All Accounting & Auditing articles – Page 40
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ArticleStill more work ahead on leases, says new survey
Midway through the first year of complying with new lease accounting rules, only a little more than half of public companies said they completed their transition.
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ArticlePCAOB fines PwC Mexico over auditor independence
U.S. audit regulators have fined PwC’s affiliate in Mexico for a seemingly brazen failure to observe auditor independence rules.
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ArticleDeloitte names, describes two CAMs at Microsoft
Among the first to disclose critical audit matters, Microsoft’s auditor, Deloitte, identifies revenue recognition and uncertain tax positions as CAMs.
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ArticleInvestigation widens into how Sealed Air selected its audit firm
Packaging company Sealed Air, currently under investigation by the SEC, has received a grand jury subpoena from the U.S. Attorney’s Office for the Western District of North Carolina and faces a related investigation by the DOJ.
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ArticleFraud in non-GAAP: DOJ, SEC pursue parallel charges
The U.S. Department of Justice and the Securities and Exchange Commission are pursuing fraud charges over manipulation of a non-GAAP metric at a publicly traded real estate investment trust.
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ArticleHouse considers creating PCAOB whistleblower program
The House is considering a bill that would give the PCAOB a whistleblower system under Sarbanes-Oxley like the one operated by the SEC.
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ArticleFASB allows optionality in certain lease receivables
FASB has issued new lease accounting guidance allowing options for how to reflect uncertain operating lease receivables, which is sure to produce reporting differences.
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ArticleFASB seeks change to liabilities, equities guidance
FASB has issued a proposal on the distinction between liabilities and equity meant to cut through complexity known to compromise reporting quality.
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ArticleFASB proposes fix to rules on financial instruments
FASB is proposing amendments to GAAP to clarify interactions among different rules on measuring investments and securities.
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ArticleSEC comments drove changes in revenue reporting, analysis says
SEC comments on early reports under the new revenue recognition standard tended to sway companies to revise their reporting, analysis shows.
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SEC: Transition from LIBOR has taken on ‘urgency’
Regulators are starting to freak out a little over what will happen in U.S. financial markets in 2021 when a major benchmark interest rate is expected to vanish.
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Grant Thornton, Ephesoft announce alliance
Grant Thornton has formed an alliance with enterprise content capture and data discovery solutions provider Ephesoft.
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ArticleICFR findings rose in 2018, pending report to say
Adverse auditor attestations on the state of internal controls at public companies made a bit of a comeback in 2018 after a brief retreat, according to a coming report from Audit Analytics.
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ArticleSEC, DOJ charge 3 former Power Solutions executives with fraud
Three former executives of a smaller reporting company are facing multiple fraud charges connected to a $25 million overstatement of revenue.
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Bricker returns to PwC; Teotia named permanent chief
Wes Bricker, former SEC chief accountant, has rejoined PwC as vice chair and assurance leader for the United States and Mexico.
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ArticleEstimation vs. precision: tension in accounting grows
It’s more than big change prompting major deferrals for pending accounting rules. It’s also about the growing tension between estimation and precision.
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ArticleFASB to push CECL to 2023 for small public companies
FASB has signaled it plans to extend CECL for smaller public companies to 2023, along with delaying a number of other effective dates.
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ArticleIIA seeks comments on update to ‘three lines’ model
Internal auditors are buffing up their longstanding Three Lines of Defense model for how to provide organizations with optimal coverage of risk and control functions.
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ArticleFASB tees up CECL delay for small public companies
FASB is formally considering delaying the required effective date of some of its standards, including credit losses for small public companies.
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IIA announces global chair and board for 2019-20
The Institute of Internal Auditors announced the election of a newly structured global board of directors for 2019-20.