Accounting standards

Noble Group Ltd. appointed PricewaterhouseCoopers LLP to review how it values some of its assets after criticism of the Asian trading company’s accounting practices.

The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board, are reassessing its structure and effectiveness.

Accountants are getting ready to implement the new revenue recognition standard, even though a one-year delay on the date it takes effect seems all but certain.

The Institute of Internal Auditors has enhanced its International Professional Practices Framework, which has provided internal auditors worldwide professional guidance in various forms since 1947, in response to more recent risks, while also releasing a report on the current pulse of the internal audit profession.

The Sustainability Accounting Standards Board has issued provisional standards for seven industries in the consumption area, including agricultural products; meat, poultry and dairy; processed foods; non-alcoholic beverages; alcoholic beverages; tobacco; and household and personal products.

The Governmental Accounting Standards Board has issued two exposure drafts for state and local governments proposing accounting and financial reporting guidance related to external investment pools and how certain component units should be presented in a governmental reporting entity’s financial statements.

The Governmental Accounting Standards Board has finalized a new standard that aims to simplify the structure of the hierarchy of Generally Accepted Accounting Principles for state and local governments.

Moving past simplification to ‘qualitification’

Preparing for the new revenue recognition standards

The Governmental Accounting Standards Board has published two new standards aimed at improving the accounting and financial reporting by state and local governments for post-employment benefits other than pensions, primarily retiree health insurance.

XBRL US has joined up with five companies to improve the quality of financial filings in Extensible Business Reporting Language with the Securities and Exchange Commission.

The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board, announced Wednesday the membership of the Accounting Standards Advisory Forum for the next three years.

Deloitte has chosen a new global chairman, David Cruickshank, who previously chaired Deloitte UK.

The European Commission has issued a report evaluating the use of International Financial Reporting Standards over the past decade in the European Union.

Companies that plan to sell or spin off part of their business should be aware of some recent changes in accounting standards for “discontinued operations” that are taking effect this year.

The Tax Office of Tomorrow

Investors and regulators are hoping to see the Financial Accounting Standards Board and the International Accounting Standards Board somehow reconcile their differing approaches to accounting for loan impairments and credit losses in their financial instruments project.

The Governmental Accounting Standards Board is proposing new recognition and measurement guidance for governments that benefit from irrevocable split-interest agreements.

The Financial Accounting Standards Board has issued two proposed accounting standards updates with the goal of simplifying employee share-based payment accounting and the equity method of accounting for investments.

James Schnurr, chief accountant in charge of the Security and Exchange Commission’s Office of the Chief Accountant, said he disagrees with a former SEC chairman about abandoning convergence with International Financial Reporting Standards.