- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Tammy Whitehouse2019-05-08T14:16:00
Citigroup raised its expected loan loss reserves under CECL as it prepares for parallel testing of its methodology, but plenty of organizations have barely started.
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It’s more than big change prompting major deferrals for pending accounting rules. It’s also about the growing tension between estimation and precision.
FASB has signaled it plans to extend CECL for smaller public companies to 2023, along with delaying a number of other effective dates.
While companies adopt CECL, auditors are gearing up for new rules requiring them to more closely scrutinize estimates and the specialists who produce them.
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
