Accounting standards

Intuit announced improvements to its Intuit Enterprise Suite product centered around workflow automation and data analytics and payroll.

The Financial Accounting Standards Board released a paper on how to apply its revenue recognition standard to construction contracts with retainage provisions.

The Public Company Accounting Oversight Board was active with enforcements in 2024, but President Trump's deregulatory attitude stands to change what's next.

The board is mulling changes in its auditor independence standards for audits of collective investment schemes involving connected parties and pension funds.

The Governmental Accounting Standards Board made some preliminary proposals on accounting for severe financial stress and probable dissolution disclosures.

The institute's Accounting and Review Services Committee clarified a standard on financial statement prep that has major ramifications for CAS practices.

Plus, BillingPlatform launches BP Pay solution; Bill announces "Bookkeeper Appreciation Week"; and other accounting tech updates.

The International Auditing and Assurance Standards Board and the International Sustainability Standards Board provided help with adopting their standards.

The CFA Institute is urging accounting standard-setters to require more detailed disclosures of intangible assets before they're recognized on the balance sheet.

The Financial Reporting Council hit PwC with a $3.8 million penalty and one of its accountants with a $43,250 penalty over their audit of Sanjeev Gupta's Wyelands Bank.