Public companies beware: Auditors plans to scrutinize the impending switch to new revenue recognition accounting. Tammy Whitehouse reports.
Tammy Whitehouse
Posted inAccounting & Auditing
EY Indonesia firm settles $1 million action with PCAOB
U.S. audit regulators have settled a $1 million action with an EY affiliate in Indonesia over allegations of audit failure and noncooperation.
Posted inAccounting & Auditing
Second company adopts revenue rule in 2017, this time at a loss
Another aerospace company has early adopted the new revenue recognition standard, and this one says the new accounting will reduced in its reported revenue.
Posted inAccounting & Auditing
Internal auditors get new guidance to protect independence
New standards tell internal auditors to safeguard their independence when asked to perform work other than internal audit—like helping with revenue recognition. Tammy Whitehouse reports.
Posted inAccounting & Auditing
First engagement partner names emerging via new PCAOB rule
The earliest Form AP filings by audit firms are providing a first glimpse into who is overseeing and signing off on audit reports for public companies. Tammy Whitehouse has more.
Posted inAccounting & Auditing
IRS identifies 13 “campaigns” for tighter compliance scrutiny
The IRS has issued guidance giving large business taxpayers some insight into which parts of their tax filings will get the greatest scrutiny going forward.
Posted inAccounting & Auditing
Trump’s 2-for-1 regulatory rollback won’t touch SEC, FASB, PCAOB
President Trump’s 2-for-1 executive order meant to curtail federal regulation apparently will not apply directly to the SEC, FASB, or PCAOB. Tammy Whitehouse reports.
Posted inAccounting & Auditing
SEC still zeroing in on loss contingency disclosures
Recent enforcement actions contain a not-so-subtle reminder to public companies that the SEC is still looking skeptically at legal settlements that blindside investors. Tammy Whitehouse reports.
Posted inAccounting & Auditing
Raytheon adopts new revenue rule under GAAP on Jan. 1
Raytheon takes the lead among public companies in disclosing it has adopted the new revenue recognition accounting standard under U.S. GAAP as of Jan. 1. More from Tammy Whitehouse.
Posted inAccounting & Auditing
FASB kills burdensome goodwill impairment test
FASB has finalized its action to eliminate “step two” from goodwill impairment testing, relieving public companies of the costly, complex fair-value exercise. More from Tammy Whitehouse.
