Accounting standards

Embattled Chinese coffee chain Luckin Coffee Inc. filed for Chapter 15 bankruptcy in New York, less than a year after the company said that more than a quarter’s worth of business may have been faked.

The American Institute of CPAs is proposing to revise its quality management standards to take a more risk-based approach targeted at the types of engagements performed by the CPA firm.

The International Financial Reporting Standards Foundation may present a proposal to the United Nations in November for setting up a global sustainability standards board.

Germany wants to bolster the expertise at its top financial regulator to prevent a repeat of the Wirecard scandal that exposed significant cracks in the country’s oversight.

The coronavirus pandemic has hit revenues at most companies around the world, but almost none of them feel that they're lagging behind their competitors.

The Financial Accounting Standards Board released an accounting standards update Thursday, giving franchisors a practical expedient way to determine their performance obligations under a franchise agreement.

U.S. officials responsible for preparing for a pandemic routinely raided funds for public health emergencies, diverting money from vaccine development to pay for other projects at the U.S. Department of Health and Human Services, a federal watchdog said Wednesday.

The Association of International Certified Professional Accountants found that environmental, social and governance trends are increasingly becoming part of accounting and finance professionals' job titles for 2021.

Amid a resurgence in COVID-19, accountants around the world are less confident in the chances of the economy bouncing back soon.

A former senior executive at Wirecard AG escaped from Austria to Belarus on a private aircraft last year with the help of a secret-service agent and a far-right politician.

The Securities and Exchange Commission tapped deputy chief accountant Paul Munter to become acting chief accountant when chief accountant Sagar Teotia leaves in February.

Thanks to vagaries of the accounting world, Donald Trump’s administration had a chance in the final weeks of the presidential race to cancel more than $200 billion of student loans with no immediate hit to the Department of Education’s massive portfolio. Yet it didn’t do it. Now, perhaps Joe Biden will.

The Association of Chartered Certified Accountants found the majority of accountants internationally believe they are in an inclusive profession, but nearly two-thirds think the profession still has an issue to deal with when it comes to diversity.

A member of Deutsche Bank AG’s supervisory board faced criticism from lawmakers and the bank itself for suggesting that Wirecard AG go after journalists that had written critical stories about the since-collapsed payments company.

The Securities and Exchange Commission has been launching enforcement actions against various types of financial fraud schemes, with improper revenue recognition seen as the most common type of fraud, according to a new analysis.

The U.K. arm of Deloitte got a record fine from Britain’s accounting watchdog in September. With the full judgment against the firm laid bare last week, you can see why.

Coffey will partner with Barry Melancon on setting strategy at the association.

The Financial Accounting Standards Board has released an update on its recent guidance on reference rate reforms to clarify its scope.

The United Kingdom’s Financial Reporting Council issued a report Wednesday on its sanctions against Deloitte for audits of a British software company that was acquired by HP.