International accounting

The FRC is toughening up the regulation of Britain’s biggest auditors, as the sector faces heavy criticism over a string of high-profile finance scandals.

The International Auditing and Assurance Standards Board released a revised standard Thursday to focus on the special considerations that apply to audits of group financial statements.

The IFRS Foundation is teaming up with CPA Canada to set up a Montreal center for the new board, in addition to a location in Frankfurt, Germany.

Accountants globally are expressing more economic optimism in the first quarter of the year, according to a new survey, but they see risks ahead.

The board released an exposure draft of a proposed standard for multi-employer retirement plan obligations.

The revised draft rules deleted the requirement that on-site inspections should be mainly conducted by Chinese regulatory agencies or rely on their inspection results.

Board staff called attention to some important considerations for auditors as they plan and perform audits that may be affected by the ongoing war in Ukraine.

Chinese authorities are preparing to give U.S. regulators full access to auditing reports of the majority of the 200-plus companies listed in New York as soon as the middle of this year.

The board unveiled two proposed standards for general sustainability-related and specific climate-related disclosure requirements.

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