All Accounting & Auditing articles – Page 36
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ArticleLiabilities and equity, LIBOR among priorities for FASB’s Golden
In a speech Tuesday, FASB Chairman Russell Golden laid out the accounting areas he hopes to finalize changes to before his term ends June 30, 2020.
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ArticleCeladon execs charged with accounting fraud
Two former top executives of trucking company Celadon Group face civil and criminal charges for their participation in an accounting fraud scheme that inflated the company’s income and earnings per share.
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ArticleIconix, three former execs charged with accounting fraud
Iconix Brand Group and three of its former top executives were charged by the SEC for engaging in accounting fraud. Iconix and two of the executives agreed to settle, with litigation still pending against the company’s former CEO.
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ArticleGoodwill impairments more than doubled in 2018, says recent study
Goodwill impairment recorded by U.S. public companies is on the rise. According to Duff & Phelps’ 2019 U.S. Goodwill Impairment study, it climbed 125 percent in 2018.
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SEC adds two deputy chief accountants
The Securities and Exchange Commission announced the additions of John Vanosdall and Paul Munter as deputy chief accountants in the accounting group and international department, respectively.
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ArticleNew auditor reporting standards: What has changed
A closer look at new standards issued in May by the Auditing Standards Board will aid auditors in conferring with clients before 2020 reports arrive.
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SEC bars former PCAOB leader for role in KPMG scandal
The Securities and Exchange Commission has barred Cynthia Holder from practicing as an accountant before the Commission for her role in the long-running KPMG inspections scandal.
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SEC charges MiMedx Group with accounting fraud
Biotech company MiMedx Group and three of its former top executives have been charged with defrauding investors. In response, MiMedx reshuffled its management team, including the appointment of a new general counsel and secretary.
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ArticleFASB finalizes tweaks to CECL standard
The Financial Accounting Standards Board has issued an update to the upcoming standard on credit losses that addresses negative allowances and expected recoveries.
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ArticleAt rare open meeting, PCAOB says it’s on path to change
A recent PCAOB open meeting reviewed details about shareholder outreach and offered a view into its five-year strategic plan.
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ArticleReport: Investor confidence in audit committees high; more transparency needed
The 2019 Audit Committee Transparency Barometer indicated investor confidence in audit committee effectiveness was strong (81 percent) and had increased 10 percentage points since the first report was issued in 2014.
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ArticleWhat FASB’s recent updates might mean for you
The Financial Accounting Standards Board has issued updates to its standards on hedging and share-based payments and is offering guidance on reference rate reform.
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ArticleFASB finalizes standard delays, including CECL
The Financial Accounting Standards Board has finalized long anticipated delays in effective dates for several accounting standards, including the controversial rule on credit losses.
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ArticleSurvey: Data use, security among top audit risk areas
Research and advisory firm Gartner has released its annual “Audit Hot Spots” report, which reveals the three top risk areas for internal audit teams and chief audit executives in 2020.
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ArticleSEC investigating ProPetro’s financial disclosures
Oilfield services company ProPetro Holding announced the SEC has opened an investigation into its financial disclosures and reporting.
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ArticleInternal control best practices for blockchain technology
Those in accounting who want to understand better the inherent risks, threats and vulnerabilities, and internal control best practices associated with the use of blockchain technology now have a first-of-its-kind framework to follow.
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ArticleSquare discontinues adjusted revenue metric following SEC warning
Square is discontinuing the use of adjusted revenue following receipt of a comment letter from the SEC, which has been eyeing reports for use of measures not in compliance with its updated revenue standard.
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ArticleFRC review of IFRS 16 disclosures highlights weak spots
Companies applying the new standard on lease accounting need to provide more information on its effects, according to a new review by the U.K. Financial Reporting Council, which highlights where it expects companies to provide more comprehensive disclosure in their upcoming annual reports.
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FASB task force adds new member
The Financial Accounting Standards Board announced the appointment of Aleks Zabreyko to the Emerging Issues Task Force (EITF), effective immediately.
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Quanex Building Products names chief accounting officer
Quanex Building Products has announced several key leadership appointments, effective as of Nov. 1, including a new chief accounting officer and a new general counsel.