Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.
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.
18 results found, filtered by:
-
Accounting & Auditing Update Blog
FASB Unveils Plan to Simplify Inventory, Extraordinary Items
Tammy Whitehouse | July 21, 2014
In its quest to simplify accounting standards, the Financial Accounting Standards Board has issued two new proposals—one to make it easier to measure inventory, another to eliminate requirements around extraordinary items. The motivation behind FASB’s simplification initiative is to look for ways to revise accounting standards so that the cost and complexity is reduced, but the usefulness of information to investors is maintained or improved. Details inside.
-
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.
-
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.
-
Accounting & Auditing Update Blog
Flap over non-GAAP gets standard setters' attention
Tammy Whitehouse | January 13, 2017
The disturbing rise of non-GAAP reporting in 2016 has prompted standard setters to take a closer look at whether changes to current rules are in order. Tammy Whitehouse explores.
-
Accounting & Auditing Update Blog
Going concern rules produce puzzling disclosure scenario
Tammy Whitehouse | March 24, 2017
Companies and their auditors are following different going concern disclosure rules, leading to a puzzling disclosure from Sears that has left capital market players scratching their heads.
-
Accounting & Auditing Update Blog
FASB shortens write-down period for some debt securities
Tammy Whitehouse | March 31, 2017
The Financial Accounting Standards Board has settled on a new way for companies to amortize, or write down the value, of certain debt securities.
-
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.
-
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.
-
Accounting & Auditing Update Blog
FASB warns Codification to undergo reconstruction
Tammy Whitehouse | May 30, 2017
The FASB is advising accountants to sit tight through some reconstructive work in the coming months in the online Accounting Standards Codification.
-
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.
-
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.
-
Accounting & Auditing Update Blog
Could companies get relief from tax reform year-end reporting?
Tammy Whitehouse | December 20, 2017
With tax reform nearly law, the focus for public companies is shifting to whether companies might get some relief from enormous year-end reporting burdens.
-
Accounting & Auditing Update Blog
SEC relieves year-end tax reform reporting crisis
Tammy Whitehouse | December 26, 2017
With tax reform signed into law, the SEC has issued guidance explaining its expectations with respect to the related financial reporting requirements.
-
Accounting & Auditing Update Blog
FASB plans to change income classification under tax law
Tammy Whitehouse | January 11, 2018
The FASB has decided it will fast-track a change to accounting rules to allow reclassification of the income tax effects of the recent tax reform law.
-
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.
-
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.
-
Accounting & Auditing Update Blog
Banking regulators propose new capital rules under CECL
Tammy Whitehouse | April 16, 2018
Banking regulators are proposing changes to regulatory capital requirements to address forward-looking credit losses under a new accounting standard.
-
Accounting & Auditing Update Blog
SEC fines company over non-GAAP prominence issue
Tammy Whitehouse | January 10, 2019
Still on its soap box over non-GAAP reporting, the SEC issued an enforcement action against home security company ADT focused on problems with prominence.
Displaying 18 results