Whatever public companies have disclosed about revenue recognition so far, regulatory reaction after two quarterly filings would suggest they should plan to say more.
Tammy Whitehouse
Posted inAccounting & Auditing
U.S. still waits for new standards on auditing estimates
Auditors following global standards now have updated rules on how to audit accounting estimates, guidance U.S. auditors have been awaiting for years.
Posted inAccounting & Auditing
Lease tools emerge to aid in last-minute adoption work
With less than three months until new lease accounting rules take effect, new tools are emerging to help companies that are still working on implementation.
Posted inAccounting & Auditing
Companies should revisit revenue compliance, SEC staff hint
SEC staff have signaled companies might want to take a second look at their revenue recognition compliance as they approach their first year-end filing under ASC 606.
Posted inAccounting & Auditing
Tax reform puts pressure on foreign earnings assertions
The Tax Cuts and Jobs Act is compelling companies to think hard about long-standing assertions that foreign earnings are indefinitely reinvested abroad.
Posted inAccounting & Auditing
Adverse audit opinions on ICFR taper off in 2017
For the first time since 2010, adverse auditor opinions on internal control over financial reporting tapered off in 2017.
Posted inSurveys & Benchmarking
Lease adoption work will spill into 2019, poll suggests
Plenty of companies adopting new lease accounting rules for a Jan. 1, 2019, effective date are likely to continue their implementation work even into the first quarter.
Posted inAccounting & Auditing
PCAOB calls out two-thirds of audits at BDO USA
The PCAOB has handed BDO USA another scathing inspection report, finding 67 percent of the audits examined in 2016 failed to comply with standards.
Posted inAccounting & Auditing
FASB gives final word on how to account for cloud costs
Unraveling an accounting simplification, companies are returning to an older way to account for software costs associated with certain cloud computing arrangements.
Posted inAccounting & Auditing
SEC will watch for SAB 74 disclosure leading to CECL
The SEC will be looking for increasingly detailed disclosures to investors about the expected effects of moving to a new method for recognizing credit losses.
