Accounting standards

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.

U.K. cake baker Patisserie Holdings Plc suspended its chief financial officer after uncovering “significant, and potentially fraudulent, accounting irregularities” and a demand for more than a million pounds in back taxes.

A competition watchdog started investigating the industry a day after another regulator said it was considering banning firms from doing consulting work for the companies they audit.

The International Auditing and Assurance Standards Board has released a revised standard for auditing accounting estimates and several related disclosures.

A case study explores IESBA’s new guidelines for avoiding conflicts of interest in auditing.

The bank was allegedly being used to launder billions of dollars in dirty money through its Estonian unit.

KPMG South Africa is seeking a chief executive officer from outside the auditing firm to rebuild trust after becoming embroiled in a series of scandals that cost the organization a number of high-profile clients.

The troubled bed retailer plans to close up to 700 stores.

The new revenue recognition standard doesn’t only affect publicly traded corporations and large privately held companies. It could have an impact on small businesses, particularly if they hope to obtain bank loans next year.

The International Integrated Reporting Council has tapped a former global managing partner at McKinsey & Company as its new head.

When entering a new market, there’s always the need for local knowledge.