All Revenue Recognition articles
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News Brief
Cantaloupe fined $1.5M in SEC accounting fraud case
Electronic payments software company Cantaloupe agreed to pay a $1.5 million penalty to settle allegations of accounting fraud levied by the Securities and Exchange Commission arising from improper revenue recognition practices.
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News Brief
Veradigm discloses ICFR weakness related to rev rec software tool
Healthcare technology company Veradigm disclosed it expects it misstated revenue by approximately $40 million during its 2021 and 2022 reporting periods.
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Article
PCAOB bars former BF Borgers director over repeated audit failures
The Public Company Accounting Oversight Board barred Bo-Shiang Lien, a former audit director and nonequity partner at BF Borgers, for at least two years for violations of PCAOB rules and standards as part of four audits across three public companies.
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Article
Five insights gleaned from PCAOB audit committee chair report
The Public Company Accounting Oversight Board published its annual report highlighting feedback received from its discussions with audit committee chairs at U.S. public companies during the previous year.
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Article
Report: Accounting enforcement at SEC, PCAOB down in 2021
The amount of accounting and audit enforcement actions by the Securities and Exchange Commission and Public Company Accounting Oversight Board decreased in 2021, resulting in a sharp decline in monetary settlements, according to Cornerstone Research.
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Article
Report: Restatements drop to record low in 2020
Financial statement restatements by public companies declined in 2020 to their lowest level in 20 years, according to the latest Audit Analytics study.
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Article
What companies/auditors need to know for 2021 year-end audits
The continued effects of the pandemic, along with the implementation of new accounting standards, have companies and their auditors confronting substantial change in year-end audits.
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Article
FASB update addresses revenue recognition in business combinations
The Financial Accounting Standards Board announced an update to its business combinations standard aimed at clarifying how to apply requirements under its revenue recognition rule.
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Article
PCAOB 2020 inspections preview: Deficiencies still high, although some improvements
The Public Company Accounting Oversight Board noted a high number of recurring deficiencies in its audits reviewed despite improvements over the previous year as part of its 2020 inspection observations spotlight.
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Article
Changing accounting standards driving financial process remediations
In response to new standards affecting leases, revenue recognition, and credit losses, public companies have significantly changed their financial processes in the past year and are not done yet, according to data from Deloitte.
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Article
Common themes from financial statement fraud SEC enforcement actions
A new report from the Anti-Fraud Collaboration analyzes the most common financial statement fraud themes noted in SEC enforcement actions and offers insights to mitigate the top risk areas.
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Article
FASB Chair Jones projects pandemic challenges to persist in 2021
New FASB Chairman Richard Jones said in a recent speech that he believes accounting challenges from the coronavirus pandemic won’t go away soon, with his organization poised to address new issues as they arise.
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Article
Things to consider for companies preparing for 2020 year-end audits
It’s no surprise that in a year like no other, there are a number of factors to consider for year-end audits that you might not be used to thinking about.
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Article
Report: 2019 restatements at 19-year low; revenue still top issue
According to Audit Analytics’ latest annual restatement study, the total number of restatements dropped for the fifth consecutive year to a 19-year low of 484, with revenue recognition still the biggest driver.
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Article
FASB finalizes leases, rev rec delays prompted by coronavirus
The Financial Accounting Standards Board finalized effective date delays of one year to standards affecting revenue recognition and leases in response to the coronavirus pandemic.
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Article
FASB votes to approve leases, rev rec delays amid coronavirus response
The Financial Accounting Standards Board ruled unanimously on tentative effective date delays to standards affecting revenue recognition and leases in response to the ongoing coronavirus pandemic.
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Article
Tax planning opportunities for 2020 lead to potential tax savings
Grant Thornton has released guidance on tax planning for both public and private companies to help them get started by asking the right questions.
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Article
FASB Q&A tackles revenue recognition implementation
Determining transaction price and identifying performance obligations are among the most challenging implementation issues in accounting for revenue recognition, according to recent guidance from FASB.
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Article
Can CPA firms help with new revenue recognition standard?
Robert Durak of the AICPA provides seven requests companies should make of their auditors when tackling revenue recognition implementation to avoid putting auditor independence at risk.
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Article
Hot topics for 2019 year-end audits
As auditors get ready for year-end audits, internal controls and new accounting standards are on their radar.