Accounting standards

The Financial Accounting Standards Board has issued an accounting standards update intended to simplify the testing of indefinite-lived intangible assets, such as trademarks, licenses and distribution rights, for impairment.

The International Accounting Standards Board said Thursday that its staff will develop guidance to help “micro-sized entities” apply International Financial Reporting Standards for Small and Medium-sized Entities.

Less than half of senior insurance executives from companies around the world believe the U.S. should abandon U.S. GAAP standards in favor of International Financial Reporting Standards, according to a new survey.

The Financial Accounting Standards Board said it is taking a different approach than the International Accounting Standards Board in the impairment of financial instruments after a joint meeting Wednesday.

The International Accounting Standards Board responded with dismay to the Securities and Exchange Commission staff report on International Financial Reporting Standards.

The Financial Accounting Standards Board is inviting comments on its proposed Disclosure Framework, requesting input on ways to improve the effectiveness of disclosures in notes to financial statements.

After looking into the role of the auditors in the recent accounting scandals at camera-maker Olympus Corp., Japan's Financial Services Agency ordered KPMG Azsa LLC and Ernst & Young ShinNihon LLC to improve their systems -- though it noted that it had not found "any intentional acts or grave negligence."

The International Public Sector Accounting Standards Board has released for comment a consultation paper on its future work program for the next two years.

Highlights in auditing and assurance from the last month

Other companies' and countries' experiences offer useful lessons in preparing your clients for adopting IFRS

the trustees of the Financial Accounting Foundation's board of trustees voted in late May to establish a new Private Company Council that will determine whether exceptions or modifications to U.S. GAAP for privately held companies are necessary -- and gathered crucial support from various professional bodies, most notably the American Institute of CPAs.

Robert Pozen suggests an alternative to audit firm rotation

Fitch Ratings said that two recently released pension accounting and financial reporting standards from the Governmental Accounting Standards Board are generally positive for state and local governments.

The Financial Accounting Standards Board has proposed new standards to require companies to provide better disclosures of their liquidity and interest rate risks, as part of FASB’s financial instruments project.

The Maryland Association of CPAs launched its new Center for Transparency, Performance, Management and Accountability using XBRL (TPMAx), with a special XBRL Thought Leader Symposium today.

The Governmental Accounting Standards Board voted Monday to approve two new standards to improve the accounting and financial reporting of public employee pensions by state and local governments.

The International Auditing and Assurance Standards Board has issued a new document outlining a possible approach to an improved auditor’s reporting model, while inviting the public to comment.

The diversity of cars, motorcycles, vans and commercial trucks on the roads reminded me how logical it is that states require different levels of testing to become a licensed driver of different kinds of automobiles.

The Financial Accounting Standards Board and the International Accounting Standards Board said Wednesday they have agreed on an approach for accounting for lease expenses.

AICPA’s president and CEO Barry Melancon and chair Greg Anton offer an update on professional issues at annual conference