All Accounting & Auditing articles – Page 46
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BlogFASB 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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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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ArticleCompanies 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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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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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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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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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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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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BlogMolson 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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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.
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EY holds fast to U.S. audit model; PwC silent
EY may be taking steps to draw a broader line between audit and consulting services in the U.K., but the U.S. firm has no such plans. Meanwhile, PwC is silent.
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LeaseAccelerator app automates testing of leases
Software provider LeaseAccelerator has developed an application called the Lease Accounting Validator that automates the testing of leases under the new ASC 842 and IFRS 16 standards.
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Earliest revenue restatements fix adoption problems
While most public companies have yet to complete a full year of reporting under new revenue recognition rules, some are already finding reasons to restate.
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Defense requires auditors to disclose disciplinary actions
Audit firms are only days away from facing a U.S. Defense requirement to provide information on disciplinary proceedings as a condition of winning audit contracts.
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Companies adjust revenue disclosures, grapple costs
Companies are changing their revenue recognition approach as they move from quarter to quarter, and they’re tallying higher-than-expected costs, poll says
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FASB tees up CECL issues, but not deferral
The FASB will meet to discern implementation issues associated with CECL, but the possibility of a deferral in the effective date is not on the agenda.
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FASB considers how to answer CECL proposal
The FASB is reviewing a request from a group of mid-sized financial institutions to revise CECL in a way the board has apparently already considered and dismissed.
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IOSCO report gives marching orders to audit committees
Securities regulators globally have banded together to call on audit committees to take a fresh look at their role in promoting and supporting quality audits.
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Grant Thornton forms audit quality advisory panel
Grant Thornton is joining the Big 4 in appointing more leadership to its firm governance to drive more focus on audit quality.
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SEC settles with 4 companies over prolonged control lapses
Apparently thumbing their noses at internal control requirements, four public companies have now settled charges with the SEC over prolonged failures to maintain ICFR.