Accounting standards

The Public Company Accounting Oversight Board voted Tuesday to issue for public comment a proposed auditing standard on related-party transactions, and to amend standards on significant unusual transactions and auditors of broker-dealers.

The Financial Accounting Standards Board and the International Accounting Standards Board are planning to host a series of outreach meetings around the world on their latest proposals for changes in the standards for revenue recognition.

Members of the Financial Accounting Standards Board held a two-day meeting this week with officials from the Accounting Standards Board of Japan how they could better align accounting rules.

The Financial Accounting Standards Board and the International Accounting Standards Board said Friday they would work together on seeking to reduce the differences in their classification and measurement models for financial instruments.

The Financial Accounting Standards Board has proposed an updated standard on impairment testing of intangible assets with indefinite lives, such as trademarks, licenses and distribution lives.

The National Association of State Boards of Accountancy and the American Institute of CPAs have both given their final approval to a revised set of standards for providers of continuing professional education programs for accountants.

Credit rating agency Fitch Ratings said in a new report that it expects the U.S. will still move forward with plans to incorporate International Financial Reporting Standards into U.S. GAAP, but in a “prolonged, cautious and incremental way.”

The Securities and Exchange Commission has released its latest review of interactive data financial statement submissions and found that filers are making progress.

Pace University’s Lubin School of Business and the Association of International Bank Auditors have teamed up to offer a Certified Compliance and Regulatory Professional (CCRP) certificate program for professionals working in the global financial services industry.

Better controls are needed to ensure tax preparers filing electronically are complying with new preparer regulations, according to a report released Thursday by the Treasury Inspector General for Tax Administration.

IMGCAP(1)][IMGCAP(2)]Valuation, by its very nature, is an exercise in judgment.

The Financial Accounting Standards Board has deferred some of the rules it issued earlier this year to make the presentation of other comprehensive income more prominent on financial statements.

The International Auditing and Assurance Standards Board released a new assurance standard Wednesday on pro forma financial information included in a prospectus.

The Financial Accounting Standards Board and the International Accounting Standards Board issued common disclosure requirements Friday to help investors better understand the impact of offsetting, or netting, on a company’s financial position.

PricewaterhouseCoopers and the Institute of Internal Auditors Research Foundation have released a book to help corporate directors address their fiduciary and other responsibilities.

Proposed changes in lease accounting standards could have a broad negative impact on the U.S. economy, triggering a $10 billion reduction in gross domestic product and 60,000 fewer jobs by 2016, according to a new study from the Equipment Leasing & Finance Foundation.

The Governmental Accounting Standards Board has proposed that state and local governments should include five-year projections of their cash inflows and outflows, and financial obligations, to supplement their financial statements.

Financial Accounting Standards Board chair Leslie Seidman advocated a cautious transition to International Financial Reporting Standards during a speech Tuesday in which she said the board should retain its control over U.S. GAAP.

IMGCAP(1)]The Financial Accounting Standards Board recently approved a revised accounting standard that requires contributing nongovernmental employers to provide more information about their financial obligations to multiemployer pension plans.

The Financial Accounting Standards Board has added a new project to its agenda aimed at reducing or eliminating the need for private companies and not-for-profit organizations to provide as many fair value measurement disclosures as public companies.