Accounting standards

Wirecard AG’s former chief executive officer was detained by Munich prosecutors after 1.9 billion euros ($2.1 billion) went missing from the digital-payment company, in a scandal that has rattled Germany’s financial industry.

Markus Braun’s almost two decades as Wirecard AG’s chief executive officer ended after accusations about the company’s accounting culminated in a shock disclosure that it was unable to locate 1.9 billion euros ($2.1 billion).

Wirecard suffered one of the worst stock slumps in the history of Germany’s benchmark index after revealing that about 1.9 billion euros ($2.1 billion) in cash has gone missing, spooking investors who have endured years of allegations of wrongdoing at the payments company.

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As companies contend with the economic impact of the global pandemic and the related risks, management should be prepared for heightened auditor scrutiny.

A backlash is growing among regulators and participants against EBITDA — earnings before interest, taxes, depreciation, amortization and coronavirus.

The firm admitted shortcomings in three years of work for a client, which had to restate its distributable reserves twice.

The Governmental Accounting Standards Board released a proposed technical bulletin Thursday from its staff with application guidance on the CARES Act and outflows incurred by state and local governments in response to the COVID-19 pandemic.

The meeting was the last in chairman Russell Golden’s term.

Steinhoff International Holdings NV is paying for forensic auditors at PwC to help South African anti-corruption police investigate alleged financial wrongdoing that brought the retailer to the brink of collapse.

The Governmental Accounting Standards Board published accounting and financial reporting guidance on subscription-based information technology arrangements.

International Federation of Accountants CEO Kevin Dancey talks about how accounting organizations around the world are dealing with the coronavirus pandemic and working with each other to solve problems and share resources.

The pandemic and the new accounting standard are leading to lower regulatory capital ratios at global investment banks, according to a new report.

The Financial Accounting Standards Board released an accounting standards update providing a one-year effective date delay for private companies and organizations to apply the revenue recognition and leases standards due to COVID-19, although they still have the option to apply the standards early.

Defunct U.K. contractor Carillion Plc won’t be able to get key KPMG documents to prepare for a 250 million-pound ($314 million) negligence lawsuit against the accounting firm.

The Financial Accounting Standards Board has appointed Hillary H. Salo, a partner at KPMG, as its new technical director and chair of the Emerging Issues Task Force.

The International Auditing and Assurance Standards Board released guidance for auditors to consider when issuing audit reports amid the COVID-19 pandemic.

South Korean prosecutors have summoned Samsung Electronics Co. Vice Chairman Jay Y. Lee for questioning in an ongoing investigation into alleged accounting fraud and a controversial 2015 merger of two Samsung affiliates, dealing another legal blow to the country’s largest corporation.

As state finances across America are upended by the coronavirus, almost all of them face the same, self-imposed, problem: how to balance their budgets.

The Senate overwhelmingly approved legislation Wednesday that could lead to Chinese companies such as Alibaba Group Holding Ltd. and Baidu Inc. being barred from listing on U.S. stock exchanges amid increasingly tense relations between the world’s two largest economies.