As companies are about to begin reflecting new lease rules, the Financial Accounting Standards Board has approved some minor edits to the standard that are intended to assure a smooth transition.
Tammy Whitehouse
Posted inAccounting & Auditing
Companies face first reporting under new hedge rules
Hedge accounting rules, now taking effect, may have fallen under the radar as companies wrestled bigger changes to revenue recognition, leasing, and credit losses.
Posted inAccounting & Auditing
PCAOB disciplines former, current Grant Thornton partners
The PCAOB has delivered an enforcement action to a former partner and current partner at Grant Thornton over an audit dating back to 2013.
Posted inAccounting & Auditing
Buffett bemoans volatility under new accounting rule
Berkshire Hathaway is feeling the volatility that comes with observing new accounting rules, prompting Warren Buffett rethink how to report on results.
Posted inAccounting & Auditing
Kraft Heinz discloses probe, takes $15.4B impairment charge
Following a string of accounting and reporting problems, Kraft Heinz Co. disclosed it is under investigation by the SEC and reported a $15.4 billion impairment charge.
Posted inAccounting & Auditing
Deloitte Japan settles $2 million independence charge
Deloitte Japan has agreed to a $2 million penalty to settle charges with the SEC over auditor independence violations.
Posted inAccounting & Auditing
Molson Coors recalls bad batch of earnings figures
After discovering a bad batch of accounting, Molson Coors Brewing Co. has restated financials back to 2016 to unravel improperly reported earnings.
Posted inAccounting & Auditing
FASB preps CECL edit to allow more fair value
To make it easier for companies to adopt CECL for credit losses, FASB is considering a change that would permit more use of fair value.
Posted inAccounting & Auditing
EY holds fast to U.S. audit model; PwC silent
EY may be taking steps to draw a broader line between audit and consulting services in the U.K., but the U.S. firm has no such plans. Meanwhile, PwC is silent.
Posted inAccounting & Auditing
Earliest revenue restatements fix adoption problems
While most public companies have yet to complete a full year of reporting under new revenue recognition rules, some are already finding reasons to restate.
