International accounting

Valeant Pharmaceuticals International Inc. shares slumped as Chief Executive Officer J. Michael Pearson’s defense of the drugmaker’s accounting and ethics failed to resonate with investors fretting about its relationship with a mail-order pharmacy.

The dizzying rise and rapid fall in the shares of drugmaker Valeant Pharmaceuticals International Inc. is eerily familiar to Canadian investors still smarting from the last time a small market was dominated by single stocks—BlackBerry Ltd. and Nortel Networks Corp.

The number of accountants who belong to professional accounting organizations that are members of the International Federation of Accountants grew 16 percent from 2.4 million to 2.8 million between 2009 and 2013.

Paul Pacter speaks up for IFRS

The International Accounting Standards Board proposed temporary measures to address worries over conflicts between a standard that has been issued, and another that isn’t due for a year.

Deloitte reported Tuesday its global annual revenues reached $35.2 billion in fiscal year 2015, a 7.6 percent growth rate in terms of local currency.

The Public Company Accounting Oversight Board has entered into a cooperative arrangement with Luxembourg’s audit regulator, the Commission de Surveillance du Secteur Financier of Luxembourg, relating to the oversight of audit firms subject to the regulatory jurisdictions of both regulators.

The chairmen of the two organizations responsible for the creation of IFRS argue the value of the standards to the public in a new publication.

The International Accounting Standards has issued an amendment to its revenue recognition standard, IFRS 15 Revenue from Contracts with Customers, formalizing the deferral of the effective date by one year until 2018.

The Financial Accounting Standards Board has issued a proposed accounting standards update to clarify the implementation guidance on principal versus agent considerations contained in the new revenue recognition standard.

Toshiba Corp. uncovered 10 new cases of accounting problems, including at a U.S. unit, prompting it to miss a regulator’s deadline for submission of its fiscal 2014 earnings release.

While accounting scandals in the Netherlands have not been making a whole lot of headlines in the U.S., they have been generating plenty of controversy at home.

The Institute of Certified Public Accountants in Ireland and the Institute of Chartered Accountants of Bangladesh have signed a memorandum of understanding to provide an online CPA Certificate in IPSAS Financial Reporting in Bangladesh.

More than a dozen years ago, the U.S. experienced a rash of high-profile accounting scandals. Now it’s Japan’s turn.

One of the more intriguing questions stemming from the Toshiba Corp. accounting scandal is this: Where was the whistleblower?

Toshiba Corp. issued almost 1 trillion yen ($8 billion) of stocks and bonds when it was inflating earnings statements, leaving the company exposed to possible regulatory fines and investor lawsuits.

The International Accounting Standards Board confirmed Wednesday a one-year deferral of the effective date of the revenue recognition standard to stay in alignment with the Financial Standards Accounting Board, which also recently decided to defer the standard for companies in the U.S.

Toshiba Corp. President Hisao Tanaka and his two predecessors quit after investigators found that the Japanese conglomerate inflated earnings by at least $1.2 billion since the global financial crisis.

Toshiba Corp. must correct at least 152 billion yen ($1.2 billion) of pretax earnings over a six-year period after an internal accounting probe revealed the company overstated profits under pressure from management.

A new academic study casts doubt on whether efforts to require companies to rotate their audit firms lead to greater professional skepticism on the part of auditors.