Audit

The Financial Accounting Foundation said Monday it would begin live video webcasting of all education sessions hosted by the Financial Accounting Standards Board.

The board of trustees of the Financial Accounting Foundation has formed a trustee working group to address the issue of accounting standard-setting for nonpublic entities.

Transitioning to International Standards on Auditing has become an important issue for many accountants, according to a new survey.

IMGCAP(1)]The recent financial crisis reminded us that financial reporting still needs improvement.

The Securities and Exchange Commission has adopted the 2011 U.S. GAAP Financial Reporting Taxonomy.

The Public Company Accounting Oversight Board intends to hold seven forums across the country to discuss auditing issues in the small business environment.

A working group has started providing guidance on new international accounting standards for small and midsized companies.

The effects of the financial crisis continue to be felt by small businesses, according to small and midsized accounting practitioners recently polled by the International Federation of Accountants, but they believe this year will be a better one for their firms.

A small Nevada auditing firm whose lawsuit challenging the constitutionality of the Public Company Accounting Oversight Board went all the way to the U.S. Supreme Court last year has finally settled its suit with the PCAOB, as a federal court struck portions of the Sarbanes-Oxley Act.

The Public Company Accounting Oversight Board has named Helen A. Munter as the new director of its Division of Registration and Inspections.

The New York State Society of CPAs is getting behind the efforts of the International Auditing and Assurance Standards Board to clarify the guidance for auditing the valuations of complex or illiquid financial instruments, such as derivatives.

The Governmental Accounting Standards Board has proposed guidance on how to apply the accounting standards when a hedging derivative is terminated for a government entity.

European Union Internal Market Commissioner Michel Barnier plans to introduce draft legislation in November to curb the increasing concentration of auditing work among the Big Four firms.

Representatives of the U.S. and Japanese accounting standards boards met in Connecticut this week to talk about their efforts to converge with international standards.

Check out the digital edition of the February issue of Accounting Today.

James Doty, the newly appointed chairman of the Public Company Accounting Oversight Board, believes auditors need to be doing a better job of detecting suspicious patterns and practices at the companies they audit, and to do a better job of communicating their concerns.

The Financial Accounting Standards Board has issued a discussion paper to solicit input on how to improve, simplify, and converge the financial reporting requirements for hedging activities, as it foresees the possibility of increasing divergence from international standards.

The leaders of four of the largest international accounting and auditing firms told the European Commission on Wednesday that they are ready for more official intervention in the audit market to forestall another financial crisis and they support more competition in the market.

The Institute of Chartered Accountants of England and Wales is calling for a “big bang” approach to implementing a series of new International Financial Reporting Standards.