Accounting standards

Existing general auditing standards can and should be complied with, despite difficulties.

The Financial Accounting Standards Board has come under pressure to relax its credit losses standard as banks and other financial institutions see the value of their assets plunging from the sell-off in the capital markets amid the coronavirus pandemic.

Officials and employees are working from home and doing inspections of U.S. audit firms remotely to protect them from infection.

The American Institute of CPAs’s Financial Reporting Committee released working drafts of two pieces of implementation guidance for the Financial Accounting Standards Board’s long-duration insurance contracts standard.

The Financial Accounting Standards Board issued the Current Expected Credit Loss (CECL) accounting standard in 2016. Since then, many questions have been raised about what it requires, particularly by financial services companies.

The board's ASU offers temporary optional guidance to help with the accounting for reference rate reform.

The American Institute of CPAs updated its auditor reporting standards to conform them with recently issued auditing standards.

The Financial Accounting Standards Board made some narrow improvements to different aspects of the financial instruments guidance, including the current expected credit losses standard.

The proposal involves how to define the criteria for the component units in pension plans and deferred compensation plans for state and local government employees.

The Securities and Exchange Commission is giving “conditional” regulatory relief from certain filing obligations for public companies due to the outbreak.

The Association of Chartered Certified Accountants has released a paper examining the impact of the coronavirus, and how it is affecting economies around the world, including the U.S.

The Financial Accounting Foundation, the group that oversees the Financial Accounting Standards Board and the Governmental Accounting Standards Board, has named acting president John W. Auchincloss as the FAF’s executive director.

The number of countries reporting their financial positions on an accrual basis is expected to increase from 37 to 98 by 2023, according to a new report.

The first-ever revision of the International Integrated Reporting Framework for integrated reporting is now underway.

Leaders of accounting organizations across the globe are calling on the profession to put sustainability and the fight against climate change at the forefront of their work.

The good intentions behind balanced budget requirements in states and cities have been circumvented by the shoddy accounting practices used in the budget process.

A new technical bulletin aims to clarify the loss allowance standards for AR and related recognition standards and reporting.

The board is looking for comment on a proposed concepts statement around the issue.

Tod Nielsen is looking back on a year of revenue growth and leveraging his company’s relationship with Salesforce to add more features to FinancialForce's accounting software and attract customers.

The International Integrated Reporting Council is asking for feedback on its set of integrated reporting principles, the International Framework, encompassing financial and nonfinancial areas such as sustainability, strategy and governance.