All Accounting & Auditing articles – Page 86
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Blog
SEC scrutinizing revenue judgments under new and old rules, deputy warns
As new standards on revenue recognition, leases, and more will touch trillions of dollars on corporate balance sheets, SEC Deputy Chief Accountant Wesley Bricker advises companies to explain to investors what is changing, why it’s changing, how it will change, and when. Tammy Whitehouse has more.
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Blog
PCAOB ponders possible change in inspection approach
Word from the Public Company Accounting Oversight Board is that the inspections process could be changing. According to board member Jeanette Franzel, the agency is “exploring the potential for more random selection of audits and audit areas to inspect.” Tammy Whitehouse has more.
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Blog
Tipalti SuiteApp achieves ‘Built For NetSuite’ status
Tipalti, a supplier of payments automation solutions, announced that its Tipalti SuiteApp has achieved ‘Built for NetSuite’ status. The new SuiteApp, built using NetSuite’s SuiteCloud Platform, integrates with NetSuite OneWorld to provide one unified accounts payable automation solution, helping finance departments streamline their entire global supplier payment operation.
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Study asserts companies shop for internal control audit opinions
Audit opinion shopping—a not-uncommon practice believed to have been cut down in the post-Sarbanes-Oxley era—remains live and well in capital markets, and it’s most pervasive in the presence of competition among auditors, according to research from the American Accounting Association. More from Tammy Whitehouse.
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Internal audit: an unlikely driver for corporate culture
As regulators such as FINRA increasingly view culture as a factor when determining wrongdoing and punishment, building a strong culture is taking center stage. Jose Tabuena reports.
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Article
The relentless growth of non-GAAP reporting is a problem
The use of non-GAAP reporting has ebbed and flowed over the years, but a recent increase in the practice is starting to raise questions as to whether or not the SEC will have to get involved before things get out of hand. Tammy Whitehouse reports.
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FASB floats one more change to cash flow classification rules
FASB is aiming to get companies on the same page when classifying changes in restricted cash. Currently, some firms reflect cash receipts and payments in bank accounts that hold restricted cash as cash inflows and outflows, while others designate those transactions as non-cash investing. Tammy Whitehouse reports.
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Trump’s non-GAAP was first to face SEC enforcement
Long before Donald Trump launched his presidential campaign, the entertainment giant he founded, Trump Hotels & Casino Resorts, faced the wrath of the SEC, whose leadership he would shape if elected. Tammy Whitehouse looks back on Trump’s SEC enforcement action.
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Reval and SWIFT announce partnership
A new agreement reached between SWIFT and Reval means that corporate treasury teams using the Reval Cloud Platform for automated cash and liquidity management can now join the SWIFT messaging network to connect their bank accounts anywhere in the world.
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Blog
FASB extends planned effective date for new loan loss rules
FASB is delaying the implementation date of its “current expected credit loss” model for how entities should give investors some early warning that debt instruments are not performing as anticipated. The board expects to publish the finished rule in June.
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Revenue group gets stuck on two new implementation questions
FASB’s Transition Resource Group met recently to discuss revenue recognition implementation, but new questions were raised about whether there may be some lingering issues requiring more standard-setting attention from the board. Tammy Whitehouse has more.
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Article
FASB simplifies Topic 718 of the Accounting Standards Codification
Preparers have long wanted a simpler, easier, better kind of GAAP, especially when it comes to accounting for stock options and other share-based payments. Now, says CW’s Tammy Whitehouse, it looks like they are getting their wish.
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Big 4 firm offers tips on assessing use of non-GAAP measures
An upswing in corporate use of non-GAAP measures along with increased regulatory scrutiny of such reporting has inspired the folks at Deloitte to offer some tips on how to assess non-GAAP measures to assure they don’t run afoul of filing rules.
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PCAOB practice alert finds rash of doctored audit files
The PCAOB this week published a staff audit practice alert emphasizing that improperly altering audit documentation in connection with a PCAOB inspection or investigation violates PCAOB rules requiring cooperation with its oversight activities and can result in disciplinary actions with severe consequences. “Evidence identified in connection with certain recent oversight ...
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PCAOB previews improvements from 2015 inspection cycle
A staff inspection brief issued this month by the PCAOB showed that preliminary counts from inspections performed in 2015 suggest the number of audit deficiencies for the largest firms has fallen, while deficiencies at smaller firms is, overall, high. The PCAOB brief stated that inspectors observed “indications of improved audit ...
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Accounting class actions rise again in 2015, analysis shows
Accounting-related class-action settlements jumped to $2.6 billion in 2015, with 86 percent of the cases involving allegations of internal control weaknesses, according to the latest analysis by Cornerstone Research. The largest increase in settled cases in 2015 involved cases where investors raised allegations of internal control weaknesses but the company ...
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Article
To be a great internal auditor, be a great communicator
For internal audit leaders to deliver the most value to their audit committees, they need to develop a suite of skills that are not always stressed as being part of the audit profession. But without great communication and presentation skills to present their findings, auditors can’t be truly great at ...
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BlogFRC: What investors should expect in company records
Stephen Haddrill, chief executive of the U.K.’s Financial Reporting Council, wrote a letter to investors highlighting recent changes to companies’ annual reports and advising investors on what to expect in the coming crop. The report is “intended to be an important source of forward-looking information about strategy and risk,” he ...
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Blog
FASB finalizes guidance on licensing, performance obligations
FASB has issued guidance related to the revenue recognition standard to clarify licensing and identifying performance obligations. The guidance says entities are not required to assess whether promised goods or services are performance obligations if they are immaterial in the contract with the customer. It also provides some clarification around ...
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Blog
75% of S&P 100 report non-GAAP earnings, study shows
A recent Georgia Tech Financial Analysis study found that 75 S&P 100 companies reported non-GAAP earnings in 2013, with 48 companies making adjustments as a result of gains or losses due to non-recurring events. Income taxes gave rise to 30 adjustments, and 27 adjustments arose from restructuring and productivity-related charges.