Accounting standards

The Financial Accounting Foundation has released its annually updated print edition of the Financial Accounting Standards Board’s FASB Accounting Standards Codification, providing the authoritative source of U.S. GAAP for public and private companies and not-for-profit organizations.

The International Auditing and Assurance Standards Board has issued proposals aimed at improving auditor reporting on special purpose financial statements.

Key challenges facing small- and medium-sized practices in the accounting industry worldwide have been identified as attracting new clients and complying with regulations and standards, according to a new survey by the International Federation of Accountants.

The Financial Accounting Standards Board is still in the process of deciding whether the revenue recognition standard that it converged last year with the International Accounting Standards Board should be delayed to allow more companies to adjust to it before the new rules take effect in 2017. But that doesn’t mean companies should wait in case there’s a postponement.

The International Auditing and Assurance Standards Board has released newly revised standards for overhauling auditor reports, with the goal of enhancing the auditor’s report for investors and other financial statement users.

Four of the International Federation of Accountants’ standard-setting boards are looking for new members with the right stuff.

James Schnurr, the recently appointed chief accountant at the Securities and Exchange Commission, had an intriguing suggestion recently: why not allow U.S. companies to use International Financial Reporting Standards on a voluntary basis as a supplement to their U.S. GAAP financial statements?

A roundup of audit and attest news from the past month.

Computer Sciences Corp. reached a proposed settlement with the SEC over an accounting probe, agreeing to pay $190 million and adjust its financial statements.

The Sustainability Accounting Standards Board has released a set of provisional sustainability accounting standards for 10 industries within the services sector.

Officials from the Financial Accounting Standards Board and the International Accounting Standards Board spoke about the path forward on harmonizing U.S. GAAP with International Financial Reporting Standards as the two boards near the end of their convergence efforts.

Securities and Exchange Commission officials told CPAs Monday that they are considering allowing U.S. companies to provide some information, such as revenue, in International Financial Reporting Standards as a supplement to their U.S. GAAP financials on a voluntary basis.

The International Ethics Standards Board for Accountants has introduced a Web-based version of its Code of Ethics for Professional Accountants for the first time.

The Financial Accounting Foundation and the two standard-setting boards it oversees, the Financial Accounting Standards Board and the Governmental Accounting Standards Board, have created a draft strategic plan of their vision, mission and top priorities, and are asking for comments.

The International Accounting Standards Board has launched a new program in tandem with some of the largest financial firms in a bid to elicit closer ties with investors and investment firms.

A roundup of recent assurance news.

Four firms discuss how cloud products aid a growing service area.

The International Ethics Standards Board for Accountants has proposed tougher rules to discourage accountants from providing misleading financial information about businesses.

The Governmental Accounting Standards Board has issued two documents describing its preliminary views on lease accounting for state and local governments, and financial reporting for fiduciary responsibilities, as it solicits public comments on possible standards.

The Financial Accounting Foundation, has named Jan Sylvis, the chief of accounts for the Tennessee Department of Finance and Administration, as vice chair of the Governmental Accounting Standards Board.