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. The exposure draft for the new standard includes proposals for improving the timeliness of recognizing changes in the liability for future policy benefits by requiring… Read More

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 Amendment of SFFAS-5, Accounting for Liabilities of the Federal Government, and SFFAS 6, Accounting for Property, Plant, and equipment, is designed to provide relevant and… Read More

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 of the firms and two engagement partners admitted to the violations, a first for the PCAOB. The three firms were Berkow, Schechter & Company LLP… Read More