Auditors facing higher audit risks and new accounting and reporting issues as a result of the coronavirus pandemic and downturns in the economy have some new guidance from the AICPA.
The U.K. Financial Reporting Council has reprimanded and fined KPMG and one of its former senior partners for a failure to exercise “sufficient professional skepticism” and for failure to obtain “sufficient appropriate audit evidence.”
The Financial Accounting Standards Board announced its intent to meet April 8 and address standard-setting issues related to the ongoing coronavirus pandemic.
The challenge facing companies that choose to report CECL in the first quarter despite reporting relief announced Friday is how to reasonably reflect the potential effects of the coronavirus in estimates of current expected credit losses.
FASB’s controversial standard on credit losses was dealt two significant blows Friday as the U.S. government scrambles to respond to the financial impact of the escalating coronavirus pandemic.
Two regulatory chairs are battling over whether a delay is needed for financial institutions to implement the updated credit loss standard; also expressed are opposing views on how loan modifications should be viewed in terms of troubled debt restructurings.
The Public Company Accounting Oversight Board is giving audit firms a maximum 45-day relief period from the inspection process during the COVID-19 pandemic.
Companies are reporting ways in which the coronavirus pandemic is hurting their bottom lines, as well as steps they are taking to reduce spending as disruptions ripple through their supply chains and rattle their customer bases.
The Public Company Accounting Oversight Board announced Mark Adler, former acting director of its Division of Enforcement and Investigations, is leaving after more than nine years with the agency.
The SEC’s revisions to definitions of accelerated and large accelerated filers should provide relief to smaller issuers and reduce costs for certain public companies.
FASB has issued a temporary standards update intended to reduce the costs and complexities surrounding reference rate reform.
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The potential for the coronavirus outbreak to lead to a global recession topped the list of concerns among finance leaders based in the United States and Mexico, according to a new survey released by PwC.
AICPA seeks extended filing deadlines to reassure clients struggling with uncertainty during coronavirus pandemic.
FASB has issued an accounting standards update amending several financial instruments topics in order to provide more clarity and improve on such standards as current expected credit losses.
For the fifth consecutive year, Deloitte net positive in new SEC audit engagements while the rest of its Big Four peers saw net decreases in clients, according to the latest annual study from Audit Analytics.
In this e-Book, Compliance Week explores auditor reporting standards issued in May by the Auditing Standards Board to help companies get a head start on their rapidly approaching 2020 reports.
The new lease accounting standards – ASC 842, IFRS 16 and GASB 87 – impact companies of all sizes and industries.
KPMG has named Paul Knopp—who has been with the company for 36 years—to be its next U.S. chair and chief executive officer.
Newell Brands disclosed in a regulatory filing it is facing a Securities and Exchange Commission subpoena over its sales and accounting practices, particularly related to the impairment of goodwill and other intangible assets.
A U.S-based accountant who was charged alongside three others for their alleged roles in a decades-long criminal scheme perpetrated by Panama-headquartered law firm Mossack Fonseca and related entities has pleaded guilty.
Outgoing FASB Chair Russell Golden said at a Financial Accounting Foundation meeting this week the rulemaker will look to get his successor, Richard Jones, settle before determining its second-quarter agenda.
In LeaseQuery’s first benchmarking analysis of lease liabilities, it found balance sheet liabilities increased nearly 16 times as operating leases came onto the balance sheet for the first time upon adoption of ASC 842.
The Securities and Exchange Commission has settled charges with RSM for “improper professional conduct” after the firm assigned unqualified staff to audit a series of private investment funds.
The U.K. Financial Reporting Council penned a letter to the Big Four outlining expectations for how the auditors should go about separating their audit work from their consultancy business.
Fortune’s 2020 list of the 100 Best Companies to Work For is out, and accounting firms are again among them. All four of the Big Four firms are in the top 50, as is Plante Moran.
Mattel announced it has received a subpoena from the Securities and Exchange Commission seeking documents related to a previously disclosed investigation that had uncovered accounting errors.
Check out information on upcoming events from such regulators as the SEC, FINRA, CFPB, and more.
The U.K. Financial Reporting Council announced it will begin reviewing the extent to which U.K. companies and auditors are responding to the impact of climate change to ensure reporting requirements are being met.
The SEC and PCAOB have issued a joint statement updating their recent conversations with audit firm leaders on audit quality oversight challenges in China, including the potential impact of the coronavirus on financial disclosures and audit quality.
Grant Thornton has released guidance on tax planning for both public and private companies to help them get started by asking the right questions.
Have you ever wondered how FASB decides what issues to include in its technical agenda? Chairman Russell Golden explained recently the process for identifying the right accounting issues to address.
In the wake of an ongoing accounting probe and the resignation of two top finance executives, Spirit AeroSystems is facing a class-action lawsuit filed on behalf of shareholders.
Federal Reserve Chair Jerome Powell told Congress he does not expect federal legislation will be needed to address the demise of the London Interbank Offered Rate, which is set to expire in 2021.
Fourth-quarter earnings calls of large U.S. public financial institutions provide insights into FASB’s current expected credit loss (CECL) standard.
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.
A former FASB member and current board member at the Sustainability Accounting Standards Board offers tips to accountants facing a heightened investor interest in sustainability.
The chief financial officer and principal accounting officer at aerospace giant Spirit AeroSystems have resigned amid an ongoing accounting probe triggered by a compliance review.
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.
A new study from Florida International University professors says retailers such as Urban Outfitters, Foot Locker, and Abercrombie & Fitch—that have a significant use of operating leases—reported abnormal stock returns when they disclosed earnings.
Fraud and restatements are happening every day, and it’s important to recognize that your company is consistently exposed to risk. Change is constant, and the stakes are high.
The SEC has brought charges against Hill International, its former chief accounting officer, and a former senior accountant for engaging in accounting fraud and disclosure violations at the construction management consulting firm.
Public company audit fees remained virtually unchanged in 2018, according to the latest annual study by Audit Analytics.
FASB has issued the first accounting standard update of the new year, clarifying the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives.
The Securities and Exchange Commission has suspended a former KPMG leader from appearing or practicing before the SEC after he was convicted of a felony last year.
With the new year under way, we highlight some focus areas of accounting and audit regulators—SEC, PCAOB, and FASB—that should be top of mind for boards of directors.
The Chartered Institute of Internal Auditors announced the publication of new guidance intended to serve as an industry benchmark to improve the effectiveness of internal audit functions.
As auditors get ready for year-end audits, internal controls and new accounting standards are on their radar.
The Chartered Institute of Internal Auditors announced the appointment of John Wood as interim CEO.
The PCAOB has published a document that offers insights from audit committee chairs on what procedures have worked best for them in improving audit quality.