How should US audit firms and audit committees be talking to each other? The Center for Audit Quality (CAQ), affiliated with the American Institute of CPAs, examines the question in a brief guide released Wednesday on ways to enhance the flow of information on audit inspections and quality-control matters.
Stock market comparisons show that investors are aware of issues related to goodwill impairment before the impairment is announced, a Financial Executives International study shows. The report also shows that companies performing a discounted cash flow analysis with respect to goodwill have been inconsistent in matching the basis of projections with the discount rate applied.
FASB and the International Accounting Standards Board have tentatively agreed that adjustments for the time value of money should remain part of the converged revenue recognition standard the boards are developing. Such adjustments had generated some opposition because of their complexity.
A new study finds that developed markets in North America, Europe and Oceania have a lot of strengths that help businesses with growth potential flourish. But some emerging markets, especially in Asia, are competitive.
To continue to lift millions out of poverty, raise living standards of emerging middle-class consumers and entrench economic growth, African economies must accelerate the creation of wage-paying jobs.
Flexible reporting requirements based on relevance are the foundation of a project FASB is undertaking to attempt to reduce disclosure overload in notes to financial statements.
After rising significantly at the end of 2011 and the beginning of 2012, CPA business leaders’ optimism over the US economy has faded substantially in recent months, according to the latest American Institute of CPAs (AICPA) Business & Industry Economic Outlook Survey.
The US Financial Accounting Standards Board (FASB) is crafting a new expected credit loss impairment model in hopes of moving forward again in the joint accounting for financial instruments project the board is pursuing with the International Accounting Standards Board (IASB).
Despite worries about the euro-zone crisis and the economic slowdown in China, Australian CFOs remain bullish on economic growth and their companies’ hiring plans.
The US Securities and Exchange Commission (SEC) approved disclosure rules designed to increase transparency around companies’ use of so-called “conflict minerals” and payments to governments for access to natural resources.
A new US public company auditing standard deems robust, two-way communication between external auditors and audit committees to be essential to high-quality audits. Experts say the standard, which must be approved by the SEC, reflects and codifies the healthy dialogue that has existed between auditors and audit committees for years.
Former US Sen. Paul Sarbanes and former US Rep. Michael Oxley say the regulations they sponsored and saw signed into law a decade ago are not perfect, but led to changes in the corporate culture in the United States and abroad.
More scrutiny during audits, transfer-pricing issues and rapid changes in international tax legislation top the list of global tax challenges in a survey of multinational companies. A global consortium of consultants takes a look at the tax issues and offers advice.
The IFRS Foundation is changing its constitution to reflect the separation of the roles of the foundation’s CEO and the chairman of the International Accounting Standards Board (IASB).
Accountants may have difficulty at times determining what constitutes “more than insignificant” consumption of a leased asset by a lessee under a proposed standard being jointly developed by the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).
The International Integrated Reporting Council has taken an important step toward guiding businesses to think in nonfinancial terms when issuing financial reports. The IIRC’s outline comes after an initial discussion paper on the reasons companies should consider social and environmental impact in addition to financial performance.
