Audit

The American Institute of CPAs’ Accounting and Review Services Committee has finished the last of the standards it has been redrafting and clarifying as part of the AICPA’s Clarity Project.

The Governmental Accounting Standards Board proposed guidance Monday to address a broad set of accounting and financial reporting issues to help state and local governments deal with the implementation and application of certain GASB pronouncements.

The Financial Accounting Standards Board has proposed to amend the amortization period for callable debt securities that are purchased at a premium.

The American Institute of CPAs has issued a new report on the growing threat of “executive impersonation,” in which criminals claiming to be corporate executives convince employees to send them sensitive documents and company information.

FASB’s invitation to comment and the duh-preciation elephant

Three former Tesco Plc executives will plead not guilty to allegations of accounting fraud, their lawyers said as the men appeared in a London court for the first time since being charged.

Marvell Technology Group Ltd. said it will cover as much as $15.4 million of taxes and penalties incurred by former Chairman and Chief Executive Officer Sehat Sutardja when he exercised backdated options in 2006.

PricewaterhouseCoopers wants to show the life of an accountant and auditor isn’t so boring after all, with a new YouTube video.

Lee Klumpp of BDO USA talks in this video about what FASB plans to tackle in the next phase of development of the nonprofit accounting standards.

Exxon Mobil Corp.’s accounting has prompted a U.S. Securities and Exchange Commission investigation into whether the energy giant should have written down assets as a result of the oil slump, according to a person with knowledge of the matter.

Lee Klumpp of BDO USA discusses in this video how FASB's new accounting standards for not-for-profit organizations will change how nonprofits disclose investment returns and expenses.

The Financial Accounting Standards Board has proposed a set of technical corrections and improvements to its revenue recognition accounting standard.

A startup technology company, AppZen, has introduced new technology that is leveraging artificial intelligence to examine expense reports for signs of fraud.

Lee Klumpp of BDO USA explains in this video how FASB's new nonprofit accounting standards will change how not-for-profits address liquidity.

Financial data extraction platform Validis has released audit working papers specific to nonprofits.

FIFA has chosen PricewaterhouseCoopers’ Swiss firm as its new auditing firm as the international soccer federation tries to recover from a high-profile corruption scandal.

Ernst & Young agreed to pay $9.3 million to settle charges with the Securities and Exchange Commission that two EY audit partners became too close to audit clients, including one who had a romantic relationship with the client.

New York Attorney General Eric Schneiderman’s probe into Exxon Mobil Corp. includes scrutiny of why it didn’t write down the value of oil fields during a global collapse in prices that prompted billions in write-offs by rival drillers, according to a person familiar with the matter.

Lee Klumpp of BDO USA’s Nonprofit Institute for Excellence explains in this video how FASB’s new not-for-profit accounting standards will change how nonprofits classify net assets on their balance sheets.

The Public Company Accounting Oversight Board imposed sanctions on three audit firms, along with engagement partners at two of the firms, for violating independence requirements while auditing broker-dealer clients.