Audit

The costs of the finance and accounting function at many companies are expected to climb in the next few years, according to a new survey.

The Financial Accounting Standards Board has issued a proposed accounting standards update on gains and losses from the derecognition of nonfinancial assets, clarifying the scope of FASB’s asset derecognition guidance and accounting for partial sales of nonfinancial assets.

Only 9.8 percent of financial and accounting professionals say their companies are prepared to comply with the new lease accounting standards, according to a new survey by Deloitte.

Oracle Corp. and its top executives were sued by an investor who blames his stock losses on allegations by a former finance executive that the cloud computing giant doctored its quarterly results.

The Federal Accounting Standards Advisory Board is proposing changes in how the federal government accounts for tax expenditures.

The Center for Audit Quality is providing support for more independent auditing-related research by picking two new academic research proposals for funding.

Thomson Reuters has released a new edition of PPC’s SMART Practice Aids – Single Audit Suite to automate the single audit process.

New York’s highest court again rejected a bid by former American International Group Inc. Chairman Maurice “Hank” Greenberg to dismiss the state’s decade-old fraud suit against him, clearing a path for a trial.

Check out the June 2016 issue of Accounting Today.

The XBRL US Data Quality Committee has released an analysis showing big improvements in the quality of filings in Extensible Business Reporting Language format by companies that follow a new set of validation rules.

The International Organization of Securities Commissions has released a new report providing an overview of how audit committees around the world oversee audit firms, with an eye toward improving audit quality at public companies.

Encore: Tax inverters — evaders or avoiders?

Crunching the numbers on Valeant Pharmaceuticals

Alibaba Group Holding Ltd. said it’s being investigated by the U.S. Securities and Exchange Commission over its accounting practices and whether they violate federal laws.

Baker Tilly Virchow Krause's incoming CEO, Alan Whitman, explains in this video how his firm fits into Baker Tilly's international network.

CBL & Associates Properties Inc. fell as much as 12 percent after a published report said the U.S. retail landlord is being investigated for accounting fraud.

Breakthrough innovations in such areas as artificial intelligence, workflow automation and data analytics are enabling auditors to deliver powerful insights that simply weren’t possible before.

Criminals are using technology to perpetrate nearly a third of their frauds, according to a new survey by KPMG, while organizations are lagging behind on the use of technology such as data analytics to detect those frauds.

The number of financial restatements from companies fell nearly 14 percent last year to the lowest number since 2002, according to a new report.

Moore Stephens’ Hong Kong firm won a victory in a New York federal appeals court on a case that could have a far-reaching impact on class-action lawsuits involving audit reports.