Accounting standards

The Public Company Accounting Oversight Board plans to turn its attention to auditing standards involving revenue recognition, according to one of the PCAOB members.

The American Institute of CPAs’ Accounting and Review Services Committee has issued an exposure draft proposing three new and revised standards that would make significant changes in how accountants perform compilation engagements.

Deloitte has launched US GAAP Plus, a new Web site that provides news, publications and project updates about U.S. and international accounting standard setting.

The Financial Accounting Standards Board and the International Accounting Standards Board are revealing further details about their long-stalled plans for creating a Disclosure Framework to help accountants decide on which notes to include with financial statements.

The CFA Institute has released the results of a survey of investor attitudes toward the varying proposals by the Financial Accounting Standards Board and the International Accounting Standards Board for accounting for expected credit losses.

The Private Company Council voted at a meeting on Tuesday to finalize two alternatives within U.S. GAAP, for accounting for interest rate swaps, and for accounting for goodwill in a business combination for private companies. The two alternatives will now go to the Financial Accounting Standards Board for discussion and possible endorsement.

Thomson Reuters has released a new report on the Internal Revenue Service’s guidance on same-sex marriage in the wake of the Supreme Court striking down section three of the Defense of Marriage Act as unconstitutional.

Recent news in auditing and assurance

For companies considering a transition to IFRS, careful planning is critical

Tracing the few moments of liberation in the standard-setter's history

Answers, and details, on the first big deadline of the ACA

Earlier this month the Securities and Exchange Commission adopted final rules regarding the registration of municipal advisors under the Dodd-Frank Act that included an exemption for accountants who provide a range of audit and attest services.

The Private Company Council has released the agenda of its next public meetings, which are scheduled for September 30 and October 1.

Debunking the myth of the $100-per-day fine for not providing ACA-related information to employees

The Financial Accounting Standards Advisory Council, the main advisory group for the Financial Accounting Standards Board, has released the results of a recent survey soliciting views about FASB’s future agenda, revealing pent-up demand for addressing issues such as financial disclosures, hedging and simplification of FASB’s Codification of U.S. GAAP.

Financial Accounting Standards Board chairman Russell Golden marked FASB’s 40th anniversary in his first major speech since taking over the chairmanship in July, outlining the changes he plans for the standard-setting board.

The Financial Accounting Standards Board voted Wednesday to issue an exposure draft with proposals to improve financial reporting about public and private development-stage entities., easing the requirements for revenue recognition and measurement and other areas

The Public Company Accounting Oversight Board proposed for public comment a new auditing standard and related amendments to enhance the auditor's reporting model in mid-August.

The Financial Accounting Standards Board has issued a proposal that would exempt many private companies from applying the stringent consolidation guidance under U.S. GAAP to leasing companies under common control.

The board of trustees of the Financial Accounting Foundation, which oversees the Governmental Accounting Standards Board, issued a proposal Tuesday to change GASB’s scope of authority by altering the definition of “financial accounting and reporting information,” and released the results of its latest post-implementation review of GASB standards.