All Accounting & Auditing articles – Page 91
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Blog
IASB Releases Final Lease Standard
Image: The IASB has issued its long-awaited accounting standard requiring assets and liabilities associated with leases to be added to corporate balance sheets. Companies that follow International Financial Reporting Standards have until 2019 to adopt the standard. “It’s been a long road getting to this event,” says Sean Torr, a ...
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Blog
FASB Tackles How to Present Partial Sales of Nonfinancial Assets
In its quest to clarify how to define “business” for the sake of accounting rules, FASB is wading into how to account for partial sales of nonfinancial assets. FASB has tentatively decided that all transactions where an entity retains an equity interest in an asset or receives an equity interest ...
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Blog
U.S. Treasury Proposes Country-by-Country Tax Reporting
The U.S. Treasury Department has issued proposed regulations that would require the ultimate parent entity of multinational enterprises to report tax info to Treasury annually on a country-by-country basis. Companies would be required to provide information related to the multinational entity’s income and taxes paid in each tax jurisdiction along ...
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Blog
FASB Publishes Final Standard on Recognition and Measurement of Financial Instruments
Image: A decade in the making, public companies now have a new standard that tells them how to measure and recognize the value of financial assets and financial liabilities in financial statements. Accounting Standards Update No. 2016-01 rewrites certain requirements under the Accounting Standards Codification for how to recognize, measure, ...
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Article
Auditing World Braces: More ICFR Attention, Big Rule Changes
Image: Expecting a letup in the scrutiny of internal controls? Forget it: 2016 promises to be another intensive year for ICFR as all sides sharpen their understanding of the subject. “Internal control over financial reporting will remain on everyone’s radar,” says Cindy Fornelli, head of the Center for Audit Quality. ...
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Blog
Is That Disposal a Discontinued Operation? SEC Staff Offer Views
SEC Associate Chief Accountant Barry Kanczuker says FASB’s new standard on when a particular disposal should be characterized as a discontinued operation isn’t always clear cut. Kanczuker says companies will have to apply judgment to what constitutes a relevant financial result; look at financial results that might be relevant to ...
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Blog
SEC Offers View on Pension Measurement Considerations
Image: The SEC is open to the new methods some companies are considering to revise their approach to certain pension accounting assumptions. The Commission recently consulted with companies and accounting firms on two different approaches—single weighted-average and disaggregated or “spot rate.” “After considering their specific facts and circumstances, we have ...
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Blog
CPAs Launch Research to Push Data Analytics in Audit
Image: The AICPA and Rutgers Business School haved formed a data analytics research initiative to demonstrate how the use of data analytics can advance the public accounting profession. According to Rutgers professor Miklos Vasarhelyi, the initiative’s two shared goals are “to examine how audit objectives might be achieved more effectively ...
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Blog
UHY Elects New Chair
UHY, the international accounting and consultancy network, this month elected Bernard Fay as its new chairman, following 17 years as a UHY board director. With Fay’s election, the UHY network will be led for the first time by a director from outside its founding countries, the United States and ...
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Article
Managing Cyber-Risk in the Healthcare Industry
Image: Recent high-profile data breaches at several major healthcare providers have jolted the industry, which is trying to piece together better ways to manage the risks. “As opposed to an organization trying to invest more money in firewalls or other types of technical solutions to protect against an intrusion, at ...
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Blog
Two New Partners Join PwC Risk Assurance Practice
PwC recently named two new partners to its Risk Assurance practice: Rick Warren has been appointed as a partner focusing on performance governance risk and compliance, while Khalid Wasti has been appointed as a partner focusing on internal technology audit solutions.
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Article
Regulators Suggest It’s Time to Double Down on Internal Controls
Image: After nearly a year of moderating corporate gripes of excessive auditing driven by regulatory inspections, regulators say the answer is for companies to double down on their controls and use a little more muscle with their auditors. “Preparers are on the back end of the compliance funnel,” said Kevin ...
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Blog
FASB, IASB Agree on Revenue Recognition Solutions
Guidance on when to recognize revenue on a net or gross basis is expected to be highly consistent across U.S. and international rules when the Financial Accounting Standards Board and the International Accounting Standards Board issue their final amendments.
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Blog
Seven Habits of Effective Audit Fee Management
Corporate audit fees are rising again. This is probably not news to you. Still, research of why audit fees are rising—and why some companies can continue robust business activity without painfully higher fees—reveals certain practices that do keep fees relatively reasonable. This week, columnist Robert Herz discusses those seven steps ...
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Blog
2016 GAAP Taxonomy Ready for Use, Pending SEC Approval
FASB has released its final update of the 2016 GAAP Financial Reporting Taxonomy, pending acceptance by the SEC, to allow public companies to prepare to use it to complete their XBRL filings. The annual update allows FASB staff to make the taxonomy easier to navigate and more effective in reflecting ...
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Blog
COSO Announces Internal Control Certificate Program
The Committee of Sponsoring Organizations of the Treadway Commission is offering an Internal Control Certificate Program that offers financial professionals, including internal auditors and CPAs, the opportunity to earn a professional certificate in the 2013 COSO Internal Control-Integrated Framework. The course includes self-paced learning, a hands-on workshop, and an online ...
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Blog
PCAOB’s Top Inspector Shares Plans for 2016
Image: When audit inspectors begin work on 2015 financial statements, they will be looking closely at the audit of internal controls, accounting estimates, misstatement risks. Those are the key themes from the 2014 financial statement inspections, said Helen Munter, director of inspections for the PCAOB. “Audit committees might wish to ...
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Blog
PCAOB’s Top Inspector Shares Plans for 2016
Image: When audit inspectors begin work on 2015 financial statements, they will be looking closely at the audit of internal controls, accounting estimates, misstatement risks. Those are the key themes from the 2014 financial statement inspections, said Helen Munter, director of inspections for the PCAOB. “Audit committees might wish to ...
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Blog
PCAOB Adopts Form to Name Engagement Partner, Others in Audit
Finally achieving the path of least resistance after multiple prior attempts, the Public Company Accounting Oversight Board has approved a rule requiring audit firms to identify engagement partners and others outside the firm who contribute to public company audits.
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Article
For Internal Audit, Is Emerging Technology More Trouble Than It’s Worth?
Image: IT audit is challenged not only by persistent talent shortages and rapid changes in technology, but also by concerns about reporting lines that raise questions about independence and the frequency of risk assessments. “Changes in security remain top of mind,” says Robert Stroud, immediate past president of ISACA and ...