International accounting

The International Public Sector Accounting Standards Board has released for comment an exposure draft amending the standards for public sector entities under the cash basis of accounting.

Hans Hoogervorst has been re-appointed as chairman of the International Accounting Standards Board for a second five-year term, but his vice-chairman, Ian Mackintosh will not be seeking a second term.

Morison International and KS International have merged to form a $1 billion international association of accounting and professional services firms to be known as Morison KSi.

The International Federation of Accountants has issued a report calling for governments around the world to stop issuing a patchwork set of regulations that are stifling economic growth.

Crowe Horwath International said that total global gross revenues of its member firms grew to US$3.5 billion for calendar year 2015.

Accounting firm network Baker Tilly International reported Thursday that combined global revenues of its member firms around the world grew 7 percent in the 12 months ending June 2015 to US$3.8 billion.

South America’s regional soccer body Conmebol, which has lost its last three presidents under the cloud of a global corruption scandal, is inviting forensic accountants to investigate its business affairs since 2011.

Alex Malley, the chief executive of CPA Australia, a professional organization for accountants in the Land Down Under, has gotten a high-profile new gig: hosting a Sunday morning TV series on a top TV network there.

American Institute of CPAs president and CEO Barry Melancon said the AICPA is pushing the Internal Revenue Service to improve its services for both taxpayers and CPAs while preparing to become a more international organization.

The International Accounting Standards Board issued the long-awaited lease accounting standard that it has been developing for over a decade with the Financial Accounting Standards Board, which is also expected to release its version of the standard early this year.

The International Auditing and Assurance Standards Board has finalized the changes in its standard for auditor reporting on special purpose financial statements.

Leaders of the Financial Accounting Standards Board and the International Accounting Standards Board are bracing for the release of the leasing standard and other standards that have been under development and generating debate for over a decade.

On the heels of the Public Company Accounting Oversight Board’s new standards for disclosure of audit engagement partners, the International Accounting Education Standards Board has issued new guidance for the implementation of its own standard, IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised).

Akebono Brake Industry Co. has become the latest addition to a series of corporate scandals in Japan, cutting earnings forecasts and executive pay after confirming problematic accounting of sales to distributors.

The U.K. accounting regulator should re-examine its decision not to investigate the auditing of now-defunct HBOS Plc by KPMG if it wants to restore public confidence in the audit process, according to U.K. lawmaker and Treasury Committee Chair Andrew Tyrie.

BDO said Thursday that worldwide revenue for all BDO network’s member firms (including members of BDO firm alliances) totaled $7.3 billion for the fiscal year ended Sept. 30, 2015, a 12.95 percent increase year over year, at constant exchange rates.

The Public Company Accounting and Oversight Board is continuing to encounter resistance from Chinese authorities in its efforts to gain access to inspecting audit firms in China.

A new international survey ranks Zurich, Switzerland as the highest-paying city for accountants, with another Swiss city, Geneva, in second place.

CEOs of several major accounting organizations around the world have signed an open letter urging world leaders to agree on reducing carbon emissions.

Securities and Exchange Commission chief accountant James Schnurr indicated Tuesday that he plans to recommend to SEC chair Mary Jo White that U.S. companies be allowed to use International Financial Reporting Standards to provide supplemental information, in addition to filing their financials in accordance with U.S. GAAP.