Accounting standards

The Financial Accounting Standards Board has issued an accounting standards update for determining the customer of service concession arrangements.

The Governmental Accounting Standards Board has issued guidance for state and local governments to use when they extinguish debt before it matures.

The IFRS Foundation has signed a memorandum of understanding with the World Bank to help developing countries use International Financial Reporting Standards.

Grant Thornton International has named Peter Bodin, the former CEO of Grant Thornton Sweden, as CEO-elect, succeeding Edward Nusbaum, who will retire at the end of the year.

PricewaterhouseCoopers’ firm in the United Kingdom was fined a record £5 million ($6.4 million) by the U.K.’s Financial Reporting Council for its audits of Connaught, a social housing maintenance business that collapsed in 2010.

The Financial Accounting Standards Board is asking for comments on how effective its U.S. GAAP Financial Reporting Taxonomy really is.

The Sustainability Accounting Standards Board has overhauled its board structure, adding a nine-member SASB Standards Board, overseen by the SASB Foundation board of directors.

Zuora, a provider of subscription commerce, billing and finance systems, has signed a deal to acquire Leeyo Software, which helps companies automate their transition to the new revenue recognition standards.

The Association of Chartered Certified Accountants has released a new report calling for more professional skepticism on the part of auditors.

The Financial Accounting Standards Board has released an accounting standards update containing guidance on which changes to the terms or conditions of a share-based payment award require companies to apply modification accounting.

The Governmental Accounting Standards Board released a pair of implementation guides with questions and answers explaining several GASB standards.

The module is designed to help businesses accurately calculate revenue and expenses in the period it is earned.

A French firm that claimed the Arthur Andersen name has lost a legal ruling in India against Andersen Tax, a few weeks after another setback in the U.S.

The Public Company Accounting Oversight Board is seeing signs of progress on audit quality in its inspections.

The American Institute of CPAs’ Financial Reporting Committee has released a new working draft on how telecommunications companies can deal with an issue related to the new revenue recognition standard.

The Association of Chartered Certified Accountants welcomed top officials from some of the world’s leading accounting organizations to an event highlighting the growing importance of integrated reporting.

The IFRS Foundation, the group that oversees the International Accounting Standards Board and its work on International Financial Reporting Standards, issued its annual report for 2016 on Tuesday, with a look ahead at where global standards are expected to go this year.

Mandatory change of auditing firms and engagement partners doesn’t necessarily foster greater professional skepticism, according to new research.

Now that the political battles of the 1990s are past, FASB should be able to correct these deficient practices.

The International Accounting Standards Board has proposed a set of minor amendments to the financial instruments standard to make it easier to implement.