Accounting Standards

A&A

Ernst & Young charged with civil fraud for role in Lehman collapse

The New York Attorney General has filed a lawsuit against Ernst & Young, accusing the firm of helping Lehman Brothers hide its financial weakness from investors from 2001 until the investment bank collapsed in 2008.
A&A

FASB clarifies accounting for troubled debt restructurings by creditors

The FASB has issued an Exposure Draft of a proposed Accounting Standards Update intended to increase transparency in financial reporting about troubled debt restructurings.
A&A

Exclusive interview: Joanne Barry, executive director of NYSSCPA

The voice of CPAs in New York has just become stronger because of the broadened scope of practice established by the Accountancy Reform Act of 2009, according to Joanne Barry, the newly appointed executive director of the New York State Society of CPAs.
Tax

Lehman update: SEC, FASB to review repo accounting rules

The Financial Accounting Standards Board will evaluate the need for accounting rule changes relating to repurchase transactions following the Securities and Exchange Commission’s review of how financial institutions other than Lehman Brothers use these transactions.
A&A

IPSASB publishes amendments proposals for annual improvements

The International Public Sector Accounting Standards Board has recently released for comment exposure draft 44, “Improvements to International Public Sector Accounting Standards.”
A&A

Ernst & Young defends its Lehman work in letter to clients

Ernst & Young defended its audit work for client Lehman Brothers in a letter sent last week by several audit partners to the firm's key clients, and vowed to fight any legal action from regulators or creditors.
A&A

GASB proposes to amend financial reporting entity requirements

The proposed statement is intended to improve guidance for including, presenting, and disclosing information about component units and equity interest transactions of a financial reporting entity.

Blue ribbon panel to address private company accounting standards

The American Institute of Certified Public Accountants (AICPA) and the Financial Accounting Foundation (FAF) have announced the establishment of a “blue-ribbon panel” to address how U.S. accounting standards can best meet the needs of users of private company financial statements.

Pages


Already a member? log in here.