All Accounting & Auditing articles – Page 81
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Blog
Let’s check in on FASB’s disclosure projects
Reporting companies have long had to include large amounts of information in the disclosures of financial statements, but that all might change for the better, says CW columnist Scott Taub.
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Taxonomy changes focus on helping consumers interpret data
FASB’s proposed 2017 U.S. GAAP Financial Reporting Taxonomy contains some changes that are meant to address concerns of users of XBRL-tagged financial statement data. Tammy Whitehouse has more.
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2015 audit inspections show some gains, some blown opinions
The PCAOB’s earliest 2015 inspection results show some reductions in deficient audits, but also increases in restatements and withdrawn opinions. More from Tammy Whitehouse.
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PCAOB issues 2014 report on Grant Thornton, showing gains
The PCAOB has published its last 2014 inspection report on the eight largest firms, showing gains at Grant Thornton from a year prior and slight improvement across major firms. Tammy Whitehouse reports.
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European Commission slams Apple with €13 billion tax bill
The EC has concluded that Ireland gave illegal tax benefits to Apple that were worth up to €13 billion (roughly $14.6 billion U.S.) and wants the money repaid. The decision could have implications for other companies, including Amazon, Google, and McDonald’s, facing scrutiny for what they pay in European taxes. ...
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Global regulatory onslaught zeroes in on intercompany accounting
New risks are emerging in intercompany accounting as regulators worldwide sharpen their focus on cross-border transactions among related entities. Read more from Tammy Whitehouse.
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Companies get new rules to govern cash flow classification
FASB has approved a new Accounting Standards Update meant to clear up inconsistencies in how companies classify cash payments and receipts on the cash flow statement. Tammy Whitehouse has more.
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Will new lease accounting lead to less leasing?
Accounting experts are beginning to discuss whether companies might change their leasing strategies when they are required to add leases to balance sheets. Tammy Whitehouse reports.
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IFAC calls on G-20 to support international standards
The International Federation of Accountants is pitching the G-20 to make a plug for international accounting and auditing standards when they meet in September. Tammy Whitehouse reports.
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Congress presses Treasury for relief on Section 385 proposal
Ranking Republicans are pressing the U.S. Treasury to rework its fast-tracked, inversion-attacking proposal that would assign debt treatment to common corporate transactions. Tammy Whitehouse has more.
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As SOX costs persist, companies automate more controls
To cope with cost increases and ongoing audit demands, companies are turning to technology to automate more of their SOX internal control. Tammy Whitehouse explores further.
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Intercompany accounting woes tallied in new poll
Only a small fraction of companies have strong intercompany accounting, but an onslaught of new tax regulations is giving new reason to get it under control. Tammy Whitehouse has more.
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Audit inspections show some gains in internal control
The PCAOB is encouraged by improvements it sees in audit inspections in internal control, but the agency is still troubled by the nature of the problems it identifies. Tammy Whitehouse reports.
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Service organizations aren't sure of their assurance to third parties, poll suggests
A Deloitte poll of 2,700 participants says 17 percent believe the amount of requests for assurance reports or compliance questionnaires are too numerous to count. Tammy Whitehouse reports.
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Rising cost of SOX compliance is pushing companies to rethink compliance strategies
A recent Protiviti survey notes that the bigger the company, the bigger the SOX compliance costs. Smaller companies audited by regional firms have lighter requirements, writes Tammy Whitehouse, but at the end of the day, SOX compliance is expensive for everybody.
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The SEC’s summer reading list is not for the faint of heart
Robert Herz reviews the SEC’s recent accounting and enforcement releases, which reveal familiar patterns in corruption, as well as a commitment by the SEC to commence enforcement actions on any accounting and reporting violations it finds.
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FASB seeks input on future rules, principles
The Financial Accounting Standards Board is looking for some guidance from capital market participants that could prove critical to how the board moves forward on accounting changes in the future. Tammy Whitehouse has more.
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SEC bars 2 KPMG auditors over bank loan loss reserves
Tammy Whitehouse looks at the case of two KPMG auditors barred by the SEC from public company practice over their role as engagement partner and senior manager on the audit of a failed financial institution in the aftermath of the financial crisis.
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Board needs more time for strategy, risk, directors say
A recent KPMG roundtable series revealed that corporate boards just don’t spend enough time on strategy, strategic risk, technology, cyber-security, executive succession planning, or talent development. Tammy Whitehouse has more details.
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The pros and cons of using stock buybacks
It’s become commonplace for public companies to use stock buybacks to distribute excess cash to shareholders. Tammy Whitehouse hears from accounting experts on accelerated stock repurchases—what pitfalls and unintended consequences companies should beware when structuring shareholder contracts.