The news will bring some respite to the investor community where confidence has plummetted following the discovery of widescale fraud at the US telecoms giant WorldCom and from fallout due to the Enron scandal.
The decision comes as part of the IASB’s new work programme which will also look at business consolidations, including special purpose entities, which contributed to the fall of the US energy company Enron.
Other topics include accounting for pensions, income tax, segment reporting and revaluations.
The UK’s Accounting Standards Board and its Auditing Practices Board last year kick-started the debate on revenue recognition after it warned that the growing trend used by many US companies could begin to permeate the UK market.
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day