Accounting standards

EY’s Dutch unit is asking its partners in the Netherlands to stump up funding to help it confront the blow to its business from COVID-19 measures.

Nations around the world face unexpected expenses and revenue shortfalls arising from the COVID-19 pandemic.

The Governmental Accounting Standards Board is postponing the effective dates of many of its pronouncements and implementation guides for 12 to 18 months to provide some breathing room for accountants.

The American Institute of CPAs’ Professional Ethics Executive Committee has decided to postpone the effective dates for three of its ethics interpretations in its Code of Professional Conduct for one year, due to the impact of the novel coronavirus pandemic.

The international group has published a roadmap that focuses on four main areas of change.

The U.K.’s Financial Reporting Council has opened an investigation into Ernst & Young LLP’s auditing of NMC Health Plc, the Middle Eastern hospital operator facing fraud allegations.

An independent audit into Wirecard AG concluded that it was unable to obtain the data needed to confirm past revenues, and criticized the payment processor for internal “shortcomings” and unwillingness by its third-party partners to contribute to the report.

The International Auditing and Assurance Standards Board has released an exposure draft of a standard for improving the quality of audits of group financial statements.

Public companies are dealing with a variety of financial reporting difficulties in the face of the unpredictable COVID-19 pandemic and the impact it’s having on businesses of all sizes.

Chinese investigators raided the offices of Luckin Coffee Inc. as part of a multi-agency investigation into its finances, according to a person familiar with the matter, as pressure grows on the formerly high-flying coffee chain at the center of an accounting scandal.

Recent events affecting the global financial health of businesses have forced CFOs and treasurers to conserve and preserve cash.

The set of questions and answers explain how to implement and apply some of the board's recent pronouncements.

When it comes to companies exposed to emerging markets — most notably China — investors should beware the lack of visibility into their books.

Tycoon OK Lim and his family are set to hand over management of the company founded in 1963 to PricewaterhouseCoopers LLP, deepening the demise of an empire Lim built into one of Singapore’s most powerful oil traders.

LEA Global, an international accounting firm association also known as the Leading Edge Alliance, has appointed Anthony Szczepaniak as its CEO.

As oil prices collapsed in the fallout from the coronavirus, Singapore-based Hin Leong's foundations crumbled.

The proposal would delay the effective date for one year for some private companies and nonprofits in applying the leases standard and for franchisor businesses in applying the revenue recognition standard.

The American Institute of CPAs’ Auditing Standards Board has decided to defer the effective dates of seven of its recently issued Statements on Auditing Standards because of the novel coronavirus pandemic.

Prior to this unprecedented time for our community, I had been traveling the country for nearly 10 months, meeting with large accounting firms for one-on-one deep dives into their advisory workflows and client experience.