All Accounting & Auditing articles – Page 31
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Article
FRC sanctions KPMG, former senior partner for audit failings
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.”
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FASB to address coronavirus impact at April meeting
The Financial Accounting Standards Board announced its intent to meet April 8 and address standard-setting issues related to the ongoing coronavirus pandemic.
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How to account for coronavirus impact during CECL implementation
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.
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CECL delayed amid U.S. government’s coronavirus response
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.
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Coronavirus pandemic elicits opposing views on CECL, TDRs
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.
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PCAOB grants auditors 45-day relief period from inspections
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.
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Coronavirus begins disrupting public companies’ financial reporting
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.
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PCAOB vet Mark Adler to depart
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.
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SEC filer definition changes aim to promote going public
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.
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New FASB guidance eases transition from LIBOR
FASB has issued a temporary standards update intended to reduce the costs and complexities surrounding reference rate reform.
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Resource
White paper: 5 Ways to Reduce Document Sprawl During Audits
Reduce document sprawl by automating your file request, sharing, and tracking processes
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PwC survey: Finance leaders worried about global recession
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.
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AICPA calls for IRS to provide tax relief during coronavirus pandemic
AICPA seeks extended filing deadlines to reassure clients struggling with uncertainty during coronavirus pandemic.
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FASB issues improvements to financial instruments guidance, including CECL
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.
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Audit client turnover 2019: Deloitte dominates; KPMG, EY, PwC falter
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.
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Resource
e-Book: Trends, tips, and transparency: Internal Audit
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.
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KPMG names firm veteran as U.S. CEO
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.
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Newell Brands facing SEC subpoena over sales, accounting practices
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.
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Accountant pleads guilty in DOJ Panama Papers probe
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.
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FASB agenda on hold amid chair transition
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.