Accounting standards

The Securities and Exchange Commission has approved rules from the Public Company Accounting Oversight Board to improve audit transparency by disclosing the names of audit engagement partners, along with information about other firms that participate in the audits.

The Financial Accounting Foundation has published updated print editions of the Financial Accounting Standards Board’s FASB Accounting Standards Codification and the Governmental Accounting Standards Board’s Codification of Governmental Accounting and Financial Reporting Standards.

A new accounting rule that will force banks to set aside provisions for bad loans long before they sour could cannibalize profits and eat into capital at U.S. lenders.

U.S.-based accounting and consulting firm association Allinial Global has signed a letter of intent to combine with a U.K.-based accounting and business advisory firms, IAPA International.

Anne-Lise Vivier of Thomson Reuters explains in this video some of the differences in the lease accounting standards under U.S. GAAP and IFRS.

The Financial Accounting Standards Board is expected to release a scaled-back set of changes in accounting standards for nonprofit organizations this summer, with more far-reaching changes planned for the future, probably depending on whether they can also apply to for-profit businesses.

Anne-Lise Vivier of Thomson Reuters discusses some of the changes in FASB's new lease accounting standards in this video.

The Financial Accounting Standards Board’s Emerging Issues Task Force has issued an exposure draft proposing changes in how restricted cash should be treated on the statement of cash flows.

Mandatory rotation of auditing firms could lead to more “opinion shopping” by companies looking for clean opinions on their internal controls, a new study suggests.

An update on the board’s proposed ASU for NFPs

The Financial Accounting Standards Board has voted to proceed with issuing a long-awaited standard in June on credit losses on loans and other financial instruments, a key component of its financial instruments convergence project with the International Accounting Standards Board, and to defer the effective date for one year.

The Vatican’s Holy See has suspended its contract with PricewaterhouseCoopers but stressed that the suspension is not due to problems with PwC’s work.

The Financial Accounting Standards Board has issued an accounting standards update amending its revenue recognition standard to provide further guidance on performance obligations and licensing.

The Public Company Accounting Oversight Board released two preliminary reports Tuesday offering previews of its 2015 inspections of firms that audit publicly traded companies and broker-dealers.

Drew Bernstein of Marcum Bernstein & Pinchuk explains the challenges of auditing in emerging markets like China.

The London-based International Valuation Standards Council is asking for input on some of its new standards for performing valuations on financial instruments, real estate and intangibles.

The Public Company Accounting Oversight Board has voted to propose amending the auditing standards on an audit firm’s use of other audit firms and to propose a new auditing standard.

The Governmental Accounting Standards Board issued guidance Monday addressing several practical issues raised by stakeholders during implementation of GASB’s pension accounting and financial reporting standards for state and local governments.

The Public Company Accounting Oversight Board is considering proposing new requirements for an auditor’s use of other auditors.

The Sustainability Accounting Standards Board has completed its work on writing provisional sustainability accounting standards for 79 industries in 10 sectors and is now embarking on the next phase of the standards development process.