All Accounting & Auditing articles – Page 44
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Article
Mind controls, disclosures on leases, Big Four firms advise
As companies face first-quarter reporting under lease accounting, Big Four firms are offering some last-minute pointers about controls and disclosures.
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Article
Tesla names new chief accounting officer
Electric car maker Tesla disclosed in a March 13 securities filing that it has appointed Vaibhav Taneja as chief accounting officer, adding to the company’s long list of sudden executive departures and appointments.
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Article
Banks move forward with CECL, expecting no relief
Despite calls for delay or reconsideration of the pending new model for recognizing loan losses, entities are implementing as if nothing will change.
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Companies tie loose ends on leasing, prepare ongoing accounting
Companies generally are expected to be ready to report under new lease accounting rules but still face some added work to prepare for ongoing compliance.
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Article
SEC’s Peirce supports reconsideration of SOX 404(b)
As internal control heartburn persists for many public companies, at least one member of the SEC would welcome changes to the Sarbanes-Oxley Act.
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Former KPMG, PCAOB leaders convicted on fraud counts
A former KPMG audit leader and a former inspections leader at the PCAOB have been convicted of wire fraud in a scheme to subvert the inspections process.
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New, tough regulator to oversee U.K. audit
The U.K. Financial Reporting Council will soon be replaced by a new regulator acting on recommendations from Sir John Kingman of the London Stock Exchange. The government hopes to ensure the United Kingdom going forward has “a world-class audit and accounting regulator.”
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Deloitte wins, other Big Four firms lose audit clients in 2018
Deloitte led Big Four firms in picking up new audit engagements in 2018, while KPMG lost the largest number overall, according to the latest analysis.
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Internal audit still vexed by data, third-party risks
Internal audit is making strides in steering its focus and resources toward companies’ emerging risks—but there’s still some work to be done, the IIA says.
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Article
Leases 2.0: Is your company ready for ongoing compliance?
With leases about to hit corporate balance sheets, companies need to shift gears to focus on the ongoing implications of new lease accounting rules.
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Blog
FASB finalizes minor edits to major new lease rules
As companies are about to begin reflecting new lease rules, the Financial Accounting Standards Board has approved some minor edits to the standard that are intended to assure a smooth transition.
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Blog
Lithia Motors names chief accounting officer
Lithia Motors, a U.S. provider of personal transportation solutions, has promoted Tina Miller to chief accounting officer, effective March 1.
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Article
Companies face first reporting under new hedge rules
Hedge accounting rules, now taking effect, may have fallen under the radar as companies wrestled bigger changes to revenue recognition, leasing, and credit losses.
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Blog
PCAOB disciplines former, current Grant Thornton partners
The PCAOB has delivered an enforcement action to a former partner and current partner at Grant Thornton over an audit dating back to 2013.
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Blog
Buffett bemoans volatility under new accounting rule
Berkshire Hathaway is feeling the volatility that comes with observing new accounting rules, prompting Warren Buffett rethink how to report on results.
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Blog
The U.K.’s coming auditor rotation nightmare
Noting that a number of U.S. headquartered banks are due to rotate their U.K. subsidiary auditor soon, the FRC said this would result in the group auditor in the U.S., which is not required to rotate, being different from the U.K. subsidiary auditor. What then?
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Blog
Kraft Heinz discloses probe, takes $15.4B impairment charge
Following a string of accounting and reporting problems, Kraft Heinz Co. disclosed it is under investigation by the SEC and reported a $15.4 billion impairment charge.
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Blog
Deloitte Japan settles $2 million independence charge
Deloitte Japan has agreed to a $2 million penalty to settle charges with the SEC over auditor independence violations.
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Blog
Molson Coors recalls bad batch of earnings figures
After discovering a bad batch of accounting, Molson Coors Brewing Co. has restated financials back to 2016 to unravel improperly reported earnings.
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Blog
FASB preps CECL edit to allow more fair value
To make it easier for companies to adopt CECL for credit losses, FASB is considering a change that would permit more use of fair value.