Accounting standards

The Financial Accounting Standards Board issued for public comment Wednesday a proposed accounting standards update that would defer the effective date of its new revenue recognition standard by one year.

Members of the International Forum of Independent Audit Regulators agreed in principle on the text of a multilateral arrangement for exchanging information about audit firms during a meeting in Taipei.

The International Accounting Standards Board voted Tuesday to propose a one-year deferral of the revenue recognition standard that the IASB converged last year with the U.S. Financial Accounting Standards Board.

The Financial Accounting Standards Board has proposed three accounting standards updates related to employee benefit plans and another update for electricity contracts.

The recent IFAC Global SMP Survey from the International Federation of Accountants showed that attracting new clients is a top concern for accountants in small and medium practices, with 58 percent of respondents rating it as a high or very high challenge.

The Governmental Accounting Standards Board has voted to begin research on improving the disclosures by state and local governments about going concern and debt.

The Financial Accounting Standards Board has issued a proposed accounting standards update to improve the information provided in not-for-profit financial statements and notes to financial statements that could have major implications for nonprofit organizations.

The Financial Accounting Standards Board released two accounting standards updates last week, one of which covers the fees paid for cloud computing while the other applies to defined benefit obligations and plan assets.

The International Ethics Standards Board for Accountants has revised its ethics code to improve the independence provisions for auditors.

SAP released a new SAP Revenue Accounting and Reporting application to address requirements derived from the new revenue accounting standards.

The primary U.S. standard-setters and their parent organization have released a strategic plan to articulate the long-range vision and mission of each of the groups and the organization collectively.

The International Auditing and Assurance Standards Board has released a revised International Standard on Auditing that encourages auditors to thoroughly read through a company’s annual report when auditing, as it provides critical information to the auditor and is ultimately beneficial to the public interest.

The Financial Accounting Standards Board appears to be poised to delay the effective date of its new revenue recognition standard by a year, giving U.S. companies more opportunity to adapt to the changes.

The Financial Accounting Standards Board has issued an accounting standards update on simplifying the presentation of debt issuance costs.

Billy M. Atkinson, the chairman of the Private Company Council that helps set accounting standards for privately held companies, said Wednesday that he will not seek a second term as head of the group after his current term expires at the end of this year.

The Public Company Accounting Oversight Board has sanctioned five current and former partners and employees of the auditing firms L.L. Bradford & Company, LLC in Las Vegas and Samyn & Martin in Kansas City, Mo., for violating PCAOB requirements for auditor independence, audit partner rotation, and audit planning and performance.

Toshiba Corp. fell the most in more than a year after the company said it would appoint a committee to investigate possible problems with its accounting.

The Financial Accounting Standards Board is planning to propose two new projects as part of its initiative to simplify accounting standards, along with two new projects for FASB’s Emerging Issues Task Force.

The Financial Accounting Standards Board has voted to propose to defer the effective date of the new revenue recognition standard by one year after hearing feedback from constituents.

You manage what gets measured: Penny-wise but pound-foolish financial reporting