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Accounting & Auditing Update Blog
AICPA sets target to review revenue recognition issues
Tammy Whitehouse | January 24, 2017
The AICPA is targeting the end of the first quarter to reach initial consensus to the last batch of a vast assortment of revenue recognition questions.
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The Great Accounting Challenge: KPMG’s 2016 Accounting Change Survey
White Paper, July 5, 2016KPMG recently surveyed over 140 companies across a wide range of industries to understand how accounting executives are responding to the challenge of implementing the new revenue recognition and leases accounting rules from the Financial Accounting Standards Board (FASB).>
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The Filing Cabinet Blog
Financial industry groups agree on cyber-security principles
Joe Mont | May 19, 2016
A consortium of financial industry associations has published a set of common principles to promote effective global policymaking on cyber-security, data, and technology. The groups seek constructive cooperation with regulators on the principles by submitting them to the Financial Stability Board and the International Organization of Securities Commissions. Joe Mont reports.
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Global Glimpses Blog
New auditor rotation rules create musical chairs game across Europe
Paul Hodgson | April 13, 2016
Are companies ready for new EU-wide auditor rules coming in June? A survey commissioned by Big Four firm EY of 100 senior-level executives and non-executives in the FTSE 350 finds that while a majority, 83 percent, understands the rotation rules, only 42 percent have a plan in place. More than four-fifths said they will be involving investors in this process. “This is a welcome move as investors are essentially the owners of the business and it’s healthy they’re interested in ensuring quality audits,” says Stephen Griggs, managing partner for audit of Big 4 firm Deloitte.
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News Article
Buying Time With Revenue Standard Delay
Tammy Whitehouse | April 21, 2015
FASB might delay implementation of the new revenue recognition standard; corporate financial reporting executives should not. Despite uncertainty on fine points of the standard and business software yet to digest FASB’s seachange in reporting revenue, businesses can do plenty now. “The deferral is telling companies don’t delay in assessing the impact,” says Amy Hover of consulting firm MorganFranklin. “Don’t take your foot off the gas.” More suggestions inside.
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The Power of Perception: Employees' Views on U.S. Corporate Tax & Accounting Strategies
White Paper, December 16, 2014 -
Maturing Audit Plans and Processes
White Paper, September 8, 2014 -
Accounting & Auditing Update Blog
IASB Finalizes New Standard on Financial Instruments
Tammy Whitehouse | July 24, 2014
Companies following international accounting rules now have a comprehensive new standard to follow for how to report financial instruments in financial statements, with counterpart U.S. rules expected by year’s end. The International Accounting Standards Boards issued IFRS 9, Financial Instruments, to overhaul financial instruments accounting starting in 2018, while the Financial Accounting Standards Board is also developing an expected loss model.
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Grapevine Blog
Phillips Edison Names Chief Accounting Officer
Scuttlebutt | July 7, 2014
Phillips Edison & Company, a real estate investment trust, has appointed Jennifer Robison as chief accounting officer. Details inside.
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The Filing Cabinet Blog
Regulatory Woes Lead Barclays to Launch Compliance Academy
Joe Mont | July 7, 2014
British banking giant Barclays is partnering with a top business school in the U.K. to create the Compliance Career Academy, a program intended to better train its compliance personnel, educate employees on ethics, and improve its corporate culture amid record-setting fines and ongoing accusations."Strong and effective internal compliance is essential to ensuring banks operate in the right way," David Walker, Barclays chairman, said in a statement.
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Accounting & Auditing Update Blog
SEC Pursues Bar on KPMG Auditors Over Loan Losses
Tammy Whitehouse | July 2, 2014
An administrative law judge of the Securities and Exchange Commission has recommended barring two KPMG auditors from appearing before the SEC based on their conduct during a 2008 year-end audit for a regional bank that ultimately failed in the wake of the financial crisis.
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News Article
Data, Disclosures, Decisions: Revenue Standard Clock Ticking
Tammy Whitehouse | July 1, 2014
New disclosures, new judgments, new frameworks to make judgments; all are coming soon as FASB's new revenue recognition standard hurtles into reality by 2017. Accounting departments looking to start implementation soon—which is anyone planning retrospective reporting of financials—have some big, crucial decisions to make about IT systems, vendors, and business strategy overall. Our rundown of what's to come in the next six months is inside.
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Accounting & Auditing Update Blog
PwC Audit Inspection Drives Restatements, Revised Opinions
Tammy Whitehouse | July 1, 2014
PwC's 2013 regulatory audit inspection led to four restatements and five revised audit opinions on internal control, according to the firm's recently published inspection report. The Public Company Accounting Oversight Board found fault with 32 percent of the PwC audits it inspected in 2013, down from 39 percent in 2012. More findings inside.
