All Accounting & Auditing articles – Page 34
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ArticleFRC sends letter to Big Four outlining ‘operational separation’
The U.K. Financial Reporting Council penned a letter to the Big Four outlining expectations for how the auditors should go about separating their audit work from their consultancy business.
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ArticleBig Four score: EY, KPMG, PwC, Deloitte among Fortune’s 100 best companies list
Fortune’s 2020 list of the 100 Best Companies to Work For is out, and accounting firms are again among them. All four of the Big Four firms are in the top 50, as is Plante Moran.
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ArticleSEC subpoenas Mattel in accounting probe
Mattel announced it has received a subpoena from the Securities and Exchange Commission seeking documents related to a previously disclosed investigation that had uncovered accounting errors.
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ArticleRegulatory events coming this spring
Check out information on upcoming events from such regulators as the SEC, FINRA, CFPB, and more.
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ArticleFRC to review how U.K. companies, auditors address climate change
The U.K. Financial Reporting Council announced it will begin reviewing the extent to which U.K. companies and auditors are responding to the impact of climate change to ensure reporting requirements are being met.
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ArticleSEC: Potential impact of coronavirus on audit quality
The SEC and PCAOB have issued a joint statement updating their recent conversations with audit firm leaders on audit quality oversight challenges in China, including the potential impact of the coronavirus on financial disclosures and audit quality.
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ArticleTax planning opportunities for 2020 lead to potential tax savings
Grant Thornton has released guidance on tax planning for both public and private companies to help them get started by asking the right questions.
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ArticleFASB Chairman Golden’s agenda setting 101
Have you ever wondered how FASB decides what issues to include in its technical agenda? Chairman Russell Golden explained recently the process for identifying the right accounting issues to address.
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ArticleSpirit AeroSystems faces class action over accounting woes
In the wake of an ongoing accounting probe and the resignation of two top finance executives, Spirit AeroSystems is facing a class-action lawsuit filed on behalf of shareholders.
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ArticlePowell: Legislation to address LIBOR transition unlikely
Federal Reserve Chair Jerome Powell told Congress he does not expect federal legislation will be needed to address the demise of the London Interbank Offered Rate, which is set to expire in 2021.
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ArticleBig banks start to report CECL impacts
Fourth-quarter earnings calls of large U.S. public financial institutions provide insights into FASB’s current expected credit loss (CECL) standard.
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ArticleFASB Q&A tackles revenue recognition implementation
Determining transaction price and identifying performance obligations are among the most challenging implementation issues in accounting for revenue recognition, according to recent guidance from FASB.
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ArticleBenefits of sustainability reporting: takeaways for accounting
A former FASB member and current board member at the Sustainability Accounting Standards Board offers tips to accountants facing a heightened investor interest in sustainability.
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ArticleSpirit AeroSystems CFO resigns amid accounting probe
The chief financial officer and principal accounting officer at aerospace giant Spirit AeroSystems have resigned amid an ongoing accounting probe triggered by a compliance review.
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ArticleCan CPA firms help with new revenue recognition standard?
Robert Durak of the AICPA provides seven requests companies should make of their auditors when tackling revenue recognition implementation to avoid putting auditor independence at risk.
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ArticleStudy: Adopting lease accounting could hurt stock prices
A new study from Florida International University professors says retailers such as Urban Outfitters, Foot Locker, and Abercrombie & Fitch—that have a significant use of operating leases—reported abnormal stock returns when they disclosed earnings.
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ArticleSEC charges Hill International with accounting fraud
The SEC has brought charges against Hill International, its former chief accounting officer, and a former senior accountant for engaging in accounting fraud and disclosure violations at the construction management consulting firm.
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ArticleAudit fees level off in 2018, study shows
Public company audit fees remained virtually unchanged in 2018, according to the latest annual study by Audit Analytics.
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ArticleFASB issues first ASU of 2020
FASB has issued the first accounting standard update of the new year, clarifying the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives.
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ArticleSEC bars former KPMG leader atop ‘chain of corruption’
The Securities and Exchange Commission has suspended a former KPMG leader from appearing or practicing before the SEC after he was convicted of a felony last year.