Accounting standards

The Financial Accounting Standards Board released its long-awaited hedge accounting standard this week, but companies may want to be careful about adopting it early, or else they could miss out on some one-time benefits.

The Public Company Accounting Oversight Board released a document Wednesday offering information about the main areas its inspectors are looking at during its visits to auditing firms this year.

The Internal Revenue Service has signed a contract with a company called Chainalysis that offers software for analyzing and tracking bitcoin transactions.

The Securities and Exchange Commission has released a staff accounting bulletin to conform its existing staff guidance to the new revenue recognition standard that takes effect for public companies at the end of the year.

The International Public Sector Accounting Standards Board is circulating some proposed revisions to its financial instruments standard for government entities to harmonize it with the International Accounting Standards Board’s financial instruments standard for businesses.

The American Institute of CPAs has sent a letter to the Internal Revenue Service with three recommendations on the accounting method change procedures for business taxpayers.

The U.S. Chamber of Commerce and a group of 27 other major corporations and business trade associations have sent a letter to the Securities and Exchange Commission urging the SEC not to finalize the Public Company Accounting Oversight Board’s proposed changes to audit reports.

The Institute of Management Accountants is partnering with ANEFAC, the National Association of Executives in Finance, Administration and Accounting, to support the international advancement of the management accounting profession in Brazil.

Many software companies, including Microsoft, could see significant changes in their revenue patterns with the rollout of the revenue recognition standard that takes effect at the end of the year, according to a new study.

The International Public Sector Accounting Standards Board is mulling new guidance on how the public sector should account for revenue and non-exchange expense transactions, such as the provision of education, health care and defense, in light of the revenue recognition standard.

International Federation of Accountants CEO Fayezul Choudhury is bringing the influence of accountants to the fore to help solve problems around the world.

FASB recently proposed new guidance on nonprofit accounting for contributions and grants; in this podcast, AICPA associate director and nonprofit expert Chris Cole walks us through what it means.

Thomson Reuters has issued PPC’s Guide to Revenue Recognition, a new publication providing guidance to accountants and their clients on the Financial Accounting Standards Board’s new revenue recognition standard.

The American Institute of CPAs has extended the comment period for its proposed standard for ERISA plan audits for another 150 days.

The Public Company Accounting Oversight Board released a report Friday calling attention to high deficiencies among auditors of brokers and dealers.

The National Association of State Boards of Accountancy has produced a new infographic comparing the numbers for next Monday’s highly anticipated solar eclipse.

Accounting and financial firms and business groups are sending comment letters to the Securities and Exchange Commission ahead of a deadline Friday for approving a new standard from the Public Company Accounting Oversight Board on expanding the scope of audit reports.

PricewaterhouseCoopers LLP was fined 5.1 million pounds ($6.6 million) for misconduct over its audit of RSM Tenon Group Plc in the largest-ever sanction issued by the U.K. accounting regulator.

Members of the Latino Tax Professionals Association now have access to many more resources.

Three international standard-setting boards for auditing, accounting ethics and accounting education issued a new publication Monday in the hopes of making accountants and auditors more skeptical of management assertions.