The Securities and Exchange Commission is warning public companies they must accurately and adequately disclose the material impact on their business caused by Russia’s war against Ukraine.
Accounting & Auditing
Posted inAccounting & Auditing
SEC accuses Vale of safety audit manipulation in 2019 dam collapse
Brazilian mining company Vale was accused by the Securities and Exchange Commission of making false and misleading safety audit and disclosure claims prior to the January 2019 collapse of its Brumadinho dam.
Posted inAccounting & Auditing
FASB reference rate proposal seeks to extend LIBOR transition relief
The Financial Accounting Standards Board announced a proposed standard update that would defer for two years the end date of relief provided by transition guidance for businesses shifting away from the London Interbank Offered Rate.
Posted inAccounting & Auditing
Deloitte to pay $1.8M for goodwill testing failures in Mitie Group audit
The U.K. Financial Reporting Council announced a reduced penalty of 1.45 million pounds (U.S. $1.8 million) against Deloitte regarding goodwill testing failures during its audit of facility management company Mitie Group for fiscal year 2016.
Posted inAccounting & Auditing
SEC hits ex-Domino’s accountant with nearly $2M insider trading penalty
A former Domino’s Pizza accountant was hit with a nearly $2 million penalty for using nonpublic earnings reports to gain an advantage in illegal trading activity, according to the Securities and Exchange Commission.
Posted inAccounting & Auditing
PCAOB issues two first-of-their-kind sanctions
The Public Company Accounting Oversight Board imposed monetary penalties and other sanctions in two unrelated actions for violations of the Sarbanes-Oxley Act and PCAOB rules and standards concerning the use of unregistered accounting firms in conducting issuer audits.
Posted inAccounting & Auditing
IESBA broadens definition of public interest entity
New guidance released by the International Ethics Standards Board for Accountants broadens the definition of a public interest entity and complements other recently revised provisions to the International Code of Ethics for Professional Accountants.
Posted inAccounting & Auditing
Survey: Lease accounting implementation at critical point
The “2022 Global Lease Accounting Survey” from EY and LeaseAccelerator covers how public and private companies address U.S. and international accounting requirements and challenges they have had and expect to face post-implementation.
Posted inAccounting & Auditing
FRC probing Deloitte over Go-Ahead audits
The U.K. Financial Reporting Council has launched an investigation into Deloitte regarding its audits performed at passenger transport company Go-Ahead Group.
Posted inAccounting & Auditing
Report: Pandemic fuels goodwill impairment spike in 2020
Goodwill impairment recorded by U.S. public companies more than doubled in 2020, but the total still fell short of the figure observed at the onset of the 2008 financial crisis, according to the latest annual report from Kroll.
