International accounting

Andersen Tax has notched another win in its legal battle against a French rival that announced this year it had reconstituted the Arthur Andersen network with offices opening around the world.

Trustees of the IFRS Foundation met Thursday with Japan’s Financial Accounting Standards Foundation to issue a joint statement reaffirming a commitment to global accounting standards as more Japanese companies move to adopt International Financial Reporting Standards.

The long-awaited IFRS 17 will provide more consistent treatment for all types of insurance in different countries.

The IFRS Foundation has signed a memorandum of understanding with the World Bank to help developing countries use International Financial Reporting Standards.

Grant Thornton International has named Peter Bodin, the former CEO of Grant Thornton Sweden, as CEO-elect, succeeding Edward Nusbaum, who will retire at the end of the year.

PricewaterhouseCoopers’ firm in the United Kingdom was fined a record £5 million ($6.4 million) by the U.K.’s Financial Reporting Council for its audits of Connaught, a social housing maintenance business that collapsed in 2010.

A French firm that claimed the Arthur Andersen name has lost a legal ruling in India against Andersen Tax, a few weeks after another setback in the U.S.

The Association of Chartered Certified Accountants welcomed top officials from some of the world’s leading accounting organizations to an event highlighting the growing importance of integrated reporting.

The IFRS Foundation, the group that oversees the International Accounting Standards Board and its work on International Financial Reporting Standards, issued its annual report for 2016 on Tuesday, with a look ahead at where global standards are expected to go this year.

Mandatory change of auditing firms and engagement partners doesn’t necessarily foster greater professional skepticism, according to new research.