Audit

While firms that are pioneers in adopting technology outpace their peers in other ways, too, accountants don’t necessarily need to be on the cutting edge in all things to grow.

Bloomberg BNA has released “Navigating the New Road to Revenue Recognition,” a detailed overview of the new revenue recognition standard, along with guidance on how companies can prepare for its application.

Thomson Reuters has released a special report on the newly issued accounting standard on revenue recognition from the Financial Accounting Standards Board and the International Accounting Standards Board.

The Public Company Accounting Oversight Board is continuing to find a high degree of problems in audits of broker-dealers, despite some improvements, according to PCAOB member Jeanette Franzel.

Chinese affiliates of the four largest accounting companies and U.S. regulators have been discussing a settlement in a dispute over access to audit documents belonging to the firms’ clients.

Check out the digital edition of the June 2014 issue of Accounting Today.

The Financial Accounting Standards Board and the International Accounting Standards Board officially announced the formation Tuesday of a Joint Transition Resource Group for Revenue Recognition.

Some of the major accounting firms and the American Institute of CPAs are planning to publish materials to help accountants and companies deal with the new revenue recognition standards.

Public companies have begun filing their first set of reports on so-called “conflict minerals” with the Securities and Exchange Commission to meet a deadline Monday, but advocacy groups are finding the reports are not providing much information so far.

Public Company Accounting Oversight Board Chairman James Doty said in a speech in early May that he is concerned about cuts in audit fees having an impact on the quality of audits as the auditing practice becomes a declining part of the revenue at accounting firms.

With 11 overall new Securities and Exchange Commission clients and a net gain of eight, Top 10 Firm BDO led the nation’s large firms in the first quarter of 2014.

A roundup of resent news in audit and attest.

CPA firms are advising clients to begin to get ready for the newly released revenue recognition standards, even though they won’t be taking effect until 2017.

New headquarters, awards and more…

Changes in the proposed lease accounting standards that the Financial Accounting Standards Board and the International Accounting Standards Board are working to converge are expected to have an impact on approximately half of public companies, but less than 10 percent will see a major impact, according to new research by the IASB.

The Hong Kong government plans to meet Chinese officials to discuss concerns over a proposal to ban foreign accounting firms without a mainland partner from auditing Chinese companies planning to list overseas.

Public companies are confronting significant new compliance challenges from a combination of Sarbanes-Oxley requirements, Public Company Accounting Oversight Board inspections of their auditing firms, and COSO’s new internal control framework, according to a new survey.

The XBRL International Standards Board is forming a global Corporate Actions Working Group to standardize the transmission of corporate action events in Extensible Business Reporting Language, or XBRL.

The Governmental Accounting Standards Board voted unanimously Wednesday to approve two exposure drafts proposing significant improvements to financial reporting by state and local governments of other post-employment benefits, such as retiree health insurance.

The Financial Accounting Standards Board and the International Accounting Standards Board have released their long-awaited converged standard on revenue recognition after more than a decade of effort.