Financial reporting

The American Institute of CPAs announced that it recently enrolled its 400,000th member.

The Financial Accounting Standards Board has added five more projects to its agenda for simplifying accounting standards, including short-term projects related to debt and tax accounting.

The International Accounting Education Standards Board has issued a new plan to support the adoption and implementation of the recently revised International Education Standards for accountants.

PricewaterhouseCoopers LLP was fined $25 million after sanitizing a report to regulators on sanctions and money-laundering controls for Bank of Tokyo-Mitsubishi UFJ Ltd., New York’s top bank regulator said today.

Deloite LLP has named Frank S. Friedman as the firm's new CEO, succeeding Joe Echevarria, who is retiring to focus on public service.

Governments that default on their sovereign debt could be falling victim to the absence of accrual accounting in most public sector entities, and the International Federation of Accountants wants to change that.

Alibaba Group Holding Ltd., after announcing an average of two acquisitions a month this year, is learning the importance of doing your homework.

Many banks are unprepared for changes in accounting standards next year on how to calculate losses on their loans and leases, according to a new survey.

Is the time now right to use a financial reporting language that transcends national boundaries? This question continues to cause division in some countries, particularly in the United States.

Ian Mackintosh, vice-chairman of the International Accounting Standards Board, described some of the failures of the convergence process with the Financial Accounting Standards Board in a speech Wednesday, insisting that wholesale adoption of International Financial Reporting Standards is preferable to convergence.

The Institute of Management Accountants reported Tuesday that it has achieved a record amount of growth in the fiscal year ending June 30, 2014 in terms of membership numbers and people earning the IMA’s Certified Management Accountant credential.

Young accountants entering the profession and small firms may both be missing a huge opportunity, according to leading consultant Darren Root.

Accounting Today is now accepting submissions for its annual Managing Partner Elite list of top firm leaders.

Registration for CCH's User Conference 2014 is filling up fast; industry studies by BDO and the AICPA are out, office closures and relocations...

The International Accounting Standards Board has released a new document describing some of its most recent tentative decisions from the first half of the year on the standards for lease accounting, including what appears to be an about-face on how leases should be categorized, opening up a new gulf between it and the Financial Accounting Standards Board.

Hans Hoogervorst, chairman of the International Accounting Standards Board, reportedly told an audience in Singapore last week that full convergence is no longer an achievable project.

'For the benefit of' or 'to the benefit of' -- what's the difference?

Check out the digital edition of the August 2014 issue of Accounting Today.

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A roundup of recent news from around the profession