All articles by Maria L. Murphy – Page 5
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ArticleCAQ: Virtual work, ICFR among coronavirus audit issues
The Center for Audit Quality advisory board member firms met with CAQ Executive Director Julie Bell Lindsay to discuss concerns relating to the coronavirus pandemic.
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ArticleHow audit committees should prep for coronavirus challenges
Hille Sheppard of Sidley Austin offers some insights into what tactics audit committees should employ to confront uncertainties caused by the coronavirus pandemic.
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ArticleFASB Q&A tackles coronavirus effect on hedge accounting
FASB staff issued a question-and-answer document to address uncertainty about the effects of the coronavirus pandemic on cash flow hedge accounting under Accounting Standards Codification Topic 815.
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ArticleCAQ exec: How audit must adapt amid coronavirus challenges
Julie Bell Lindsay, executive director of the Center for Audit Quality, shares her perspectives on how public company auditors are coping with new challenges from the coronavirus pandemic.
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ArticleStudy: Going concern opinions in 2018 at lowest level in 19 years
Public company audit opinions communicating doubts about their ability to continue as going concerns reached a 19-year low in 2018, based on the latest report from Audit Analytics.
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FASB Q&A addresses lease concessions related to coronavirus
FASB staff has issued interpretative guidance in the form of a question-and-answer document addressing accounting for lease concessions related to economic effects of the coronavirus pandemic.
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ArticleAICPA best practices for conducting remote audits in uncertain times
Auditors facing higher audit risks and new accounting and reporting issues as a result of the coronavirus pandemic and downturns in the economy have some new guidance from the AICPA.
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ArticleHow to account for coronavirus impact during CECL implementation
The challenge facing companies that choose to report CECL in the first quarter despite reporting relief announced Friday is how to reasonably reflect the potential effects of the coronavirus in estimates of current expected credit losses.
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ArticleCoronavirus pandemic elicits opposing views on CECL, TDRs
Two regulatory chairs are battling over whether a delay is needed for financial institutions to implement the updated credit loss standard; also expressed are opposing views on how loan modifications should be viewed in terms of troubled debt restructurings.
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SEC filer definition changes aim to promote going public
The SEC’s revisions to definitions of accelerated and large accelerated filers should provide relief to smaller issuers and reduce costs for certain public companies.
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ArticleNew FASB guidance eases transition from LIBOR
FASB has issued a temporary standards update intended to reduce the costs and complexities surrounding reference rate reform.
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ArticleAICPA calls for IRS to provide tax relief during coronavirus pandemic
AICPA seeks extended filing deadlines to reassure clients struggling with uncertainty during coronavirus pandemic.
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ArticleFASB issues improvements to financial instruments guidance, including CECL
FASB has issued an accounting standards update amending several financial instruments topics in order to provide more clarity and improve on such standards as current expected credit losses.
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ArticleAudit client turnover 2019: Deloitte dominates; KPMG, EY, PwC falter
For the fifth consecutive year, Deloitte net positive in new SEC audit engagements while the rest of its Big Four peers saw net decreases in clients, according to the latest annual study from Audit Analytics.
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ArticleFASB agenda on hold amid chair transition
Outgoing FASB Chair Russell Golden said at a Financial Accounting Foundation meeting this week the rulemaker will look to get his successor, Richard Jones, settle before determining its second-quarter agenda.
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ArticleBenchmarking report: New lease accounting rules having seismic effect on balance sheets
In LeaseQuery’s first benchmarking analysis of lease liabilities, it found balance sheet liabilities increased nearly 16 times as operating leases came onto the balance sheet for the first time upon adoption of ASC 842.
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ArticleBig Four score: EY, KPMG, PwC, Deloitte among Fortune’s 100 best companies list
Fortune’s 2020 list of the 100 Best Companies to Work For is out, and accounting firms are again among them. All four of the Big Four firms are in the top 50, as is Plante Moran.
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ArticleTax planning opportunities for 2020 lead to potential tax savings
Grant Thornton has released guidance on tax planning for both public and private companies to help them get started by asking the right questions.
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ArticleFASB Chairman Golden’s agenda setting 101
Have you ever wondered how FASB decides what issues to include in its technical agenda? Chairman Russell Golden explained recently the process for identifying the right accounting issues to address.
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ArticleBig banks start to report CECL impacts
Fourth-quarter earnings calls of large U.S. public financial institutions provide insights into FASB’s current expected credit loss (CECL) standard.