All Accounting & Auditing articles – Page 34
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ArticleSpirit AeroSystems faces class action over accounting woes
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.
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ArticlePowell: Legislation to address LIBOR transition unlikely
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.
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ArticleBig banks start to report CECL impacts
Fourth-quarter earnings calls of large U.S. public financial institutions provide insights into FASB’s current expected credit loss (CECL) standard.
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ArticleFASB 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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ArticleBenefits of sustainability reporting: takeaways for accounting
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.
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ArticleSpirit AeroSystems CFO resigns amid accounting probe
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.
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ArticleCan 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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ArticleStudy: Adopting lease accounting could hurt stock prices
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.
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ArticleSEC charges Hill International with accounting fraud
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.
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ArticleAudit fees level off in 2018, study shows
Public company audit fees remained virtually unchanged in 2018, according to the latest annual study by Audit Analytics.
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ArticleFASB issues first ASU of 2020
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.
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ArticleSEC bars former KPMG leader atop ‘chain of corruption’
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.
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ArticleTip sheet: 2020 priorities for accounting and audit regulators
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.
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ArticleChartered IIA publishes new Internal Audit Code of Practice
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.
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ArticleHot topics for 2019 year-end audits
As auditors get ready for year-end audits, internal controls and new accounting standards are on their radar.
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Chartered IIA names interim CEO
The Chartered Institute of Internal Auditors announced the appointment of John Wood as interim CEO.
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ArticlePCAOB: Best practices in improving audit quality
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.
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ArticleSEC plans to ease auditor conflict-of-interest rules
A proposed update to auditor independence rules relaxes restraints on affiliate relationships and initial public offerings.
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ArticleFASB cloud computing cost standard to soon take effect
An updated cloud computing standard from the Financial Accounting Standards Board will clarify expenses associated with Web hosting arrangements for cloud computing.
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PremiumTop ethics and compliance failures of 2019
From antitrust and privacy concerns in the tech world to compliance officer liability in the pharmaceutical industry to unethical practices in the banking and accounting professions, more than a dozen companies made Compliance Week’s list of the biggest compliance fails in 2019.