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News Article
Restatement Wreck: How Wheels Came Off of Hertz’ Accounting
Tammy Whitehouse | June 24, 2014
Car rental giant Hertz had been purring along for the last few years, with nicely rising revenue and profits—until earlier this month, when it warned of a restatement that could hit three years worth of financial results. What happened? Four particularly tricky areas of accounting seem like the culprits, which might have been misunderstood by key financial executives. Our look at what went wrong is inside.
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Accounting & Auditing Update Blog
FASB Adopts New Rule to ClarifyStock-Based Compensation
Tammy Whitehouse | June 24, 2014
FASB has completed new accounting requirements around stock compensation intended to resolve differences in how companies treat awards that have specific performance targets attached. The amendment says a performance target that affects vesting and that can be achieved after employment ends should be treated as a performance condition. It is the latest example of FASB adopting U.S. rules that differ from global accounting standards.
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Global Glimpses Blog
Review Finds Compliance Problems on IFRS Business Combination Rules
Roberta Holland | June 18, 2014
A review of 2012 financial statements from a few dozen European companies uncovered compliance problems with International Financial Reporting Standards' accounting rules governing business combinations. The review, released this week by the European Securities and Markets Authority (ESMA), showed that many of the issuers failed to provide adequate disclosure on goodwill or sufficient explanation as to fair value determination for assets and liabilities.
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The Filing Cabinet Blog
Financial Firms Failing to Create Culture of AML Compliance
Joe Mont | June 18, 2014
Despite increasing government sanctions and larger fines, only 48 percent of financial institutions say they have a strong culture of compliance on anti-money laundering, according to a recent study. While many financial firms admit they fall short, most say they aren't rushing to improve: only 29 percent of respondents expect to make changes to their AML compliance efforts in the next year. More survey results inside.
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Accounting & Auditing Update Blog
XBRL Filings Full of Mistakes
Tammy Whitehouse | June 18, 2014
As many as one in eight XBRL filings contains at least one problem with scaling, a simple mistake that could threaten the quality of investment recommendations and increase liability, according to a recent analysis. Even more common, says the report, are sign switches that confuse positive and negative numbers, a problem in 40 to 60 percent of filings over the period analyzed by the firm. More findings inside.
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News Article
Related-Party Rule Targets Fraud; Audit Processes on Way
Tammy Whitehouse | June 17, 2014
The PCAOB's new push for scrutiny of related-party transactions may be a useful new tool to fight fraud, but it will mean more attention to a somewhat neglected part of the financial audit; accounting departments should brace for impact. "There has been a fair amount of variation in practice in the areas covered in this standard," says Phil Wedemeyer, chairman of the audit committee at Atwood Oceanics. "This should give a more consistent approach."
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Accounting & Auditing Update Blog
FASB Completes Update toRepurchase Agreement Rules
Tammy Whitehouse | June 17, 2014
The Financial Accounting Standards Board has finalized its new accounting rule on repurchase agreements to assure similar transactions receive similar accounting treatment going forward. The new rule is meant to eliminate the opportunity to treat repurchase-to-maturity transactions and repurchase financing arrangements as true sales of an asset, which would enable an entity to remove it from its balance sheet. More details inside.
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Accounting & Auditing Update Blog
FASB Wants Simpler Accounting
Tammy Whitehouse | June 11, 2014
The Financial Accounting Standards Board has taken up a few short-term projects to cut some unnecessary complexity out of accounting rules and has finalized new rules for development-stage entities. Among the plans to streamline accounting are proposals to simplify the measurement of inventory and eliminate extraordinary items from the income statement. More inside.
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Accounting & Auditing Update Blog
PCAOB Airs Quality Concerns About EY, Grant Thornton
Tammy Whitehouse | June 11, 2014
The Public Company Accounting Oversight Board has republished EY's 2010 audit inspection report and Grant Thornton's reports from 2008 and 2009 to publicize instances where the board's quality control criticisms were not addressed to the board's satisfaction within the one-year period that is allowed. In the republished reports, previously concealed criticisms of the firms' quality control practices were exposed. More inside.
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News Article
Control Freak: Audit Firms Giving Controls More Scrutiny
Tammy Whitehouse | June 10, 2014
This summer many public companies will be spending an exorbitant amount of time examining their control documentation as audit regulators—and hence audit firms—focus not just on the detection of controls, but also whether they are operating effectively. "The issue is to what extent do you have to repeat or somehow additionally verify that the control is operating effectively?" says Larry Rittenberg, audit committee chairman for Woodward Inc.
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The Filing Cabinet Blog
House Committee Debates WKSI Changes to Benefit Small-Cap Companies
Joe Mont | June 10, 2014
As JOBS Act 2.0 inches forward, the House Committee on Financial Services this week debated a bill that would direct the Securities and Exchange Commission to revise its definition of Well-Known Seasoned Issuer status and reduce the qualifying financial threshold. That bill will advance to the full House, but an amendment that would encourage revocation of the status as an enforcement tool will not.
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