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Accounting & Auditing Update

The "Accounting & Auditing Update" is written by Tammy Whitehouse, a veteran business writer who has been a regular contributor to Compliance Week since 2005. Her work has also appeared in industry journals and periodicals including Journal of Business Strategy, Strategy & Leadership, Compensation & Benefits Review, Inc, Buyside, and myriad others. Whitehouse welcomes questions and comments from readers; she can be reached via e-mail at twhitehouse@complianceweek.com.
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Accounting & Auditing Update Blog
Lease adoption work will spill into 2019, poll suggests
Tammy Whitehouse | September 28, 2018
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.
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Accounting & Auditing Update Blog
SEC will watch for SAB 74 disclosure leading to CECL
Tammy Whitehouse | September 21, 2018
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.
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Accounting & Auditing Update Blog
SEC answers questions on XBRL for IFRS filers
Tammy Whitehouse | April 2, 2018
Foreign private issuers who file their financial statements following IFRS are getting some helpful tips from the SEC on how to do so in XBRL.
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Accounting & Auditing Update Blog
Is IFRS 9 shaking up U.S. activity to adopt CECL?
Tammy Whitehouse | February 19, 2018
Accounting activity at publicly held financial institutions apparently is picking up to prepare for new requirements for the recognition of loan losses.
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Accounting & Auditing Update Blog
Custom tag use in XBRL persists, SEC analysis shows
Tammy Whitehouse | October 10, 2017
Despite efforts to steer companies away from the creation of custom tags in XBRL exhibits, a recent analysis by the SEC shows little movement.
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Accounting & Auditing Update Blog
FASB proposes updated, new taxonomies for 2018
Tammy Whitehouse | September 8, 2017
FASB has completed its annual update to the GAAP taxonomy and has added a new taxonomy for companies to consider addressing international standards.
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Accounting & Auditing Update Blog
IASB issues big change in accounting for insurance contracts
Tammy Whitehouse | May 18, 2017
The IASB has issued new standard on how to account for insurance contracts, considered among the most significant changes ever made to international accounting rules.
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Accounting & Auditing Update Blog
FASB asks for ideas to make GAAP Taxonomy easier to use
Tammy Whitehouse | May 17, 2017
Companies that have struggled with navigating the U.S. GAAP Taxonomy to complete their XBRL filings will want to weigh in on the effort to make it more useable.
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Accounting & Auditing Update Blog
SEC approves 2017 GAAP Taxonomy for use in XBRL filings
Tammy Whitehouse | March 15, 2017
The SEC has given its final approval to the 2017 GAAP Taxonomy that public companies will use to prepare their XBRL financial statement exhibits.
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Accounting & Auditing Update Blog
SEC proposes requiring inline XBRL, provides IFRS taxonomy
Tammy Whitehouse | March 3, 2017
The SEC has taken steps to advance the use and accuracy of digital financial statement data, proposing required use of inline XBRL and providing IFRS taxonomy.
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Accounting & Auditing Update Blog
White plugs for accounting convergence in parting statement
Tammy Whitehouse | January 9, 2017
Outgoing SEC Chair Mary Jo White is urging her successor to prioritize continued improvement and convergence of accounting standards globally. Tammy Whitehouse has more.
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Accounting & Auditing Update Blog
IFAC calls on G-20 to support international standards
Tammy Whitehouse | August 26, 2016
The International Federation of Accountants is pitching the G-20 to make a plug for international accounting and auditing standards when they meet in September. Tammy Whitehouse reports.
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Accounting & Auditing Update Blog
FASB, SEC offer new insights on XBRL
Tammy Whitehouse | February 19, 2016
The Financial Accounting Standards Board has made some changes to the Development Taxonomy for any early adopters of FASB’s new standard on the recognition and measurement of financial instruments, adding elements that companies can use in submitting their financial statements in XBRL. The newest guide is the latest in a series of guides provided by FASB staff to help explain how the Taxonomy is designed.
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Accounting & Auditing Update Blog
Staff Proposal on IFRS Under SEC Consideration
Tammy Whitehouse | December 9, 2015
The SEC is considering making amendments to rules that would give domestic issuers the chance to provide IFRS-based information as a supplement to U.S. GAAP financial statements. At a recent conference, SEC Chair Mary Jo White said, “The staff has now developed a recommendation for the Commission’s consideration, which staff will be discussing with all of the commissioners so that we can determine the path forward.”
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Accounting & Auditing Update Blog
SEC Chief Accountant Retreats From IFRS Filing Idea
Tammy Whitehouse | May 8, 2015
SEC chief accountant James Schnurr is distancing himself from an idea he floated last year that the Commission might allow U.S. companies an option to report under International Financial Reporting Standards. Schnurr says staff outreach revealed “little support” for that idea, essentially leaving convergence to standard setters. Details inside.
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Accounting & Auditing Update Blog
SEC Approves XBRL Updates for 2015 GAAP
Tammy Whitehouse | March 10, 2015
The SEC has approved FASB’s XBRL taxonomy for 2015 U.S. Generally Accepted Accounting Principles, clearing the way for companies to rely on it as early 2015 filers approach their financial statement filing dates and XBRL submissions. According to FASB, the 2015 Taxonomy contains far fewer changes than prior years. More inside.
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Accounting & Auditing Update Blog
SEC Explores Possible Option to Report Under IFRS
Tammy Whitehouse | December 8, 2014
The Securities and Exchange Commission is exploring whether to provide U.S. companies with the option to present their financial statements under International Financial Reporting Standards, SEC Chief Accountant James Schnurr said last week. Schnurr is studying the staff’s historical work on a possible adoption of IFRS, and reaching out to stakeholders for current views.
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Accounting & Auditing Update Blog
SEC Preparing End to IFRS Speculation
Tammy Whitehouse | November 10, 2014
The Securities and Exchange Commission may be preparing to put an end to the uncertainty about possible adoption of International Financial Reporting Standards in the United States. SEC Chief Accountant James Schnurr said at a recent conference that he plans to make a recommendation to the full Commission in the next few months. More inside.
Displaying 18 results