News

PwC claims E&Y “shadows” its Lloyds audit

PwC has claimed that a “shadow” team from Ernst & Young is looking to dislodge the firm as auditor of Lloyds Banking Group.

IASB and FASB seek to reduce differences in classification and measurement models for financial instruments

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today agreed to work together to seek to reduce differences in their respective classification and measurement models for financial instruments.

EFSF lost “AAA” as well

Europeans left almost without a weapon to fight with the crisis: following France and Austria, the European Financial Stability Fund lost the highest “AAA” rating as well. This is especially unpleasant news for Germany as it will have to deposit even more money in the fund.

Deloitte US alert on accounting for Eurozone sovereign debt holdings

Deloitte (United States) issued an alert regarding the impairment of Greek government bonds (GGBs) and debt issued by other Eurozone states.

CFA Institute’s recent study deals with risks of information disclosure around financial instruments

In relation to the ongoing sovereign debt crisis and negative consequences of the economic crisis of 2007-2009, one of the biggest issues for investors are still the risks in financial instruments. To study the subject deeper, experts of the CFA Institute have undertaken their new research “User Perspectives on Financial Instrument Risk Disclosures Under International Financial Reporting Standards: Volume 1” in which they analyzed the necessity to raise quality of information disclosure related to risks in financial instruments in both financial and non-financial organizations.

FASB Issues Proposed Accounting Standards Update - Revenue Recognition

Revenue is a crucial number to users of financial statements in assessing an entity’s financial performance and position. However, revenue recognition requirements in U.S. generally accepted accounting principles (GAAP) differ from those in International Financial Reporting Standards (IFRSs), and both sets of requirements need improvement.

Deloitte, like PwC, KPMG, Seared in Inspection Report

Audit regulators have handed out another blistering Big 4 inspection report, this time to Deloitte & Touche, calling out double the number of audit problems from the prior year.