All Accounting & Auditing articles – Page 99
-
Resource
Google EU User Consent Policy: Are You Compliant?
Google recently announced it will be implementing a new user consent policy. Essentially, this new policy requires all websites serving EU visitors, including those not based in the European Union, to comply with the EU Cookie Directive.The EU Cookie Directive has led to a concerted effort by regulators to set ...
-
Blog
IASB Proposes Updates on Revenue Standard
The International Accounting Standards Board has floated a few ideas to help clarify the new revenue recognition standard, and is asking for public comment on the proposals. All three clarifications address performance obligations under the new standard and seek to clarify questions such as who is a principal or agent, ...
-
Blog
FASB Finalizes Simpler Way to Measure Some Inventory
The Financial Accounting Standards Board has finished its simplification of the accounting requirements around measuring inventory, although the simplification is not as broad-based as first intended. The update says when performing subsequent measurements of inventory under either the first-in, first-out, or the average costs methods, companies should measure inventory at ...
-
Blog
Conducting a Practical Compliance Risk Assessment
Risk assessment is standard fare for a mature compliance program. The challenge for compliance officers is to ensure that their assessment works well, finding the right risks and generating information they can use to improve their program. This week, columnist Jose Tabuena identifies steps for conducting a meaningful compliance risk ...
-
Blog
10 More Things Related to Revenue Recognition
One year ago, CW columnist Scott Taub offered 10 initial thoughts on the then-brand new standard for revenue recognition. After working with companies to implement the standard and participating in FASB’s Joint Transaction Resource Group, Taub says he remains optimistic about revenue recognition. Now he has 10 more thoughts on ...
-
Article
Hertz Restatement Drives Home Top-Level Control Issues
Image: Car rental kingpin Hertz Corp. is nearly finished with its sweeping restatement of several years’ worth of financial statements, and it’s giving compliance and audit executives plenty of cautionary tales to read. Its latest annual report outlines—in frank detail—more than a dozen failures, most of them in senior leadership. ...
-
Blog
PCAOB Sanctions Small Firms for Quality Reviews
Audit regulators have disciplined seven small audit firms and some of their employees for lapses in internal reviews of audit engagement reviews. The PCAOB censured the seven firms, from across the country, together with seven individuals and the companies for their violations of Auditing Standard No. 7: Engagement Quality Review. ...
-
Blog
New Executive Director Named for IIA-Canada
The Institute of Internal Auditors–Canada, has appointed Shelley Pelkey as IIA–Canada’s executive director. In her new role, Pelkey will oversee services for IIA members in Canada and coordinate programs with 12 Canada IIA chapters. Details inside.
-
Blog
IASB Follows Suit on Deferring Revenue Recognition One Year
Image: The International Accounting Standards Board has decided to delay the effective date of its revenue recognition standard by one year, just as FASB pushed out its required implementation date to 2018. IASB is delaying the standard because it is working on clarifications to help implementation and because it “keeps ...
-
Blog
Trimble Navigation Selects MetricStream for SOX and Conflict Minerals Compliance
Trimble Navigation, a maker of GPS and survey equipment, has selected MetricStream SOX Compliance Management App to strengthen internal controls, as well as ensure compliance with all SOX compliance requirements. It also has selected its Conflict Minerals Management App to streamline their conflict minerals program and reporting requirements. Details inside.
-
Blog
PwC Shows Small Improvement in Latest Inspection Report
The Public Company Accounting Oversight Board found fault with 29 percent of the 58 audits inspected at PwC in 2014, a slight improvement over the 32 percent reported in 2013. The PCAOB says out of 17 of the flagged audits, nine contained problems with both the financial statement audit and ...
-
Blog
Rotation May Hinder Audit Quality, Study Says
A new study from the American Accounting Association suggests rotating auditors may not be such a good idea, especially as regulators are getting tough on auditors to show more skepticism. “Rotating auditors, aware that they will not be in a long-term relationship, will ... likely perceive themselves to be less ...
-
Article
Extra Year on Revenue Standard Means More Time to Sweat
Image: Don’t let your accounting department get too excited with that additional year FASB has granted to adopt the new standard for revenue recognition. Experts helping companies’ implementation efforts say that extra time is much needed, with plenty of questions about the standard remaining unanswered. And don’t forget, “half of ...
-
Blog
Hertz Restatement Reveals Depth of Control Issues
Image: As Hertz investigated a handful of accounting anomalies that would lead to restatement, the list of accounting and internal control problems ballooned considerably—but that’s all in the past. The company has updated its SEC filings, correcting accounting errors dating back to 2011. “Today’s filings are an important step forward, ...
-
Blog
Committee Suggests New Rules for XBRL Filings
A self-appointed committee of XBRL advocates has developed guidance and rules that will help preparers roll out better quality XBRL filings. The Securities and Exchange Commission requires that companies provide data in XBRL, but has done little beyond occasional public remarks for companies to improve the quality of their XBRL ...
-
Resource
e-Book: New Rules: Revenue Recognition
Research shows that many companies have yet to fully wrap their arms around the new regulations affecting revenue recognition. To complicate the issue, the 700-page document of new accounting rules contains uncertainties that require compliance officers to be on point with their game.This e-Book, produced by Compliance Week in cooperation ...
-
Blog
Study Exposes Holes in Governance Performance
Image: Most companies are weak in their implementation of corporate governance processes, suggesting directors at the board level are not adequately involved, according to a global study out of Belgium. “The findings are a call to action for board members to take responsibility for ensuring that their organization’s information and ...
-
Blog
Accounting Scandal Takes Down Toshiba’s Head Honcho
Image: Hisao Tanaka, chief executive of Toshiba Corp., is expected to step down in September in light of accounting missteps at the Japanese conglomerate. The domino effect will continue as key board members are rumored to be leaving over the next few months. News reports indicate that top executives ...
-
Blog
FASB Nears Proposal on Hedge Accounting
After several years of relative inaction on hedge accounting, the Financial Accounting Standards Board is near issuing a proposed update to accounting standards that would have a big effect on what would qualify for hedge accounting and how the accounting would be explained in financial statements. According to PwC, “[t]he ...
-
Article
New IIA Framework Pushes Audit Executives to Think Forward
Image: The Institute of Internal Auditors has unveiled its new professional practices framework, guidance intended to drive auditors to think more critically about risk management and organizational improvement. “It’s about making sure we understand the changes taking place in business and learning to use those to our advantage,” says Larry ...