International accounting

The Sustainability Accounting Standards Board held its final public meeting Wednesday ahead of the consolidation of its parent organization, the Value Reporting Foundation, into the International Sustainability Standards Board by the end of June.

Ernst & Young plans to invest $1 billion in next-generation assurance technology for its audit teams around the world to leverage as part of an overall $2.5 billion four-year commitment.

Effective June 7, isolation of Russia includes sanctions prohibiting U.S. accounting firms — even U.S. firms operating from offices overseas — from providing a variety of services to Russian individuals and entities.

Deloitte is denying a report this week that it plans to spin off its audit practice as a separate entity from its consulting practice as rival Big Four firm Ernst & Young contemplates such a move.

The International Federation of Accountants signed a memorandum of understanding to support efforts to improve financial transparency, accountability and anti-corruption efforts in the public health sector around the world.

PricewaterhouseCoopers was fined almost £5 million pounds ($6.22 million) for a series of poor audits of two U.K. construction companies, as the regulator continued to crack down on audit failings by the Big Four.

Ernst & Young is reportedly considering spinning off the auditing side of the firm to deal with growing pressure on the Big Four to avoid conflicts of interest with their consulting practices.

A possible split confronts the problem faced by all breakups: How do you create attractive businesses out of both when one is likely to be seen as inferior?

Sweeping audit reforms are aimed at reining in the dominance of the big firms and cleaning up the industry following a string of high-profile scandals.

Several hurdles remain in an impasse over audits on U.S.-listed Chinese companies to avoid forcing them off American exchanges as early as next year, an SEC official said.

Hong Kong’s accountant body said it failed to reach an accord to prolong an 11-year mutual recognition agreement with the U.S. amid a dispute over local qualifications.

Yount, Hyde and Barbour is acquiring Glass Jacobson; and RSM Brazil is merging in Pemom.

A KPMG report showed Cevdet Caner — who was not supposed to have any direct role in the company — setting meetings, weighing in on pay and berating executives.

When the IFRS Foundation trustees put out their Consultation Paper on Sustainability Reporting, the accounting scientific community responded in unusually high numbers.

The FRC fined the Big Four firm and partner Anthony Sykes over its 2010 audit of the carmaker, the latest in a long list of audit scandals surrounding the firm.

Roman Abramovich’s U.K. business empire stretched far beyond Chelsea Football Club. Among those who helped build it was an upstart firm with an illustrious name.

The board described some broad steps Wednesday to achieve the baseline by the end of the year.

The Big Four firm will pay more than $17.1 million over misconduct on major work it carried out for collapsed Carillion Plc and data services company Regenersis.

The International Public Sector Accounting Standards Board issued a consultation paper on natural resources on Monday to consider various issues relating to recognition, measurement and presentation of natural resources by public sector entities.

The board asked for input on a proposal for a sustainability reporting framework, echoing recent moves in the private sector.