Accounting standards

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.

The Public Company Accounting Oversight Board is conducting a post-implementation review of its Engagement Quality Review standard and is looking for feedback on the effectiveness of the 2009 standard.

The American Institute of CPAs’ Auditing Standards Board has issued a new auditing interpretation on audit reports.

The American Institute of CPAs' Auditing Standards Board has completed its Clarity Project by issuing its final standard.

The Public Company Accounting Oversight Board released a report Tuesday indicating that the vast majority of audit firms were doing a good job of complying with a recent standard on communications with their client’s audit committees.

KPMG Southern Africa, a member of the global advisory network, has ended a 15-year stint auditing companies controlled by the Johannesburg-based Gupta family, after the ruling party and the national graft ombudsman announced investigations into its alleged influence over the state.

The Sustainability Accounting Standards Board has issued provisional sustainability accounting standards for the infrastructure sector, including electric utilities, engineering and construction services, gas utilities, home builders, real estate owners, developers and investment trusts, real estate services, waste management and waste utilities.

The Financial Accounting Standards Board has issued an accounting standards update to improve the accounting for employee share-based payments.

The Governmental Accounting Standards Board has issued recognition and measurement guidance for state and local governments that benefit from irrevocable split-interest agreements.

The Sustainability Accounting Standards Board has launched an Advisory Partner Program to encourage corporate and investor application of SASB's standards and guidance on sustainability accounting.

The International Auditing and Assurance Standards Board has released ISA 810 (Revised), Engagements to Report on Summary Financial Statements.