Accounting standards

The International Ethics Standards Board for Accountants has released for public comment an updated exposure draft on a standard for addressing how audit firm personnel should act toward an audit or assurance client who has a long association with the firm.

Hans Hoogervorst has been re-appointed as chairman of the International Accounting Standards Board for a second five-year term, but his vice-chairman, Ian Mackintosh will not be seeking a second term.

The Governmental Accounting Standards Board issued a guidance Thursday to provide clarity about how certain component units incorporated as not-for-profit corporations should be presented in the financial statements of the primary state or local government.

Morison International and KS International have merged to form a $1 billion international association of accounting and professional services firms to be known as Morison KSi.

The Governmental Accounting Standards Board has issued a proposal to establish a single approach for state and local governments to report leases based on the principle that leases are financings of the right to use an underlying asset.

A group of community bankers from the Independent Community Bankers of America met last week with the Financial Accounting Standards Board to discuss their concerns with FASB’s upcoming impairment standard on credit losses.

The International Federation of Accountants has issued a report calling for governments around the world to stop issuing a patchwork set of regulations that are stifling economic growth.

Crowe Horwath International said that total global gross revenues of its member firms grew to US$3.5 billion for calendar year 2015.

Accounting firm network Baker Tilly International reported Thursday that combined global revenues of its member firms around the world grew 7 percent in the 12 months ending June 2015 to US$3.8 billion.

The Financial Accounting Standards Board decided Wednesday to add four financial reporting issues and two more projects to its research agenda.

South America’s regional soccer body Conmebol, which has lost its last three presidents under the cloud of a global corruption scandal, is inviting forensic accountants to investigate its business affairs since 2011.

The Sustainability Accounting Standards Board has signed a memorandum of understanding with the Institute of Management Accountants to advance the management and disclosure of nonfinancial information in corporate reports.

The Financial Accounting Standards Board’s Emerging Issues Task Force has proposed an accounting standards update for how certain cash receipts and cash payments would be classified on the statement of cash flows.

The Institute of Internal Auditors has proposed changes to its International Standards for the Professional Practice of Internal Auditing to help internal auditors meet the challenges of today’s business environment.

Alex Malley, the chief executive of CPA Australia, a professional organization for accountants in the Land Down Under, has gotten a high-profile new gig: hosting a Sunday morning TV series on a top TV network there.

American Institute of CPAs president and CEO Barry Melancon said the AICPA is pushing the Internal Revenue Service to improve its services for both taxpayers and CPAs while preparing to become a more international organization.

The Financial Accounting Standards Board has issued two proposed accounting standards updates to improve financial reporting by employers related to defined benefit pension and other post-retirement benefit plans.

The lease accounting standard that the Financial Accounting Standards Board plans to release this quarter is expected to have a major impact on many companies, requiring current off-balance sheet leasing activities to be reflected on balance sheets for the first time.

Nearly a third of financial reporting executives in a new poll said internal control over financial reporting was their highest concern beyond their financial reporting responsibilities.

The American Institute of CPAs’ Auditing Standards Board has issued an amendment to its auditing standards to clarify the format of the auditor’s report.