All Accounting & Auditing articles – Page 43
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ArticleFASB revises CECL to resolve dual measurement glitch
FASB has finalized a small change to CECL to help companies that were facing a conundrum based on a fair-value election elsewhere in GAAP.
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ArticleNon-banks still have plenty of work ahead to adopt CECL
Efforts to adopt CECL are generally underway in the banking sector, but companies outside financial services may still have plenty to do.
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ArticleSOX did not end audit opinion shopping, study says
Despite regulatory efforts to make auditors more independent and more skeptical, companies have been able to shop for audit opinions, a new study says.
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FRC: Auditors must look for fraud
FRC CEO Stephen Haddrill confirmed that during the transition to the new statutory regulator, the Audit, Reporting and Governance Authority, the FRC will remain committed to tackling “deficiencies in audit and reporting quality vigorously.”
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ArticleSome companies are ready for CECL, some are not
Citigroup raised its expected loan loss reserves under CECL as it prepares for parallel testing of its methodology, but plenty of organizations have barely started.
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ArticleAudit committees get some help overseeing CECL
The Center for Audit Quality is giving audit committees a hand in overseeing implementation of the new credit losses standard.
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ArticlePCAOB inspectors find recurring problems, but evidence of effort
Auditors are still struggling with many of the same issues that have appeared prominently in inspection reports the past several years—but many firms are taking steps to address recurring problems, audit regulators say.
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Article
Citing misconduct in procurement, Kraft will restate
Kraft Heinz will restate nearly three years of financial results after determining employee misconduct in procurement caused a net $208 million misstatement in product costs.
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ArticleInvestors don’t mind non-GAAP in CD&A; they want clarity
Lack of clarity in how companies use non-GAAP measures to calculate executive compensation prompted investors to petition the SEC for change.
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ArticleEnforcement actions against accountants on the decline
Accountants and auditors are getting a lighter touch from enforcement authorities, according to an analysis that shows actions dropped significantly from 2017 to 2018.
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ArticleInvestors ask SEC to revise non-GAAP rules on comp disclosure
Non-GAAP reporting is obscuring executive compensation disclosures in proxy statements, investors say, and they are asking the SEC to revise its rules.
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ArticleFirst-quarter reports add lease assets, liabilities
First-quarter reports reflecting new lease accounting rules are beginning to trickle into the market, adding billions in assets and liabilities to balance sheets.
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FASB clarifies financial instruments rules, including CECL
FASB issued an update to accounting standards to clarify new rules on CECL, hedging, and recognition and measurement of financial instruments.
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ArticleTax leaders look to retool compliance to cope with change
Overwhelmed by an onslaught of requirements, data, and technology, tax departments are beginning to look for new ways to achieve compliance.
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ArticleCeladon Group to pay $42.2M in restitution for accounting fraud
Trucking company Celadon Group entered into a corporate resolution for securities fraud and will pay total restitution of $42.2 million for filing materially false and misleading statements to investors and falsifying books, records, and accounts.
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ArticleOptions drive more risk than stock, study says
Company executives may be more likely to take on risk when their compensation is based more on stock options than stock awards, a new study says.
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ArticleDelaware ramps up revised unclaimed property approach
Delaware’s Secretary of State is inviting corporations incorporated in that state to join it in resolving any outstanding unclaimed property issues. The invite comes with a catch: Companies must respond within 60 days or face an unclaimed property audit.
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ArticleCMA recommends major overhaul of U.K. audit market
The U.K. Competition and Markets Authority (CMA) has recommended reform of the audit market aimed at increasing quality and competition and breaking the stranglehold of the Big Four accounting firms.
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ArticleAudit committees advised: be cautious if PCAOB calls
The PCAOB wants to engage more directly with audit committees, but they may get a cool response from some audit committee members wary of the risks.
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ArticleAccounting class action filing still high, report says
Accounting class action filings in 2018 remained “uncharacteristically high,” according to the latest analysis by Cornerstone Research.