrestling with their insurance companies over damage claims.