Audit

Financial Accounting Foundation president and CEO Terri Polley explains how the foundation plans to spread the word about what’s taking place in the accounting profession and the organization.

The Financial Accounting Standards Board has voted to issue a proposed accounting standards update to improve the financial statements for not-for-profit organizations and ask for public comments.

The AICPA released the results of their first quarter AICPA Economic Outlook Survey this morning, and the results show that executives are taking a more tempered approach when it comes to expectations for profit, revenue and expansion in the coming year.

FAF president and CEO Terri Polley sheds light on how FASB, GASB and the FAF intend to work together to carry out a solid strategic plan over the next three years.

Internal audit professionals are making progress in meeting cybersecurity and data privacy standards, according to a new report, but a great deal of work remains, with many of the surveyed organizations rating themselves as less than “very effective” at addressing their cybersecurity risks.

A looming talent shortage could undermine the gains of internal audit departments in getting attention from top corporate executives, according to a new report.

The AICPA will announce the results of its CPA Outlook Index (CPAOI), a measure of sentiment concerning the U.S. economy and key business performance categories for the coming year, this Thursday, March 5, at 7:00 a.m. EST.

CFOs are removing some of the barriers that have traditionally existed between treasury and procurement functions.

The International Forum of Independent Audit Regulators released a new report Tuesday showing continuing high levels of significant deficiencies in the audits of public companies by auditing firms around the world.

The Institute of Management Accountants (IMA), the association of accountants and financial professionals in business, launched the IMA Accounting Honor Society (IAHS) today, designed to recognize and honor academic achievement in the study of accounting.

The Governmental Accounting Standards Board has released finalized guidance on accounting and financial reporting issues related to fair value measurements, primarily applying to investments made by state and local governments.

To help professionals assess their options, the AICPA will hold a March 5 webcast, Understanding the Impact of Legalized Marijuana on the CPA Profession. A panel of experts from the AICPA, as well as representative from Aon Corp., will discuss implications from an ethics, tax, auditing and attest services, and insurance standpoint.

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The American Institute of CPAs’ Auditing Standards Board has issued a new attestation standard for agreed-upon procedures engagements related to asset-backed securitizations.

KPMG has received a U.S. President's Volunteer Service Award from Junior Achievement USA (JA), achieving a 'Gold Level' status for providing over 15,000 hours of volunteer service globally for the 2013-2014 year.

The Financial Accounting Foundation’s board of trustees is reaching out for comments on how well the Private Company Council has been performing.

Barry MacQuarrie of Cloud Accounting Connects and SocialCPAs is surveying accountants about their use of cloud technology.

Stavros Thomadakis became chair of the International Ethics Standards Board for Accountants in January, leading a board under the auspices of the International Federation of Accountants that oversees a global ethics code for the accounting profession.

The determination of fair value of machinery and equipment assets for financial reporting purposes should include the consideration of three forms of depreciation: physical, economic and functional.

The American Institute of CPAs is expressing support for a proposed accounting standards update that would require investment companies that act as “feeder funds” for other investment companies to provide better disclosures of those investments on their financial statements.