All Accounting & Auditing articles – Page 35
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ArticleIRS issues proposed regs on compensation rules under tax reform
Companies have a little more clarity from the Internal Revenue Service about how to interpret provisions under tax reform affecting executive compensation.
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ArticleEY chief accountant to succeed Golden as FASB chair
The Financial Accounting Standards Board announced the appointment of EY Chief Accountant Richard Jones to succeed Russell Golden as chair, effective July 1, 2020.
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ArticleMetLife to pay $10M for ‘longstanding’ accounting errors
MetLife will pay a civil penalty of $10 million to resolve charges the insurance company violated the books and records and internal accounting controls provisions of federal securities laws.
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ArticleEx-WorldCom CEO released from prison early
Former WorldCom CEO Bernard Ebbers was granted early release from prison due to deteriorating health. Ebbers had served 13 years of a 25-year sentence for participating in one of the biggest accounting frauds in U.S. history.
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ArticleFASB finalizes simplification of income tax standard
The Financial Accounting Standards Board has issued an Accounting Standards Update to finalize changes to income tax accounting meant to simplify the process.
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ArticleReview urges changes to U.K. audit profession
The latest report to examine the shortcomings of the U.K. audit market recommends separating audit from the accountancy profession, among other suggested changes.
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PCAOB appoints general counsel
The Public Company Accounting Oversight Board announced Kenneth Lench has been named general counsel.
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ArticlePCAOB seeks input on modernizing QC standards
The PCAOB is accepting public comment on a potential approach to revising the board’s quality control standards in place since 2003 and outdated by modern technology.
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ArticleSFO charges two former Serco directors with fraud, false accounting
The U.K. Serious Fraud Office has charged two individuals with fraud and false accounting concerning Serco’s electronic monitoring contract with the Ministry of Justice.
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ArticleLife after LIBOR: Shell throws weight behind SOFR
Royal Dutch Shell has announced the signing of one of the world’s first credit facilities linked to the new Secured Overnight Financing Rate.
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ResourceWhite paper: 6 Ways to Improve Audit Readiness
Even for the best-prepared accounting teams, the annual audit can be a time of immense anxiety and sometimes frustration. Between client and audit team miscommunication, haphazard PBC lists, fluctuating trial balances, and the simple fact that the in-house accounting team has already moved on to a new fiscal year, it’s ...
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ArticlePCAOB CAMs report: Goodwill, revenue recognition lead way
Goodwill and other intangible assets and revenue recognition are among the most frequently communicated critical audit matters, according to the Public Company Accounting Oversight Board’s first report on the new disclosure.
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ArticleLiabilities and equity, LIBOR among priorities for FASB’s Golden
In a speech Tuesday, FASB Chairman Russell Golden laid out the accounting areas he hopes to finalize changes to before his term ends June 30, 2020.
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ArticleCeladon execs charged with accounting fraud
Two former top executives of trucking company Celadon Group face civil and criminal charges for their participation in an accounting fraud scheme that inflated the company’s income and earnings per share.
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ArticleIconix, three former execs charged with accounting fraud
Iconix Brand Group and three of its former top executives were charged by the SEC for engaging in accounting fraud. Iconix and two of the executives agreed to settle, with litigation still pending against the company’s former CEO.
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ArticleGoodwill impairments more than doubled in 2018, says recent study
Goodwill impairment recorded by U.S. public companies is on the rise. According to Duff & Phelps’ 2019 U.S. Goodwill Impairment study, it climbed 125 percent in 2018.
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SEC adds two deputy chief accountants
The Securities and Exchange Commission announced the additions of John Vanosdall and Paul Munter as deputy chief accountants in the accounting group and international department, respectively.
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ArticleNew auditor reporting standards: What has changed
A closer look at new standards issued in May by the Auditing Standards Board will aid auditors in conferring with clients before 2020 reports arrive.
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SEC bars former PCAOB leader for role in KPMG scandal
The Securities and Exchange Commission has barred Cynthia Holder from practicing as an accountant before the Commission for her role in the long-running KPMG inspections scandal.
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SEC charges MiMedx Group with accounting fraud
Biotech company MiMedx Group and three of its former top executives have been charged with defrauding investors. In response, MiMedx reshuffled its management team, including the appointment of a new general counsel and secretary.