Accounting standards

The Financial Accounting Standards Board has issued a standards update aimed at clarifying the interaction between the rules related to equity securities, equity method investments and certain derivatives.

The new credit losses accounting standard is not expected to have a major impact on the loan loss reserves of most large publicly listed U.S. banks, according to Moody’s Investors Service.

Average audit fees increased 4.25 percent from 2017 to 2018, according to a new report.

Wulf Matthias of Wirecard AG resigned after months of controversy over the digital payments company’s accounting practices.

The proposed changes could have the potential for expanding future enforcement proceedings.

CPAs should be wary of these seven client requests around revenue recognition.

The International Ethics Standards Board for Accountants has released a set of revisions to the International Code of Ethics for Professional Accountants, making some changes in the independence standards for assurance engagements, other than audit and review engagements.

The Financial Accounting Foundation’s board of trustees has named Joel Black, partner in charge of the audit practice at Top 100 Firm Mauldin & Jenkins, the next chair of the Governmental Accounting Standards Board.

Financial institutions are getting ready to begin complying this year with the Financial Accounting Standards Board’s new credit losses standard, which means they will need to start making disclosures about their loan portfolios.

The money is earmarked to extend the company’s product suite and expand in Europe, Australia and North America.

All eyes will be on the large SEC registrants in January as they become the first financial institutions to adopt the current expected credit loss model, or CECL.

The reporting requirements will be in effect for government entities beginning Dec. 15 for all reporting periods subsequent to that date.

The two proposals would offer guidance on implementing the Financial Accounting Standards Board’s new standards for long-duration insurance contracts and credit losses.

The Securities and Exchange Commission is proposing a set of amendments to the auditor independence rules that have been in place since the early 2000s, allowing firms more leeway in determining conflicts of interest and shortening the lookback period for clients planning to go public.

Many consumer industry companies extend credit or hold significant financial assets. If yours is one of them, it’s time to gear up for the current expected credit loss (CECL) accounting standard.

The International Accounting and Assurance Standards Board has released a revised standard for identifying and assessing the risks of material misstatements.

The Public Interest Committee, which oversees the standard-setting activities of the International Public Sector Accounting Standards Board, has initiated a public survey on the governance arrangements at the IPSASB to gauge perceptions of the standard-setting group’s oversight.

The Public Company Accounting Oversight Board has released a document providing information from its conversations with nearly 400 chairs of audit committees.

The Public Company Accounting Oversight Board has issued a concept release proposing a new approach to changing its quality control standards, the biggest change since 2003.

A recent survey shows that small businesses are not just open to their accountants handling payroll for them, but 38 percent expect it.