All Accounting & Auditing articles – Page 84
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Blog
Big 4 polls say companies are stalled on big accounting changes
More Big 4 surveys on big accounting changes suggest companies are starting to face a kind of paralysis over how to move forward and make it all work. On revenue recognition a recent KPMG poll suggests the vast majority of companies are still trying to digest how it will affect ...
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Blog
COSO offers up new ERM framework for review
The Committee of Sponsoring Organizations of the Treadway Commission, or COSO, has unveiled a proposed redraft of its 2004 ERM framework. “We wanted to create a more robust focus on risk in the strategic planning process,” says PwC Partner Dennis Chesley, a lead partner for the revision project. Tammy Whitehouse ...
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Article
Integrating technology into compliance programs still poses significant challenges
Implementing powerful technologies to improve compliance programs isn’t exactly like waving a magic wand. It requires a great deal of collaboration, time to interpret relevant data, patience, trial and error, and a vision for how to harness the full potential of a category of tool nobody is really certain how ...
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Article
The case for principles-based accounting
The debate over which is the better accounting standards philosophy–principles or rules—rages on. As a 40-year veteran of the auditor and preparer community, IASB member Gary Kabureck is lending his unique perspective to the discussion.
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Blog
FASB proposes guidance on how to reflect non-financial asset shed
FASB is offering yet another accounting proposal meant to help smooth over implementation of the new revenue recognition standard. The change would apply to an area of the Accounting Standards Codification that was amended to comply with the new revenue standard in order to aid compliance with the rules around ...
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Blog
SEC issues order permitting Inline XBRL
The SEC is now allowing companies to comply with their XBRL filing requirement by integrating tagged data into HTML filings, hopeful that companies will take advantage of the voluntary allowance to improve the quality of data and perhaps even reduce the cost of compliance. Tammy Whitehouse has more.
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Blog
More time, cost required in 2015 to comply with SOX, survey says
A majority of the 1,500 companies polled by Protiviti said the number of hours they devoted internally to Sarbanes-Oxley compliance in 2015 increased by more than 10 percent. Tammy Whitehouse has more study results inside.
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Blog
Audit firm market shares show little shift
Accounting & auditing blogger Tammy Whitehouse looks at market share for the whole population of U.S. public companies. While not very drastic, says Whitehouse, there have been some notable changes to the top 10 firms.
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Blog
Companies sweat data details more than IT under new lease rules
Preparers seem more concerned about how they will gather and manage the data they need to comply with new lease accounting rules than they are about new IT system needs, according to a recent Deloitte poll. Tammy Whitehouse has an in-depth look at the survey.
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Article
Inside the struggle to define, measure, and manage corporate culture
An organization’s culture is an important cornerstone of any compliance effort, but it remains a notoriously slippery thing. Experts at the Compliance Week 2016 conference provided their insights on how to better define culture so it can be adequately managed and measured. Tammy Whitehouse has more.
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Blog
Financial reporting has room for improvement, says KPMG
A recent KPMG report underscores some pretty widespread deficiencies when it comes to business reporting. Whether companies are failing to note the impact of new products or how much injury time they have suffered, most can stand to improve the state of their annual reports. Paul Hodgson has more survey ...
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Blog
Recent XBRL data improvement seen as first of more to come
According to the XBRL U.S. Data Quality Committee, public companies reduced the number of errors in their filings by 64 percent in the first quarter of 2016 compared with first quarter 2015. Tammy Whitehouse spoke with Committee Chair Mike Starr, who says he anticipates bigger improvements ahead due to continued ...
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ArticleSpotting the difference between ‘significant deficiency’ and ‘material weakness’
Material misstatements involve mistakes large enough, surely, to involve some kind of internal control shortcoming that allowed the misstatement to occur in the first place. So why aren’t more internal control reporting and auditing processes helping to identify control lapses in advance of material misstatements? Tammy Whitehouse explores.
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Blog
SEC offers views on adopting new lease rules
Getting a jump start on adopting the new accounting requirements for leasing? Good news: According to the SEC, companies will need to apply the rules to just the three years presented in the complete set of financial statements, not the five years worth of selected data provided in the financial ...
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Blog
Transparency penalty? Companies pondering revenue adoption, beware
Companies that are considering how they will adopt the new revenue standard should take into account whether they might expect to access the capital markets in a stock offering anytime soon after putting the new accounting to work. It could affect just how much revenue they’ll need to restate. Tammy ...
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Blog
KPMG names new executive director
Jose Rodriguez has been named partner in charge and executive director of KPMG’s Audit Committee Institute.
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Blog
Adopting the 2013 COSO framework: fiscal 2015 update
Data gathered by Protiviti and Audit Analytics from fiscal 2015 annual reports show that the implementation of the COSO framework for audited internal control over financial reporting is almost complete: 96 percent of companies reviewed used the 2013 Framework, in comparison to 82 percent for fiscal 2014. Tammy Whitehouse reports.
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Blog
Fraudsters have tech edge over companies, KPMG study shows
A study from KPMG that looks at fraudster’s typical profile says perpetrators are gaining an edge over corporate anti-fraud controls by making better use of technology than the companies they route. The report says weak controls were a factor in 61 percent of frauds through 2016. More study details from ...
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Blog
Expanded auditor report: take two
The PCAOB has issued a reproposal to amend and expand the auditor’s report, keeping in mind a similar proposal from the United Kingdom’s Financial Reporting Council. Columnist Robert Herz says the U.K. proposal has been well received and signals a fundamental change in auditor reporting across the world.
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Blog
Mind the Non-GAAP
Why all of the sudden and intense regulatory interest on non-GAAP measures? While the common use of this practice raises concerns of accounting misdeeds, the facts behind non-GAAP paint a different picture that regulators would be wise to notice.