All AICPA articles – Page 3

  • Article

    Technical side of revenue recognition still vexes companies


    The more complex the transaction, the more difficult it gets to apply new revenue recognition rules. Eventually, something’s got to give, writes Tammy Whitehouse.

  • Blog

    FASB makes "minor, minor, minor" changes to revenue recognition


    FASB has issued the last batch of intended changes to clarify or correct various points raised in the new revenue recognition accounting requirements.

  • WornOutExecNewsletter

    Are companies ‘grieving’ over new revenue recognition rules?


    Maybe it’s a collective sense of grieving that is keeping so many companies on the sidelines as big accounting change looms over revenue recognition. Tammy Whitehouse reports.

  • Blog

    AICPA objects to naming partners on benefit plan audits


    The accounting profession is objecting to proposed changes to employee benefit plan reporting, especially requiring the name of the engagement partner on plan audits. More from Tammy Whitehouse.

  • Blog

    AICPA objects to Labor Dept. proposal on benefit plan reporting


    The accounting profession is objecting to proposed changes to employee benefit plan reporting, especially requiring plan sponsors to name the engagement partner on plan audits. Tammy Whitehouse has more.

  • Article

    Despite heightened risks, auditors limit cyber-questions


    Auditors are arming up to be more proactive in the escalating cyber-war, but this year they’re still limiting their focus to financial statement risk. Tammy Whitehouse has more.

  • Blog

    Grapevine: Who’s coming and going in compliance


    Firstmark Credit Union has strengthened its risk management division with the hiring of Tamika Baker as its first-ever chief risk officer; the American Institute of CPAs has appointed a new chair, and IASB named a new vice chair. Check out the CW Grapevine for the latest personnel moves.

  • Blog

    AICPA elects new chair


    The American Institute of CPAs, the world’s largest member organization representing the CPA profession, has named Kimberly Ellison-Taylor, global accounting strategy director for Oracle America, as its new chair.

  • Blog

    AICPA issues 7 new drafts on revenue recognition questions


    Tammy Whitehouse looks at the AICPA’s seven new working drafts to address some of the hardest revenue recognition questions in software, telecommunications, and other sectors.

  • Blog

    AICPA offers views on revenue recognition implementation issues


    In the ongoing quest for consistent interpretations of the new revenue recognition standard, task forces at the American Institute of Certified Public Accountants have issued several new papers for public comment.

  • Blog

    Valuation framework seeks to define ‘how much’ is enough


    The valuation profession is looking for more feedback on an idea to develop some new performance criteria, a proposal that should make those in the financial reporting supply chain sit up and take notice. Tammy Whitehouse has more.

  • Blog

    PwC proposes SOC 2+ to dig into third-party risk


    PwC has developed a framework to add to the assurance provided by an SOC 2 report (an AICPA report focused on controls around security, processing integrity, and privacy). PwC calls it an “SOC 2+” approach, building on the SOC 2 reporting principles by allowing a more independent, standardized assessment. Tammy ...

  • Article

    New revenue recognition rules prompt wide variety of adoption strategies


    With new revenue recognition rules fast approaching, public companies everywhere are preparing as best they can, but an uncertain future awaits everyone. Tammy Whitehouse looks at what’s behind implementation delays.

  • Article

    Revenue recognition: full retrospective, modified retrospective, or somewhere in-between


    Companies looking to implement the new revenue standard are faced with the difficult choice of going full retrospective, modified retrospective, or somewhere in-between. Those at the forefront of implementing the standard are starting to favor the idea of presenting three complete years of historical data under the new rules, but ...

  • Blog

    CPAs Launch Research to Push Data Analytics in Audit


    Image: The AICPA and Rutgers Business School haved formed a data analytics research initiative to demonstrate how the use of data analytics can advance the public accounting profession. According to Rutgers professor Miklos Vasarhelyi, the initiative’s two shared goals are “to examine how audit objectives might be achieved more effectively ...

  • Blog

    AICPA Begins Floating Revenue Recognition Drafts


    Image: The American Institute of Certified Public Accountants has assembled 16 industry task forces to examine industry-specific implementation questions that are emerging as companies prepare to adopt the new principles-based revenue recognition standard. The working drafts provide insight and examples around nine specific questions, says Kim Kushmerick, senior technical ...

  • Blog

    SEC Frets Over Split in Revenue Recognition Adoption Efforts


    Image: Looking for consistency in application of the new revenue recognition standard, SEC Deputy Chief Accountant Wesley Bricker said companies need to do their homework and apply appropriate professional judgment. Bricker called on companies to move forward with implementation efforts “without delay” by understanding the key principles of the new ...

  • Article

    Taxing Times Ahead on Revenue Standard


    Among the many issues companies must address as they adopt the new revenue recognition standard, tax consequences are gaining more attention. The IRS is seeking comment on how burdensome tax reporting might become, and the standard’s fundamental shift in recognizing revenue could make the burden quite heavy. “There’s a lot ...

  • Blog

    AICPA Moves Closer to Audit Data Standards


    Image: The AICPA has finalized two audit data standards for sub-ledgers, focused on order to cash and procure to pay. Companies that voluntarily adopt such standards, which provide a framework covering data fields and files commonly requested by auditors, could find the work to fulfill auditors’ file requests trimmed from ...

  • Article

    Conflict Minerals, Year 2: The Auditing Challenge


    Few companies so far have addressed the audit requirement in the SEC’s Conflict Minerals Rule, although that will likely change as the June deadline for your second year’s filings approaches.