Accounting standards

Akebono Brake Industry Co. has become the latest addition to a series of corporate scandals in Japan, cutting earnings forecasts and executive pay after confirming problematic accounting of sales to distributors.

Robert Stewart, senior vice president of public affairs at the Financial Accounting Foundation, died unexpectedly early last Saturday in his sleep at the age of 62.

The American Institute of CPAs’ Accounting and Review Services Committee has issued three proposed Statements on Standards for Accounting and Review Services, or SSARS, related to prospective and pro forma financial information.

The U.K. accounting regulator should re-examine its decision not to investigate the auditing of now-defunct HBOS Plc by KPMG if it wants to restore public confidence in the audit process, according to U.K. lawmaker and Treasury Committee Chair Andrew Tyrie.

Bloomberg BNA has released two new reports on the Financial Accounting Standards Board’s and the International Accounting Standards Board’s revenue recognition standard.

The Governmental Accounting Standards Board has issued new guidance on its pension accounting standards to help state and local governments that participate in some private or federally sponsored multiple-employer defined benefit pension plans, such as Taft-Hartley plans and plans with similar characteristics.

The Public Company Accounting Oversight Board has scheduled a meeting for next Tuesday to vote on new rules that would require auditing firms to disclose the name of the engagement partner and other accounting firms that participated in an audit.

BDO said Thursday that worldwide revenue for all BDO network’s member firms (including members of BDO firm alliances) totaled $7.3 billion for the fiscal year ended Sept. 30, 2015, a 12.95 percent increase year over year, at constant exchange rates.

The Public Company Accounting and Oversight Board is continuing to encounter resistance from Chinese authorities in its efforts to gain access to inspecting audit firms in China.

Securities and Exchange Commission chair Mary Jo White said the SEC is considering a recommendation from SEC chief accountant James Schnurr that would allow for the supplemental use of International Financial Reporting Standards by U.S. companies in addition to their U.S. GAAP financials.

The International Public Sector Accounting Standards Board has established a consultative group that will offer advice to the board on setting financial reporting standards for government entities.

The Financial Accounting Foundation, the parent organization of the Financial Accounting Standards Board, the Governmental Accounting Standards Board and the Private Company Council, has elected Charles H. Noski as its new chairman, succeeding Jeffrey J. Diermeier, whose term ends on December 31.

The Private Company Council is calling for the removal of the effective dates of four accounting standards updates.

A new international survey ranks Zurich, Switzerland as the highest-paying city for accountants, with another Swiss city, Geneva, in second place.

The Financial Accounting Standards Board has issued a proposed accounting standards update to improve the effectiveness of the disclosure requirements for fair value measurements.

The Year Ahead: 2016 Toolkit

The Sustainability Accounting Standards Board released an implementation guide Tuesday to help public companies in the U.S. identify, understand and report on the sustainability topics most likely to be material to investors.

5 firms share their experiences with outsourced accounting services

Building mutually beneficial strategic partnerships with capital markets

The International Financial Reporting Standards Foundation, which oversees the International Accounting Standards Board, is forming a joint working group with the Chinese Ministry of Finance to explore ways to advance the use of IFRS within China, especially for internationally oriented Chinese companies.