All Accounting & Auditing articles – Page 79
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Blog
Auditor rotation: Are we going round in circles?
Mandatory auditor rotation is an idea that goes in and out of favor among various countries, leading to no common practice anywhere. So, Paul Hodgson asks: Why is the whole world chasing its tail on this issue?
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Blog
Revenue recognition laggards outnumbered in new poll
Tammy Whitehouse has the results of a fresh survey on revenue recognition that suggests 75 percent of public companies are still assessing how they will be affected with only 14 months to the effective date.
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Blog
FASB simplifies income tax accounting for asset transfers
FASB has issued another simplification to accounting rules, this time targeting income taxes. The rule focuses on asset transfers within related entities. Tammy Whitehouse has more.
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Blog
Compliance monitoring and artificial intelligence
As compliance programs must deal with growing amounts of data, they need tools to help separate true risks from background noise. Jose Tabuena examines.
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Article
Even with relief, intercompany debt rules still pack a punch
Final tax regulations on intercompany debt provide some relief, but companies still face a heavy uphill climb to achieve the documentation requirements. Tammy Whitehouse explores.
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Blog
FASB prepares new rule on debt classification
True to its word, the Financial Accounting Standards Board is preparing to issue a proposal meant to simplify how companies would be required to classify debt in the balance sheet. Tammy Whitehouse has more.
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Board members value disclosures not currently required
Tammy Whitehouse looks at a BDO USA survey that suggests while board members seem dissatisfied with the state of financial statement disclosure today, many seem to value disclosures that aren’t required.
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EY agrees to $11.8 million settlement with SEC on failed audits
EY has agreed to pay $11.8 million to settle more charges from the SEC. This time the firm and two auditors are accused of ignoring red flags, enabling fraud. Tammy Whitehouse reports.
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Article
Auditors plan to dig into controls, risk in year-end audits
Auditors preparing for the upcoming year-end audit cycle are assembling a long list of accounting, regulatory, and market concerns. Tammy Whitehouse has more.
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Treasury issues final debt-equity rules with carveouts
The U.S. Treasury has issued final regulations on debt-equity treatment, with some changes meant to narrow the scope to target most troublesome transactions. More from Tammy Whitehouse.
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BDO USA launches cloud-based financial management and accounting service
BDO USA, an accounting and consulting organization, announced the launch of BDODrive, a new integrated solution for financial management, accounting services and tax compliance that provides clients with a real-time view of their business’s performance accessible anytime, anywhere on their laptop, tablet or phone.
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Blog
FASB drops ‘step two’ of goodwill impairment testing
With simplicity wining over precision, FASB has decided it will do away with the onerous second step of the goodwill impairment test. Tammy Whitehouse reports.
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Blog
Disclosure effectiveness gains traction and momentum
A host of private and regulatory groups are making big strides in improving disclosure effectiveness. Robert Herz has more.
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Article
7 reasons to study COSO’s new Fraud Risk Management Guide
COSO’s new fraud guide is not mandatory but, says Tammy Whitehouse, public companies would be wise to study and consider it anyway because it could eventually become a requirement.
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Blog
Bankers expect big accounting change under CECL model
Bankers expect CECL, a new rule on how to reflect credit losses in financial statements, to produce big accounting changes. According to Tammy Whitehouse, some say it is the biggest change ever.
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Blog
FASB pushes change to accounting for long-duration insurance
FASB has proposed a big change in accounting for insurance companies that deal in long-duration contracts like life insurance, annuities, disability, and long-term care. Tammy Whitehouse reports.
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Blog
CAQ gives auditors some year-end planning tips
Companies beginning to prepare for year-end audits can get a sense of what might be on their auditors’ minds through a new alert from the Center for Audit Quality. More from Tammy Whitehouse.
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Blog
AICPA issues 7 new drafts on revenue recognition questions
Tammy Whitehouse looks at the AICPA’s seven new working drafts to address some of the hardest revenue recognition questions in software, telecommunications, and other sectors.
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Article
Audit committees need to dig into personal relationships
Regulators are warning companies and auditors to be more careful about personal relationships that could compromise auditor independence. Tammy Whitehouse has more.
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Blog
Audit committees continue incremental disclosure increases
A fresh EY study of audit committee disclosures shows audit committees are still making new strides in increasing their voluntary disclosures in annual proxy statements. Tammy Whitehouse has more.