FASB has signaled it plans to extend CECL for smaller public companies to 2023, along with delaying a number of other effective dates.
Tammy Whitehouse
Posted inAccounting & Auditing
IIA seeks comments on update to ‘three lines’ model
Internal auditors are buffing up their longstanding Three Lines of Defense model for how to provide organizations with optimal coverage of risk and control functions.
Posted inAccounting & Auditing
FASB tees up CECL delay for small public companies
FASB is formally considering delaying the required effective date of some of its standards, including credit losses for small public companies.
Posted inAccounting & Auditing
U.K. audit regulators see no improvement in audit quality
U.K. audit regulators saw no improvement in audit quality in their most recent inspections, indicating none of the major firms achieved targeted pass rates.
Posted inAccounting & Auditing
Another CECL sleeper? Auditors get new rules on estimates
While companies adopt CECL, auditors are gearing up for new rules requiring them to more closely scrutinize estimates and the specialists who produce them.
Posted inAccounting & Auditing
FASB seeks comment on how to sort out goodwill issues
FASB is looking for input on how to address ongoing problems in the reporting of certain intangible assets, especially goodwill.
Posted inAccounting & Auditing
SEC approves new audit rules on estimates, specialists
The SEC has approved final standards issued by the PCAOB giving auditors new requirements for auditing estimates and relying on the work of specialists.
Posted inAccounting & Auditing
CECL in summer: Get ready for models, data, auditors
It may be summertime, but the living is not so easy for corporate finance staff preparing for CECL—a major change to the reporting of credit losses.
Posted inAccounting & Auditing
BDO shows improvement in latest PCAOB inspection
The PCAOB says it found fault with 39 percent of the audits inspected at BDO USA in 2017 – the firm’s first time with a deficiency rate below 50 percent since 2011.
Posted inAccounting & Auditing
FASB proposes small changes to CECL standard
FASB has issued a proposed revision to the CECL standard to address a handful of implementation questions as companies prepare for the new accounting.