The investment community in general—not just “socially responsible” or “green” investors—are showing increasing interest in environmental concerns and associated liabilities, especially those related to climate change, according to a recent research report from Goldman Sachs. “While many investors consider environmental issues a topic simply for the SRI market, there are important implications from these issues […]
Tammy Whitehouse
Posted inAccounting & Auditing
AICPA To Adopt PCAOB’s Internal Control Definitions
The American Institute of Certified Public Accountants is looking for feedback on its plan to adopt the terminology public companies follow in defining material weaknesses and significant deficiencies for organizations beyond the capital markets. The AICPA’s Auditing Standards Board is exposing for comment its proposed statement on auditing standards, “Communication of Internal Control Related Matters […]
Posted inAccounting & Auditing
Environmental Guidance; FASB Options Position; More
The International Federation of Accountants has issued new guidance for companies that want to better account for environmental costs and liabilities. Titled “International Guidance Document on Environmental Management Accounting,” the 92-page document aims to provide a framework and set of definitions for environmental management accounting that can be applied under any national or international reporting […]
Posted inFrom the Archive
FASB To Close SPE Loopholes, Advance Fair Value Use
The Financial Accounting Standards Board issued one revised and two new exposure drafts last week to amend and clarify an earlier FASB statement, together aimed at shoring up loopholes enabling questionable off-balance-sheet accounting and further advancing fair value accounting. In its first measure—a revised exposure draft, Accounting for Transfers of Financial Assets—FASB elaborates on when […]
Posted inInternal Controls
Relief On 404, Filing Schedule In Store For Small Cos.
Advisors to the Securities and Exchange Commission have recommended regulators lighten up on smaller public companies by delaying internal control reporting requirements, and by scrapping or postponing accelerating filing deadlines. At the same time, the advisory group is working on a new definition for “smaller” that, if ultimately adopted, would cast a much larger net […]
Posted inAccounting & Auditing
H&R Block Buy Puts McGladrey At Top Of Middle Market
The H&R Block acquisition of American Express Tax & Business Services creates a new leader among middle-market accounting firms, leapfrogging Grant Thornton to the top of the “Second Six.” Last week, H&R Block announced plans to merge the American Express tax division with its existing RSM McGladrey Business Services subsidiary, which provides non-attest accounting and […]
Posted inAccounting & Auditing
Study Will Consider How To Motivate Better Reporting
What does it take to motivate good behavior at all levels of the financial reporting supply chain—from clerks and administrators who gather data, up to the corporate boardroom, and outside the company to its external advisers? That’s a question the International Federation of Accountants hopes to answer with a global study it plans to launch […]
Posted inAccounting & Auditing
New Rules Adopted On Auditor Independence, Tax Services
Accounting regulators have drawn an historic line in the sand between audit and tax services, giving accounting firms another reason to act cautiously when providing tax services to audit clients. THE RULES Independence, Taxes PCAOB Rule On Independence, Tax Services, Contingent Fees Related Briefing Paper On Independence Rules Questions? Contact PCAOB Assistant Chief Auditor Bella […]
Posted inAccounting & Auditing
Preview Of FASB Position On Defining Liability vs. Equity
The Financial Accounting Standards Board is offering an advance preview of its work so far in sorting out the wide variety of financial instruments on the market today, and determining where they belong on the balance sheet. FASB issued a “milestone draft” titled Proposed Classification for Single-Component Financial Instruments and Certain Other Instruments to summarize […]
Posted inAccounting & Auditing
Preview Of FASB Position On Defining Liability vs. Equity
The Financial Accounting Standards Board is offering an advance preview of its work so far in sorting out the wide variety of financial instruments on the market today, and determining where they belong on the balance sheet. FASB issued a “milestone draft” titled Proposed Classification for Single-Component Financial Instruments and Certain Other Instruments to summarize […]