FASB Proposes Changing Standards for Insurance Contracts

The Financial Accounting Standards Board has issued a proposed accounting standards update for improving the financial reporting for long-term insurance, contracts, including life insurance, disability income, long-term care and annuities.…

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New Lease Accounting Standard Proposed for Federal Entities

The Federal Accounting Standards Boards (FASAB) issued a proposal on Money that would change lease accounting for federal government entities. Proposed Statement of Federal Financial Accounting Standards (SFFAS), Leases: An…

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PCAOB Sanctions Audit Firms and Partners for Violating Independence Rules

The Public Company Accounting Oversight Board imposed sanctions on three audit firms, along with engagement partners at two of the firms, for violating independence requirements while auditing broker-dealer clients. Two…

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