International accounting

The trustees of the IFRS Foundation, which oversees the International Accounting Standards Board, have reduced the board’s number of members as part of a constitutional review.

The Public Company Accounting Oversight Board has struck an agreement with Italy’s audit oversight regulator, Commissione Nazionale per le Società e la Borsa.

Vinci SA fell victim to a fake release claiming the French builder had fired its finance chief amid accounting irregularities, prompting the stock to plunge before the company denied the report.

The International Federation of Accountants has sent a letter to Pope Francis on how the accounting profession can help him with the fight against financial fraud and corruption.

The Financial Accounting Standards Board is planning to welcome new board members as the terms of several of its members end next year.

Deloitte LLP and firm partner John Clennett got a record fine in the United Kingdom for misconduct after the U.K.’s accounting regulator said the audit and financial statements of Aero Inventory Plc fell short of acceptable standards.

The International Accounting Standards Board has released its five-year work plan for International Financial Reporting Standards, with a focus on completing its insurance contracts standard and revising its conceptual framework.

More than 125 institutional investors sued Tesco Plc, seeking in excess of 100 million pounds ($122 million) over the U.K. grocer’s 2014 profit overstatement.

Three former Tesco Plc executives charged with accounting fraud will go on trial in September 2017.

The countdown is on for 2018, as new international accounting rules, IFRS 15 for international countries and ASC 606 for the U.S., will change the way companies need to manage revenue recognition.