International accounting

The European Union’s new rules for mandatory audit firm rotation took effect on June 17, only a week before the United Kingdom voted to “Brexit” from the E.U. How will that affect audit firm rotation in the U.K. and Europe?

The long awaited credit loss standard that the Financial Accounting Standards Board released last week is expected to have a wide-ranging impact beyond only banks and financial services firms.

Whenever I meet a new accountant, I always ask them, “Does your firm have a department specializing in Space Accounting?” It is surprising to me when they respond with expressions of confusion and bewilderment.

The Financial Accounting Standards Board issued Thursday its long awaited accounting standards update for credit losses, part of the convergence project on financial instruments that it has been working on with the International Accounting Standards Board for eight years.

The Committee of Sponsoring Organizations of the Treadway Commission, also known as COSO, has unveiled a proposed update to its 2004 enterprise risk management framework.

South Korea is considering a bill that would allow regulators to oust the CEO of an accounting firm that is found to be negligent in controlling audit quality.

KPMG stepped down as FIFA’s auditing firm as soccer’s world governing body races to clean up a reputation dented by allegations of bribery and corruption.

The trustees of the IFRS Foundation have suggested a number of amendments to its constitution.

The World Gold Council, a market development organization for the gold industry, has some ideas about developing a common accounting framework for gold that could be used by central banks in countries around the world.

Alibaba Group Holding Ltd. said it’s being investigated by the U.S. Securities and Exchange Commission over its accounting practices and whether they violate federal laws.