International accounting

The International Accounting Standards Board confirmed Wednesday a one-year deferral of the effective date of the revenue recognition standard to stay in alignment with the Financial Standards Accounting Board, which also recently decided to defer the standard for companies in the U.S.

Toshiba Corp. President Hisao Tanaka and his two predecessors quit after investigators found that the Japanese conglomerate inflated earnings by at least $1.2 billion since the global financial crisis.

Toshiba Corp. must correct at least 152 billion yen ($1.2 billion) of pretax earnings over a six-year period after an internal accounting probe revealed the company overstated profits under pressure from management.

A new academic study casts doubt on whether efforts to require companies to rotate their audit firms lead to greater professional skepticism on the part of auditors.

A 94-year-old man who was once a Waffen SS volunteer at Auschwitz was convicted for aiding in the murder of more than 300,000 Jews at the camp and sentenced to four years in prison.

The U.K. Financial Reporting Council is investigating former employees of RSA Insurance Group Plc’s Irish unit regarding accounting irregularities in 2012.

Noble Group Ltd. appointed PricewaterhouseCoopers LLP to review how it values some of its assets after criticism of the Asian trading company’s accounting practices.

The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board, are reassessing its structure and effectiveness.

Accountants are getting ready to implement the new revenue recognition standard, even though a one-year delay on the date it takes effect seems all but certain.

The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board, announced Wednesday the membership of the Accounting Standards Advisory Forum for the next three years.

Deloitte has chosen a new global chairman, David Cruickshank, who previously chaired Deloitte UK.

The European Commission has issued a report evaluating the use of International Financial Reporting Standards over the past decade in the European Union.

Investors and regulators are hoping to see the Financial Accounting Standards Board and the International Accounting Standards Board somehow reconcile their differing approaches to accounting for loan impairments and credit losses in their financial instruments project.

James Schnurr, chief accountant in charge of the Security and Exchange Commission’s Office of the Chief Accountant, said he disagrees with a former SEC chairman about abandoning convergence with International Financial Reporting Standards.

The Securities and Exchange Commission has filed charges against the government technology contractor Computer Sciences Corporation, its former CEO and several finance executives, accusing them of manipulating financial results and concealing significant problems about the company’s largest and most high-profile contract, as well as ignoring basic accounting standards to increase reported profits.

Claire Ighodaro, a board member of the International Ethics Standards Board for Accountants, sees a need for firms to promote an ethical culture by setting a tone at the top levels of the organization.

Toshiba Corp. named two lawyers and two certified public accountants to a third-party committee that is expanding an investigation started by an internal probe last month over accounting practices.

The International Federation of Accountants has submitted a response to the European Commission regarding a recent green paper on building a stronger capital markets union.

The Financial Accounting Standards Board has released a proposed accounting standards update to clarify the guidance on performance obligations and licensing contained in the new revenue recognition standard.

Toshiba Corp. lost $2.8 billion in market value after the industrial and electronics group withdrew its earnings forecast pending an internal probe into improper accounting on infrastructure projects.