International accounting

Leaders of the Financial Accounting Standards Board and the International Accounting Standards Board are bracing for the release of the leasing standard and other standards that have been under development and generating debate for over a decade.

On the heels of the Public Company Accounting Oversight Board’s new standards for disclosure of audit engagement partners, the International Accounting Education Standards Board has issued new guidance for the implementation of its own standard, IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised).

Akebono Brake Industry Co. has become the latest addition to a series of corporate scandals in Japan, cutting earnings forecasts and executive pay after confirming problematic accounting of sales to distributors.

The U.K. accounting regulator should re-examine its decision not to investigate the auditing of now-defunct HBOS Plc by KPMG if it wants to restore public confidence in the audit process, according to U.K. lawmaker and Treasury Committee Chair Andrew Tyrie.

BDO said Thursday that worldwide revenue for all BDO network’s member firms (including members of BDO firm alliances) totaled $7.3 billion for the fiscal year ended Sept. 30, 2015, a 12.95 percent increase year over year, at constant exchange rates.

The Public Company Accounting and Oversight Board is continuing to encounter resistance from Chinese authorities in its efforts to gain access to inspecting audit firms in China.

A new international survey ranks Zurich, Switzerland as the highest-paying city for accountants, with another Swiss city, Geneva, in second place.

CEOs of several major accounting organizations around the world have signed an open letter urging world leaders to agree on reducing carbon emissions.

Securities and Exchange Commission chief accountant James Schnurr indicated Tuesday that he plans to recommend to SEC chair Mary Jo White that U.S. companies be allowed to use International Financial Reporting Standards to provide supplemental information, in addition to filing their financials in accordance with U.S. GAAP.

Financial Accounting Standards Board chairman Russell Golden and technical director Susan Cosper discussed FASB’s upcoming leasing, classification, impairment and hedge accounting standards during a conference in New York, along with the board’s plans for future standards.