Accounting standards

The Financial Accounting Foundation's board of trustees has decided to overhaul some of the procedures for the Private Company Council, which provides input to the Financial Accounting Standards Board on issues relating to privately held companies.

Securities and Exchange Commission chief accountant James Schnurr indicated Tuesday that he plans to recommend to SEC chair Mary Jo White that U.S. companies be allowed to use International Financial Reporting Standards to provide supplemental information, in addition to filing their financials in accordance with U.S. GAAP.

Public company audits are improving, according to Securities and Exchange Commission Chief Accountant James Schnurr -- and they need to keep on doing so.

Financial Accounting Standards Board chairman Russell Golden and technical director Susan Cosper discussed FASB’s upcoming leasing, classification, impairment and hedge accounting standards during a conference in New York, along with the board’s plans for future standards.

The Financial Accounting Standards Board has issued a proposed accounting standards update to increase transparency about government assistance to businesses.

Don’t expect to find these rarely seen accounting movies on Netflix or TCM. They never won more than a cult following, much less an Academy Award, perhaps because of an unfortunate resemblance to previous Oscar winners.

The accounting profession is strongly linked to national economic growth and improved living standards and is estimated to contribute $575 billion annually to the global economy, according to a new report.

The Financial Accounting Standards Board voted Wednesday to proceed to issuing a final standard on its long-delayed project for overhauling the accounting for leases and set the dates for when the new standard will take effect.

BDO Canada LLP has merged in Majewski Shaler & Co., a Vancouver-based accounting practice.

BDO Canada LLP has acquired H&A Forensic Accounting, a Toronto-based professional forensic accounting and advisory firm.

Toshiba Corp. sued three former presidents as the maker of personal computers and power plants tries to recover from accounting irregularities that have led to profit write-downs of more than $1.2 billion over almost seven years.

A key accounting safeguard intended to protect U.S. investors who buy shares of Chinese companies is close to unraveling.

To Paul Pacter: It's the ends that matter, not the means

The International Federation of Accountants has published a paper calling for more “integrated thinking” by accountants.

The American Institute of CPAs’ Financial Reporting Executive Committee has released for comment working drafts of revenue recognition implementation issues it has identified for the aerospace and defense industry and the investment asset management industry.

The vast majority of companies are not prepared for the major changes in accounting and business operations required by the new revenue recognition standard, according to a new survey.

The American Institute of CPAs’ Auditing Standards Board has issued a new auditing standard on internal control and an interpretation related to the sustainability financial statements used by the government for long-term projections of social insurance programs.

South Korea will draw up measures to increase transparency to the accounting methods used by construction and shipbuilding companies to prevent them from running up huge losses when projects are delayed.

The Sustainability Accounting Standards Board has introduced a new credential for accountants and other professionals who deal with sustainability issues.

The Financial Accounting Standards Board and the International Accounting Standards Board have delayed the effective date of their converged revenue recognition standard for a year, but companies are going to need the extra time to get their systems adjusted.