All Accounting & Auditing articles – Page 99
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Blog
PCAOB Revisits Naming Engagement Partner, Audit Quality Metrics
Audit regulators are trying again to propose a rule that would give investors more information about who is working behind the curtain when an audit firm files its final report on a company’s financial statements.
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Blog
Cyber-Breaches and Other Threats Involving Conscious Opponents
Cyber-security is now a very real risk, with the potential for staggering costs and reputational harm. Cyber-security has another unusual feature as well: It falls into the realm of conscious harms, where companies must play a cat-and-mouse game to stay ahead of attackers. How do you build, maintain, and audit ...
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Article
A Debt Is Owed, No Matter How You Want to Account for It
Image: Even the simplest accounting issues, it seems, can be anything but simple. Rulemakers were reminded of that recently when they tried to simplify how companies account for the cost of securing debt. “Most people get confused by it,” says Diana Gilbert of RoseRyan. “People get wrapped around the axle ...
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Blog
Consortium, Filing Agencies Form XBRL Quality Initiative
If the Securities and Exchange Commission is dragging its heels on enforcing the quality of data gathered through XBRL, then the market will do what it can to enhance quality on its own.
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Blog
IT Pros Dread Prospect of Compliance Audits
Image: Corporate IT teams aren’t prepared to face a compliance audit. In fact, nearly half of respondents to a recent survey said they would rather have a root canal, work over a holiday, live without electricity for a week, or even eat a live jellyfish. “Companies talk about the importance ...
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Resource
Integrated Compliance: Always Audit Ready
The burden and complexity of compliance is growing, and the repercussions for failing to comply fully with laws and rules are damaging and far reaching. Many regulations apply to companies regardless of industry, such as data privacy, safety, and work rules, while others are specific to an industry. Non-compliance in ...
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Blog
FASB, IASB Work Out Guidance on Gross vs. Net
FASB and IASB have reached tentative decisions on how to address questions in the new revenue standard around when to report revenue on a gross versus net basis. While the boards are moving in different directions of how they will amend their respective guidance, FASB says the amendments to each ...
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Article
Smaller Companies Struggle Forward on SOX Compliance, System Investments
More grist for smaller reporting companies unhappy with your compliance burdens: A new report finds that although all businesses continue to invest in SOX compliance, smaller companies still report less benefit from the effort. Inside, we look at which parts of compliance are most troublesome for small filers (“If they ...
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Article
Revisiting Financial IT for Better Monitoring, Testing, Compliance
A funny thing happened on the way to the Shangri-La of automated monitoring and testing: It didn’t happen—at least, not yet. Advanced IT to improve monitoring and testing exists, but integrating those solutions into corporate data warehouses and business operations is harder than first thought. Inside, a look at how ...
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Article
Q&A: The Battle for Better Disclosure Data
Image: As part of our ongoing series of conversations with compliance and risk experts, we spoke with Hudson Hollister, founder and executive director, Data Transparency Coalition, a trade association pursuing the publication of government information as standardized, machine-readable data. Hollister talks about the SEC’s efforts to modernize its disclosure regime ...
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Blog
Ipreo Launches Corporate Governance Solution
Ipreo, a global provider of market intelligence and productivity solutions to corporate and financial services professionals, recently announced the launch of a new corporate governance solution that combines institutional data and analytics with workflow tools that enable better collaboration between the corporate secretary and the investor relations function at public ...
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Blog
SEC Weighs In on New Debt Cost Presentation Guidance
The SEC is signaling a solution to companies struggling with how to reflect certain debt issuance costs under new guidance from the Financial Accounting Standards Board. During a recent meeting, the Commission acknowledged that FASB’s update doesn’t provide guidance on costs related to debt arrangements. Details inside.
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Blog
Big 4 Make Big Gains in Consulting Services, Report Says
Image: According to a new report from Source Information Services, Big 4 accounting firms outperformed the U.S. market in 2014, growing 12.8 percent to $17.5 billion in revenue compared with 2.4 percent growth for the economy overall. The U.S. market for consulting grew 9 percent in 2014 to more than ...
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Blog
Companies Pause on New Discontinued Operations Rule
Image: Companies are hitting bumps as they attempt to apply FASB’s new approach to defining discontinued operations. The standard says a discontinued operation is a major strategic shift and has a major impact on the entity, although it doesn’t provide guidance on how to define those terms, says Beth Paul, ...
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Blog
SEC Might Explore Auditor Tenure for Audit Committee Disclosure
Image: When the SEC issues its audit committee discussion paper, it likely will explore more on the audit firm’s tenure and naming engagement partners. As the PCAOB has tried to get consensus on these themes, the board has heard pushback that the disclosure is better placed in audit committee reports, ...
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Article
Financial Compliance Teams Await Tech Help on Revenue Rule
Improved technology for financial systems will be critical as Corporate America moves to implement the impending new revenue recognition standard. That new tech, however, is slow-rolling its way to your data center, since the standard’s final guidance is still incomplete. “We knew going in we were not playing on a ...
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Blog
McGladrey Adopts New Name: RSM
McGladrey announced this week that it will adopt RSM as a common brand name, uniting with fellow firms of its global network RSM International, a network of independent audit, tax and advisory firms, encompassing over 110 countries, 730 offices and more than 37,500 people internationally.
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Blog
IRS Ponders Tax Issues of New Revenue Recognition Rules
The Internal Revenue Service is asking for comments on how the new revenue recognition accounting standards will affect tax reporting. Tax rules require companies to secure permission from the IRS if they are making accounting method changes for federal income tax purposes, so the agency is now growing concerned over ...
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Blog
Technology-Assisted Review Gains Steam to Aid Discovery
Image: The use of technology-assisted review to accelerate document-laden legal proceedings is picking up, with courts, regulators, and plaintiffs alike wanting to resolve disputes more efficiently and more accurately. David Remnitz, a forensic technology leader for EY who helped author a handbook on the practice, says there’s been a huge ...