Accounting standards

The payroll provider’s new tool includes a single dashboard for accountants to manage multiple clients.

The Governmental Accounting Standards Board has released a new Implementation Guide with questions and answers about GASB’s new standards on accounting and financial reporting for postemployment benefits other than pensions, such as retiree health care.

Steinhoff International Holdings NV assembled a crisis team of insiders to try to rescue the global retailer amid a crunch meeting with bankers that may determine the company’s future.

It looked like Steinhoff International Holdings NV had reached escape velocity from South Africa’s deepening economic gloom: A furniture retailer emulating Ikea’s model and global ambitions, built by men with their own compelling rags-to-riches stories.

Two years ago, the Financial Accounting Standards Board decided to defer the effective date of the revenue recognition standard for a year until Dec. 15, 2017 for public companies to give them more time to adjust to the new standard and to work out some kinks in the far-reaching rules. The deferred effective date arrived Friday, and many companies still aren’t ready.

Christo Wiese’s grip on his global furniture retailing empire is slipping after the South African billionaire resigned from the board of troubled Steinhoff International Holdings NV and creditors forced a sale of part of his stake.

The International Federation of Accountants is expressing alarm about recent proposals from a group of global financial regulators to separate its standard-setting boards for auditing and ethics.

KPMG International reported Thursday its worldwide revenue grew 5 percent in local currency terms to a record level of $26.4 billion the fiscal year ending Sept. 30, 2017.

The Securities and Exchange Commission has appointed William Duhnke to succeed James Doty at the Public Company Accounting Oversight Board.

Steinhoff International Holdings NV Chairman Christo Wiese, seeking to stabilize the embattled retailer, is negotiating a standstill agreement on a 1.5 billion-euro ($1.8 billion) margin loan under which banks would suspend the sale of stock until next year, according to people with knowledge of the discussions.

Accountants need to look beyond disruption to leverage the power of emerging tools and software.

The Governmental Accounting Standards Board is circulating a pair of exposure drafts proposing accounting and financial reporting guidance pertaining to the capitalization of interest cost along with a proposed Implementation Guide discussing a variety of topics.

Steinhoff International Holdings NV bonds extended losses after Moody’s Investors Service slashed the credit rating to junk in the wake of an accounting scandal that’s threatening the survival of the global furniture and clothing retailer.

Ceterus, a Charleston, S.C., firm that provides managed bookkeeping and tax services for quick-service restaurants, has acquired Sandwich Math, an accounting and bookkeeping firm that focuses on sandwich restaurant franchises.

BDO reported Thursday its global revenues grew 8 percent to $8.1 billion in fiscal year 2017 across its network of firms as its headcount grew 9.04 percent.

Steinhoff International Holdings NV plunged after its chief executive officer resigned amid accounting irregularities, rocking a company that’s rapidly expanded from its roots in South Africa into a retail empire spanning Australia, Europe and the U.S.

Accounting standard-setters are tweaking the rules for the standards taking effect in the next few years, according to officials.

Officials with the Securities and Exchange Commission are keeping a close watch on how companies are adjusting to the new revenue recognition and leasing standards.

The Public Company Accounting Oversight Board has released staff guidance on the new audit reporting standard and is hosting webinars to help auditors with preparing the new reports.

The program now offers services, resources and technology tailored to large firms, as well as the features it offered before for small and midsized firms.