Accounting standards

The six largest credit card issuers have set aside billions of dollars worth of reserves in response to the novel coronavirus as well as the adoption of the Financial Accounting Standards Board’s new credit losses standard.

LeaseAccelerator, which makes lease lifecycle management software, has released EZLease, an automated lease calculator.

The service is implementing a new temporary procedure for faxing the duplicate copy of Form 3115 for companies applying for an automatic change in accounting method.

More than half the companies that completed their first audits under the new standard needed to make an extra effort.

The Governmental Accounting Standards Board is proposing a set of improvements in how state and local governments report on their financial condition.

Former Wirecard AG Chief Executive Officer Markus Braun and two other former officials were arrested as prosecutors said the company knew about massive losses as early as 2015.

PrimeGlobal, an international association of independent accounting firms, reported 10 percent growth Tuesday in aggregate revenue of its member firms, reaching a total of nearly $3 billion for the fiscal year ending May 31, 2020.

The International Federation of Accountants called on national leaders to stay focused on long-term progress alongside their immediate priorities for the coronavirus pandemic.

American Institute of CPAs chief auditor Bob Dohrer and AICPA Auditing Standards Board chair Tracy Harding discussed the AICPA’s progress on some recent audit and attest standards during the Engage 2020 online conference Monday.

The Financial Accounting Standards Board is proposing a new chapter in its conceptual framework that defines 10 elements of financial statements.

No matter how perfect the partnership between an audit firm and client may seem, sometimes the partnership doesn’t work out.

IFAC, the IAASB and IESBA will remain involved in setting standards, but with changes in governance and composition.

The dominant accounting firms must do a better job of challenging their clients in order to reach a satisfactory level of audit quality, the industry’s U.K. watchdog said.

Startup Breakaway Bookkeeping & Advising is building a network of finance professionals to act as virtual CFOs for small-business clients.

The American Institute of CPAs’ Auditing Standards Board has released a new standard for audit evidence for private companies, updating the existing standards in recognition of the increasing role that technology plays in audit procedures.

The Financial Accounting Standards Board released a proposed accounting standards update to help insurance companies adversely affected by the COVID-19 pandemic by giving them an extra year to implement the long-duration insurance accounting standard.

The Association of Chartered Certified Accountants and the PrimeGlobal association of accounting firms have signed an agreement to work together on several projects.

The Financial Reporting Council fined Grant Thornton UK LLP and sanctioned two of the auditor’s former executives for failing to maintain ethical standards, in the latest critique by regulators of accounting firms’ shortcomings.

The Governmental Accounting Standards Board released a technical bulletin with guidance for applying existing GASB standards to transactions related to the CARES Act and outflows incurred in response to the COVID-19 pandemic.

The U.K.’s dominant accounting firms must separate their audit units from other operations by June 2024 as the country’s industry watchdog reacts to shortcomings that led to the collapse of several companies.