Accounting standards

The Governmental Accounting Standards Board has published guidance for state and local governments on the subject of liabilities known as “asset retirement obligations.”

For professionals in the accounting and finance professions, any changes to accounting standards usually lead to some apprehension as these rules require companies to make key adjustments, expand disclosure practices and implement new procedures for recording various financial metrics.

Leaders of the Financial Accounting Standards Board and the International Accounting Standards Board pledged Tuesday to continue their work together, even after completing their major convergence projects for harmonizing standards.

Officials from the Securities and Exchange Commission and the Center for Audit Quality discussed the effort to rein in the use of non-GAAP financial measures during an American Institute of CPAs conference Monday.

The trustees of the Financial Accounting Foundation announced a number of new members of the councils that advise the standard-setters it oversees, FASB and GASB.

The American Institute of CPAs’ Financial Reporting Executive Committee has issued new working drafts on how the new revenue recognition rules will affect certain industries, including airlines and gaming.

The Governmental Accounting Standards Board has issued a proposed Implementation Guide to help users better understand and apply the board’s statements.

Countries and jurisdictions throughout the world mandate that entity financial statements be prepared using International Financial Reporting Standards, and that audits be conducted in accordance with International Standards on Auditing. Although the use of IFRS and ISAs isn’t mandated in countries such as the U.S., in our increasingly global economy, many accounting firms must now be able to address the needs of clients with reach outside the primary country in which they operate.

The AICPA's Financial Reporting Executive Committee submitted comments to the Financial Accounting Standards Board regarding FASB’s targeted improvements to accounting for hedging activities.

The trustees of the IFRS Foundation, which oversees the International Accounting Standards Board, have reduced the board’s number of members as part of a constitutional review.

Automobile manufacturer Tesla Motors is dropping the use of some non-GAAP financial measures in its earnings releases after receiving several letters from the Securities and Exchange Commission criticizing the practice.

The Public Company Accounting Oversight Board has struck an agreement with Italy’s audit oversight regulator, Commissione Nazionale per le Società e la Borsa.

Debunking myths about market values – Part 1

Vinci SA fell victim to a fake release claiming the French builder had fired its finance chief amid accounting irregularities, prompting the stock to plunge before the company denied the report.

The Financial Accounting Standards Board has released a proposed accounting standards update related to the scope of modification accounting for stock-based compensation.

The International Federation of Accountants has sent a letter to Pope Francis on how the accounting profession can help him with the fight against financial fraud and corruption.

Financial executives are coping with an onrush of new accounting standards that are taking effect in the next few years, along with demands from the Securities and Exchange Commission to temper their companies’ reliance on non-GAAP measures.

A 2009 accounting standard that state and local governments have been using for reporting on their fund balances and fund types has mostly achieved its original purpose, according to a new report.

Public companies in the U.S. recorded $57 billion in goodwill impairment last year, more than double the amount of impairment they recorded the previous year, according to a new study.