Audit

The Financial Accounting Standards Board acknowledged Tuesday that a 1992 standard on accounting for income taxes did little to simplify the accounting.

The Public Company Accounting Oversight Board named 17 new members and reappointed members of its Standing Advisory Group, who will serve three-year terms starting next month.

Ernst & Young LLP agreed to pay investors $99 million to settle litigation over its auditing of the bankrupt Lehman Brothers Holdings Inc., according to a filing in federal court in Manhattan.

A roundup of audit and attest news from the previous month

FASB Chairman Russell Golden looks at what's to come

Three short takes: IASB vs. EU; M. Prada stumbles, and GAAP reporting as perjury

The Association of Chartered Certified Accountants gave honorary memberships to two distinguished members of the accounting profession—former International Federation of Accountants CEO Ian Ball and Harvard Business School professor Bob Eccles—at a special event in London.

The Public Company Accounting Oversight Board plans to hold a meeting next Wednesday to discuss re-proposing a requirement for auditing firms to disclose in the auditor’s report the names of the engagement partner and certain other participants in the audit.

The American Institute of CPAs’ Accounting and Review Services Committee has issued a Proposed Statement on Standards for Accounting and Review Services, Framework for Performing and Reporting on Compilation and Review Engagements, as a result of its Clarity Project.

After rebounding in October, the accounting profession’s expectations for economic growth remained healthy this month, according to the November edition of Accounting Today’s monthly Accountants Confidence Index.

The Public Company Accounting Oversight Board approved a 2014 fiscal-year budget of approximately $258.4 million, a 5 percent increase over this past year, and a 2013-2017 strategic plan that includes a greater focus on accounting firms’ burgeoning consulting practices.

The Governmental Accounting Standards Board has issued a fix to correct a problem that emerged with the transition to new pension accounting standards.

The Financial Accounting Standards Board voted Monday to endorse two accounting standards proposed by the Private Company Council pertaining to accounting for goodwill subsequent to a business combination and for certain types of interest rate swaps in an effort to modify the existing accounting standards for private companies.

The board of trustees of the Financial Accounting Foundation appointed 10 new members Monday to the Financial Accounting Standards Advisory Council and six new members to the Governmental Accounting Standards Advisory Council.

Awards, new Websites, CPE credits and more...

The Public Company Accounting Oversight Board made public on Friday some previously confidential parts of its 2009 inspection report on Deloitte & Touche LLP after the firm failed to completely address several quality control issues that the PCAOB had identified within a year.

A post-implementation review of a 1992 accounting standard addressing the accounting for income taxes found that the standard generally achieved its intended purpose, but may not have reduced the complexity of accounting for income taxes.

The Financial Accounting Foundation’s Board of Trustees, who oversee the Governmental Accounting Standards Board and the Financial Accounting Standards Board, has adopted a new policy clarifying the characteristics of the information that GASB can incorporate into the financial accounting and reporting concepts, standards, and guidance that it issues for state and local governments.

The Public Company Accounting Oversight Board posted settled disciplinary orders Friday involving three auditing firms and three people associated with them, charging them with violating the federal securities laws in addition to PCAOB auditing standards and rules in the audits of 10 public companies.

ACL has released upgrades to its cloud-based risk management, audit management, and compliance offering ACL GRC and its flagship data analytics software ACL Analytics.