Accounting standards

The Financial Accounting Standards Board aims to reduce cost and ease implementation of the standard.

The Financial Accounting Standards Board is proposing to modify the effective date of its Current Expected Credit Losses standard for nonpublic companies, giving many private banks and credit unions an extra year to get ready for the new rules.

Walgreens, CVS and AT and T top the list of U.S. companies with the most operating lease liabilities that will need to be added to their balance sheets under the new leasing standard, according to a new report.

Steinhoff International Holdings NV said the former head of finance in Europe has left the boards of two key units as an investigation into the scandal-hit retailer’s inaccurate accounts deepens.

The U.S. Securities and Exchange Commission has sought details from India’s ICICI Bank Ltd. on its accounting and corporate governance practices, people familiar with the matter said.

The Center for Audit Quality has published a guide to the Public Company Accounting Oversight Board’s new audit reporting model and the critical audit matters that auditors will be required to start including in their audit reports next year.

The American Institute of CPAs has sent a set of recommendations to the Internal Revenue Service and the Treasury Department about the impact of last December’s tax code overhaul on accounting method changes for small businesses.

The Financial Accounting Standards Board released a set of mostly minor revisions and technical corrections to the lease accounting standard.

A new Financial Accounting Standards Board disclosure requirement makes several material changes to U.S. GAAP.

The International Federation of Accountants and the International Bar Association are partnering on an initiative to combat corruption, ahead of the gathering of global leaders at the G20 summit in Buenos Aires later this year.

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The National Association of State Boards of Accountancy and the American Institute of CPAs’ U.S. International Qualifications Appraisal Board have signed a mutual recognition agreement with CPA Australia.

The Government Accountability Office has updated its auditing standards guide.

Erkki Liikanen, a former governor of the Finnish Central Bank, has been named chair of the IFRS Foundation trustees, the group that oversees the International Accounting Standards Board and the International Financial Reporting Standards they develop.

The International Federation of Accountants has released an updated reference.

Axiom, a provider of legal contract technology, has introduced the Contracts Intelligence Platform for Lease Accounting to help organizations uncover embedded leases that are subject to the new lease accounting standard.

The Sustainability Accounting Standards Board held its first board meeting under its new leadership this week to discuss progress on its provisional standards, with an eye to releasing them in the fall.

KPMG is partnering with analytics provider SAS on helping banks make the transition to the current expected credit loss, or CECL, accounting standard that begins to take effect in January 2020.

The Auditing Standards Board is thinking about relaxing some of the requirements for attest engagements.

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