Accounting standards

The Financial Accounting Foundation's Board of Trustees has voted to restructure several of its own committees, along with oversight of the Private Company Council, disbanding the Private Company Review Committee that has been overseeing it.

Finance executives are getting ready for the incoming Trump administration with a multitude of changes expected on the regulatory side while also dealing with all the new accounting standards rolling out in the next few years.

The Financial Accounting Foundation’s board of trustees has reappointed Russell G. Golden to a second term as chairman of the Financial Accounting Standards Board and named two new members: Marsha L. Hunt, vice president and corporate controller at Cummins Inc., and Harold L. Monk Jr., a partner at the accounting firm Carr, Riggs & Ingram LLC.

The Financial Accounting Standards Board is planning to welcome new board members as the terms of several of its members end next year.

Deloitte LLP and firm partner John Clennett got a record fine in the United Kingdom for misconduct after the U.K.’s accounting regulator said the audit and financial statements of Aero Inventory Plc fell short of acceptable standards.

The Financial Accounting Standards Board has issued a proposed accounting standards update for service concession arrangements, focused on determining the customer of the operation services.

The Financial Accounting Standards Board is refining the role of its Investor Advisory Committee to bring more of an investor perspective to the accounting standard-setting process.

The New York State Society of CPAs has some recommendations for items that the Financial Accounting Standards Board should add to its to-do list.

The American Institute of CPAs’ Financial Reporting Executive Committee is asking for feedback on three new working drafts of guidance for broker-dealers and depository and lending institutions on the Financial Accounting Standards Board’s revenue recognition standard.

The International Accounting Standards Board has released its five-year work plan for International Financial Reporting Standards, with a focus on completing its insurance contracts standard and revising its conceptual framework.

BDO USA LLP is partnering with CoStar Group’s CoStar Real Estate Manager division to advise companies on complying with the lease accounting standard.

More than 125 institutional investors sued Tesco Plc, seeking in excess of 100 million pounds ($122 million) over the U.K. grocer’s 2014 profit overstatement.

The Financial Accounting Standards Board has released an accounting standards update for income taxes related to intra-entity transfers of assets other than inventory.

The Financial Accounting Standards Board has released an accounting standards update on how to treat consolidations of interests held through related parties that are under common control.

The American Institute of CPAs is broadening the range of services to which its Statements on Standards for Accounting and Review Services apply, covering not only reviews of financial statements, but also preparation of financial statements and compilation of prospective financial information.

The Four-Way Test shows GAAP-based financial reporting is unethical

Three former Tesco Plc executives charged with accounting fraud will go on trial in September 2017.

The countdown is on for 2018, as new international accounting rules, IFRS 15 for international countries and ASC 606 for the U.S., will change the way companies need to manage revenue recognition.

The Public Company Accounting Oversight Board announced a cooperative agreement with the audit regulator of Finland, the Finnish Patent and Registration Office.

Grant Thornton International Ltd. has prevailed in a class-action lawsuit brought by three Louisiana pension funds against the firm.