Accounting standards

The board has decided to set aside a long-running project that would have required companies to amortize goodwill on a straight-line basis over 10 to 25 years.

The technology arm of the AICPA is seeking participation in its newly opened survey of client advisory services providers.

The Governmental Accounting Standards Board released new guidance to provide a unified accounting treatment for compensated absences of state and local government employees and simplify the disclosure work.

Ernst & Young plans to invest $1 billion in next-generation assurance technology for its audit teams around the world to leverage as part of an overall $2.5 billion four-year commitment.

Effective June 7, isolation of Russia includes sanctions prohibiting U.S. accounting firms — even U.S. firms operating from offices overseas — from providing a variety of services to Russian individuals and entities.

The Financial Accounting Standards Board is asking its stakeholders to provide feedback on whether it should work on a new standard to account for government grants while building on an existing international standard.

The board released guidance Monday to improve the accounting and financial reporting requirements for state and local governments.

Deloitte is denying a report this week that it plans to spin off its audit practice as a separate entity from its consulting practice as rival Big Four firm Ernst & Young contemplates such a move.

The International Federation of Accountants signed a memorandum of understanding to support efforts to improve financial transparency, accountability and anti-corruption efforts in the public health sector around the world.

The profession needs to leverage both its unrivaled reputation for trustworthiness and its creativity and entrepreneurial spirit, say leaders at the AICPA.

When it comes to client advisory services, one size doesn't fit all.

PricewaterhouseCoopers was fined almost £5 million pounds ($6.22 million) for a series of poor audits of two U.K. construction companies, as the regulator continued to crack down on audit failings by the Big Four.

Revenues from client advisory services between 2018 and 2020 rose from 34% to 47%; by contrast, all other practice areas grew from 28% to 34% in the same period.

The average number of leases held by companies has returned to or exceeded pre-pandemic levels, according to a new report, even as they adjust to new rules that put leases on the balance sheet.

To have a CAS firm, you need to change the narrative about accounting — you’re no longer selling your time; you are selling your knowledge and expertise.

The board plans to hold a meeting next Wednesday with its reconstituted Investor Advisory Group, the first meeting in nearly four years with one of its biggest stakeholders.

The board's future projects include digital assets, intangibles, government grants, and accounting for financial instruments with ESG-linked features.

The board voted to add a project to its technical agenda on financial instruments with environmental, social and governance-linked features and regulatory credits.

Ernst & Young is reportedly considering spinning off the auditing side of the firm to deal with growing pressure on the Big Four to avoid conflicts of interest with their consulting practices.

A possible split confronts the problem faced by all breakups: How do you create attractive businesses out of both when one is likely to be seen as inferior?