Accounting standards

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.

RSM International has launched RSM Canada, with 37 partners and nearly 300 professionals in Toronto, with plans to extend its reach across the country.

The American Institute of CPAs’ Auditing Standards Board has released three exposure drafts proposing ways to improve the usefulness of the auditor’s report, in response to recent standards from the Public Company Accounting Oversight Board and the International Auditing and Assurance Standards Board.

The American Institute of CPAs has almost finished the process of providing accounting guidance on industry-specific issues related to the new revenue recognition standard.

The Financial Accounting Standards Board decided during a meeting Wednesday to ease some of the implementation burdens and possible costs of the new lease accounting standard by making several adjustments and offering some practical expedients.

Pace University’s Lubin School of Business held its second annual Pacesetters in Financial Reporting Conference in New York on Tuesday, presenting an award to Microsoft as a 2017 Pacesetter in Financial Reporting.

The companies aim to offer more comprehensive services to their small and midsized business customers.

Three firms share their experiences with client accounting services.

Auditors face a special dilemma when it comes to determining if a client can continue, says Stephen Franciosa.

Relatively few public companies have been telling investors what impact they can expect to see from the revenue recognition accounting standard that takes effect next month, according to a new study from the CFA Institute.

Big Four firms in the United Kingdom should be subject to fines of 10 million pounds ($13.2 million) or more for seriously poor audit work, according to an independent review by the U.K.’s Financial Reporting Council.