Accounting standards

Four of the International Federation of Accountants’ standard-setting boards are looking for new members with the right stuff.

James Schnurr, the recently appointed chief accountant at the Securities and Exchange Commission, had an intriguing suggestion recently: why not allow U.S. companies to use International Financial Reporting Standards on a voluntary basis as a supplement to their U.S. GAAP financial statements?

A roundup of audit and attest news from the past month.

Computer Sciences Corp. reached a proposed settlement with the SEC over an accounting probe, agreeing to pay $190 million and adjust its financial statements.

The Sustainability Accounting Standards Board has released a set of provisional sustainability accounting standards for 10 industries within the services sector.

Officials from the Financial Accounting Standards Board and the International Accounting Standards Board spoke about the path forward on harmonizing U.S. GAAP with International Financial Reporting Standards as the two boards near the end of their convergence efforts.

Securities and Exchange Commission officials told CPAs Monday that they are considering allowing U.S. companies to provide some information, such as revenue, in International Financial Reporting Standards as a supplement to their U.S. GAAP financials on a voluntary basis.

The International Ethics Standards Board for Accountants has introduced a Web-based version of its Code of Ethics for Professional Accountants for the first time.

The Financial Accounting Foundation and the two standard-setting boards it oversees, the Financial Accounting Standards Board and the Governmental Accounting Standards Board, have created a draft strategic plan of their vision, mission and top priorities, and are asking for comments.

The International Accounting Standards Board has launched a new program in tandem with some of the largest financial firms in a bid to elicit closer ties with investors and investment firms.

A roundup of recent assurance news.

Four firms discuss how cloud products aid a growing service area.

The International Ethics Standards Board for Accountants has proposed tougher rules to discourage accountants from providing misleading financial information about businesses.

The Governmental Accounting Standards Board has issued two documents describing its preliminary views on lease accounting for state and local governments, and financial reporting for fiduciary responsibilities, as it solicits public comments on possible standards.

The Financial Accounting Foundation, has named Jan Sylvis, the chief of accounts for the Tennessee Department of Finance and Administration, as vice chair of the Governmental Accounting Standards Board.

The Financial Accounting Foundation, the parent organization of the Financial Accounting Standards Board, has launched a new Web page highlighting the benefits of U.S. GAAP.

The Financial Accounting Standards Board is doing more rigorous cost/benefit analyses of any new changes in accounting standards, and in some cases that is causing some of the divergence from the International Accounting Standards Board, according to FASB officials.

A group known as the Climate Disclosure Standards Board is readying an updated Climate Change Reporting Framework that aims to tie environmental information in with financial reporting for investors.

Atsushi Kato, a former partner at PwC Japan and a public member of the International Ethics Standards Board for Accountants, recently shared his insights on why ethics and accountability are crucial in the wake of recent accounting scandals and what it means to operate in the public interest today.

The Governmental Accounting Standards Board has released a proposed standard that would require state and local governments to disclose information about property and other tax abatement agreements for the first time.