Accounting standards

The Governmental Accounting Standards Board released guidance Wednesday to create a single approach to accounting for and reporting state and local government leases.

Many companies are lagging behind on preparations for the new lease accounting standard as they are still working on the revenue recognition standard, according to a pair of new surveys.

The lobbying group for Hollywood’s top studios is auditing China’s box-office figures amid concern that ticket sales have been reported inaccurately, according to a person familiar with the matter.

Auditing firms will be required to disclose the names of other firms that participated in an audit, starting Friday.

The French company that claims to hold the trademarks of the former Big Five accounting firm Arthur Andersen & Co. sent Accounting Today a copy Friday of the lawsuit it filed against Andersen Tax over the rights to the Andersen brand, alleging the use of forged documents and an attempt to obtain court rulings using forgeries.

The Financial Accounting Standards Board has proposed an accounting standards update to reduce the cost and complexity of financial reporting related to the consolidation of variable interest entities, based on recommendations from FASB’s sister organization, the Private Company Council.

Already reeling from a $4.5 billion bill to save its ailing No. 1 lender, Ukraine is now bracing for an even costlier rescue, and says audits by PwC’s local office were instrumental in the bank’s failure.

Auditors are increasingly taking responsibility for fraud detection and cybersecurity at companies, whether they like it or not.

Proxy adviser Glass Lewis & Co. blasted Toshiba Corp.’s board for poor governance amid repeated scandals and recommended investors vote against all directors at the company’s shareholders meeting later this month.

The Public Company Accounting Oversight Board’s recently proposed rules on auditing accounting estimates and using the work of specialists indicate the PCAOB wants auditors to view management bias more skeptically.

The French firm that has taken the Arthur Andersen & Co. name is suing Andersen Tax LLC, accusing it of forgery and other crimes, as the battle over the Andersen name heats up.

Fifteen years after passage of the Sarbanes-Oxley Act, companies are still finding the costs of compliance heavy in terms of both dollars and man hours, according to a new report.

A Grant Thornton firm in the West Indies has merged in a former BDO firm to expand its presence in the Caribbean.

BDO’s global network of accounting firms has named Keith Farlinger as CEO of BDO International, succeeding Martin van Roekel, on Nov. 1, 2017.

Many businesses are slow-walking to implementing the revenue recognition standard, even as the effective date approaches next year.

The Financial Accounting Standards Board voted Wednesday to proceed to a final standard on hedge accounting, part of the financial instruments project that FASB had been working on for years with the International Accounting Standards Board before the two boards went their separate ways.

As companies get ready for the new lease accounting standard, they’re coming across a variety of complications and questions before the standard takes effect in the next few years.

Many companies are at risk of falling behind schedule on implementing the revenue recognition standard, according to a new survey by Ernst & Young, and CFOs and CIOs are not in agreement on the reason why.

A regulatory probe into PricewaterhouseCoopers LLP related to Tesco Plc’s accounting scandal was dropped as the Financial Reporting Council said there was little chance of an adverse finding in the case.

The new model includes discussion of 'critical audit matters,' the length of the auditor's tenure, and new standardized language and formatting.