Accounting standards

Accountants globally are expressing more economic optimism in the first quarter of the year, according to a new survey, but they see risks ahead.

The board released an exposure draft of a proposed standard for multi-employer retirement plan obligations.

The council recommended improvements for the disclosure and accounting of software costs, finding current practice to be inadequate for needs.

The revised draft rules deleted the requirement that on-site inspections should be mainly conducted by Chinese regulatory agencies or rely on their inspection results.

The total value of goodwill impairments recorded by U.S. public companies more than doubled in 2020 during the first year of the COVID-19 pandemic, according to a new study, and the same may happen again this year as geopolitical tensions rise.

The Governmental Accounting Standards Board set the effective date for the GASB 87 leases standard at June 15, 2021, after pushing it back by 18 months during the pandemic, but many state and local governments are apparently behind on implementing it.

Board staff called attention to some important considerations for auditors as they plan and perform audits that may be affected by the ongoing war in Ukraine.

Chinese authorities are preparing to give U.S. regulators full access to auditing reports of the majority of the 200-plus companies listed in New York as soon as the middle of this year.

For now, it’s technology, but soon it will be more about demand from markets — and society as a whole.

The Financial Accounting Standards Board released an accounting standards update aimed at improving the usefulness of information offered to investors about certain loan refinancings, troubled debt restructurings, vintage disclosures and gross write-offs, amending its credit losses standard.

The board unveiled two proposed standards for general sustainability-related and specific climate-related disclosure requirements.

The board approved charters for the membership and activities to revive its old Investor Advisory Group and set up a new Standards and Emerging Issues Advisory Group.

The board issued an accounting standards update aimed at better aligning hedge accounting with an organization’s risk management strategies.

Professional accountants have an important role in driving better tax education.

The board said Thursday that it is still meeting with Chinese authorities to discuss the ability to inspect auditing firms in that country.

Here’s why it’s important to consider the valuation implications when executing a reverse merger.

A Munich court opened a class-action style procedure to hear cases brought by investors who claim EY violated its duties when auditing the now bankrupt payment company.

The board is reportedly making progress on talks with Chinese authorities on enabling access to inspections of local firms.

China and the U.S. should be able to reach an agreement on the auditing dispute, according to a senior executive at China’s top investment bank.

The Munich prosecutors’ office reportedly filed a series of charges against former CEO Markus Braun.