A new guide released on November 8 by the Financial Reporting Executive Committee of the AICPA provides accountants, auditors, and valuation specialists with guidance for impairment testing of goodwill.
An updated print edition of the Governmental Accounting Standards Board (GASB) Codification of Governmental Accounting and Financial Reporting Standards was released by the GASB's parent organization, the FAF, on November 5.
On November 12, the Private Company Council voted to finalize an alternative standard on variable interest entity guidance for private companies, which will be submitted to the FASB for a final decision on endorsement.
The three research studies examine whether knowing the name of the engagement partner leading an auditing effort is valuable to investors and whether being required to provide this information enhances the performance of engagement partners.
In a letter to US senators Tom Carper and Tom Coburn, the AICPA encouraged the Senate's support of legislation that would include a provision calling for the establishment of government-wide financial data standards for federal funds.
The Sustainability Accounting Standards Board (SASB) on November 4 added a second public comment period for sustainability accounting standards the board is proposing for the financials sector, which encompasses seven industries.
A member of the Public Company Accounting Oversight Board (PCAOB) said during a conference on October 25 that setting a standard for auditing revenue will likely be on the PCAOB's radar in the months ahead.
With the news that the FASB – in conjunction with the IASB – intends to formally move forward with plans that will fundamentally alter the way that leases are accounted for on financial statements, businesses are recognizing they will need to adapt.
The US Securities and Exchange Commission (SEC) voted unanimously October 23 to propose rules under the Jumpstart Our Business Startups (JOBS) Act that will enable companies to offer and sell securities through crowdfunding.
A staff audit practice alert issued by the PCAOB on October 24 let auditors know about a large number of audit deficiencies the PCAOB has seen in the last three years related to audits of internal control over financial reporting.
Deloitte & Touche LLP was fined $2 million by the PCAOB on October 22 for permitting a former partner to perform activities as an "associated person" that were prohibited while he was subject to a PCAOB suspension order.
A recent report revealed that financial executives, internal auditors, external auditors, and board/audit committee members differ as to who is responsible for detecting and preventing financial statement fraud.