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“For tracking litigation, enforcement, and regulatory developments, Compliance Week
should be your prime source.”- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
FASB appoints transition group for pending credit loss standard
Image: FASB has seated a Transition Resource Group to help implement the pending standard on credit losses that will include 16 bigwigs from accounting firms PwC, KPMG, EY, Deloitte, Grant Thornton, and Crowe Horwath, as well as banking and insurance entities. The group, which will be chaired by FASB member ...
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FASB: future credit losses required in financial statements
A new Accounting Standards Update from FASB means that companies will be using even more forward-looking information in their financial statements to alert investors of potential credit losses yet to materialize. Tammy Whitehouse reports.
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News BriefFRC launches probe into MacIntyre Hudson’s 2022 audit of collapsed LSG
The U.K. Financial Reporting Council has launched an investigation into MacIntyre Hudson’s audit of collapsed construction company ISG Limited, which abruptly entered administration in September, laying off 2,200 workers.
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News BriefPCAOB fines KPMG units $3.4M, PwC Singapore $1.5M for audit, independence violations
Nine affiliates of KPMG agreed to pay a total of nearly $3.4 million for alleged violations of audit and quality control standards, while PwC Singapore will pay $1.5 million to settle separate allegation that the firm manipulated independence compliance reporting.