Accounting standards

The Financial Accounting Foundation report found the Private Company Council has been performing its duties effectively and should continue to operate.

KPMG International reported that annual aggregated revenues of its member firms around the world grew 5.1% for the 2024 fiscal year.

The proposed accounting standards update provides disclosure requirements related to environmental credits and obligations.

The average audit fee increased to $3.01 million in 2023, up from $2.83 million in the previous cycle, according to a new report.

The Institute of Internal Auditors and the Association of Chartered Certified Accountants have renewed their memorandum of understanding for another three years.

Auditing firms appear to be making headway on fixing some of the problems identified by the Public Company Accounting Oversight Board.

The American Institute of CPAs and CPA.com released their 2024 CAS Benchmark Survey.

Knowing how to distinguish between what is required by standards and what is opinion is crucial for auditors to confidently navigate these reviews and inspections.

The Public Company Accounting Oversight Board is also offering insights on improving audit committee communications and a video on the new confirmation standard.

The website was created to foster collaboration and share best practices and resources around client accounting services.

The Financial Accounting Standards Board is seeking comments on a practical expedient and an accounting policy election for stakeholders.

John Auchincloss will retire in September 2025 from the FAF. The search for his successor will begin immediately.

The Public Company Accounting Oversight Board introduced two pieces of guidance to help auditing firms apply its new quality control standard.

The ASU clarifies how the existing guidance would apply to settlements of convertible debt instruments with cash conversion and other features.

Byju's, once India's most valued startup, is fighting for its life in courts in India and the U.S.

The Governmental Accounting Standards Board issued an exposure draft on how to account for transactions that occur after the date of the financial statements.

The Financial Accounting Standards Board released a post-implementation review of its rev rec standard a decade after its implementation.

The American Institute of CPAs is still concerned about the Public Company Accounting Oversight Board's new firm and engagement metrics standard, despite some modifications from the original proposal.

The Governmental Accounting Standards Board is focusing on advancing its digital financial reporting taxonomy.