Accounting standards

Last month a very strange thing happened.

The new lease accounting standard that takes effect for public companies next year poses obstacles for the audit firms that have begun implementing it for their clients.

The accounting standard redefines the rules for operating leases.

The standards update aims to reduce the cost and complexity of variable interest entities, particularly for private companies.

In Larry Culp’s first earnings day as CEO, the company revealed an expanded federal probe into its accounting.

Companies are still behind schedule in getting ready for the impending standard, according to a new survey.

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ASU 2018-16 lets hedgers use the SOFR Overnight Index Swap Financing Rate.

The changes to the financial statement audit will be shaped by four factors: technology, methodology, standards and skills.

A Russian national was charged by the U.S. for allegedly being one of the masterminds behind a conspiracy to interfere in both the 2016 and 2018 elections, marking the first charges related to next month’s congressional midterm vote.

The Financial Accounting Standards Board’s new hedge accounting standard is prompting some companies to adopt the standard ahead of the Jan 1, 2019 effective date, though many companies are still not using hedge accounting at all.

The underlying challenges are becoming more apparent in comment letters from the Securities and Exchange Commission.

The firm relied on technical reports done by an affiliate during three consecutive audits of a Canadian gold-mining company.

Sacha Romanovitch will not stand for re-election for a second term and will step down after a successor is appointed before the end of this year.

Luke Johnson should have read his own aide-memoire. A month after the Patisserie Holdings Plc chairman published an advice column on spotting fraud, his finance chief has been arrested in an accounting scandal that threatened to shut the cake baker’s 200-plus stores.

The Prince of Wales’ Accounting for Sustainability project and the International Integrated Reporting Council intend to promote sustainability reporting and integrated reporting at the World Congress of Accountants that’s set to take place in Sydney, Australia in early November.

Patisserie Holdings Plc finance chief Chris Marsh was arrested as U.K. fraud prosecutors opened a probe into an accounting scandal that threatens to shutter the cake baker’s 200-plus stores.

Testifying at the accounting fraud trial of two former executives, the U.K. retailer's chief talked of his genuine shock when he was first shown a report that described howthe company had overstated income by 246 million pounds ($326 million).

Text message recipients were told there was impending, unspecified bad news coming before the accounting scandal unfolded.

Financial institutions around the world are revising how they estimate credit losses.