All Accounting & Auditing articles – Page 40
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ArticleFed study minimizes lending, volatility concerns of CECL
A new analysis out of the Federal Reserve suggests concerns over the expected economic effects of CECL, the new rule on credit losses, may be overstated.
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ArticleFASB formally proposes accounting change delays, including CECL
FASB is formally proposing major changes to effective dates for several significant accounting standards, including a CECL delay for smaller reporting companies.
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ArticleMarket punishes auditors who flag control issues, study says
Auditors walk a fine line in reporting adverse internal controls, straddling regulators when they fail to flag weaknesses but punished in the market when they do.
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ArticleRegulatory events coming this fall
Check out information on upcoming events from such regulators as the PCAOB, FDIC, SEC, DOJ, and more.
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ResourceWhite paper: ASC 842 and IFRS 16: 5 Lessons Learned for a Smoother Transition
The long-term impact of the new lease accounting compliance standards has yet to be seen, but the implementation issues facing many entities have become increasingly evident.
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ArticleFormer KPMG, PCAOB leader gets prison time in inspections scandal
A former audit inspector and executive director at KPMG was sentenced to eight months in prison after entering a guilty plea related to a scheme to steal inspection plans.
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Ex-KPMG partner to pay $125K in insider trading case
A former KPMG partner charged by the SEC with insider trading has been ordered to pay a civil penalty of $125,000 and suspended from appearing or practicing before the Commission as an attorney or accountant.
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ArticleBoth investors, companies unhappy with FASB’s tax disclosure proposal
Accounting rulemakers have their work cut out for them trying to determine how to meet investors’ needs for information about corporate tax risks without breaking preparers’ backs.
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ArticleStill more work ahead on leases, says new survey
Midway through the first year of complying with new lease accounting rules, only a little more than half of public companies said they completed their transition.
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ArticlePCAOB fines PwC Mexico over auditor independence
U.S. audit regulators have fined PwC’s affiliate in Mexico for a seemingly brazen failure to observe auditor independence rules.
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ArticleDeloitte names, describes two CAMs at Microsoft
Among the first to disclose critical audit matters, Microsoft’s auditor, Deloitte, identifies revenue recognition and uncertain tax positions as CAMs.
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ArticleInvestigation widens into how Sealed Air selected its audit firm
Packaging company Sealed Air, currently under investigation by the SEC, has received a grand jury subpoena from the U.S. Attorney’s Office for the Western District of North Carolina and faces a related investigation by the DOJ.
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ArticleFraud in non-GAAP: DOJ, SEC pursue parallel charges
The U.S. Department of Justice and the Securities and Exchange Commission are pursuing fraud charges over manipulation of a non-GAAP metric at a publicly traded real estate investment trust.
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ArticleHouse considers creating PCAOB whistleblower program
The House is considering a bill that would give the PCAOB a whistleblower system under Sarbanes-Oxley like the one operated by the SEC.
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ArticleFASB allows optionality in certain lease receivables
FASB has issued new lease accounting guidance allowing options for how to reflect uncertain operating lease receivables, which is sure to produce reporting differences.
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ArticleFASB seeks change to liabilities, equities guidance
FASB has issued a proposal on the distinction between liabilities and equity meant to cut through complexity known to compromise reporting quality.
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ArticleFASB proposes fix to rules on financial instruments
FASB is proposing amendments to GAAP to clarify interactions among different rules on measuring investments and securities.
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ArticleSEC comments drove changes in revenue reporting, analysis says
SEC comments on early reports under the new revenue recognition standard tended to sway companies to revise their reporting, analysis shows.
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SEC: Transition from LIBOR has taken on ‘urgency’
Regulators are starting to freak out a little over what will happen in U.S. financial markets in 2021 when a major benchmark interest rate is expected to vanish.
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Article
Grant Thornton, Ephesoft announce alliance
Grant Thornton has formed an alliance with enterprise content capture and data discovery solutions provider Ephesoft.