All articles by Tammy Whitehouse – Page 22
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ArticleFor 2017 close, expect auditors to queue up queries on 2018
In preparing for the year-end close, companies should brace for auditors’ questions about the riskiest reporting areas, especially accounting rules taking effect in 2018.
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Blog
FASB proposes little fixes to big rules on financial instruments, leases
FASB is proposing new clarifications to its previously issued standards on the recognition and measurement of financial instruments and on leases.
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With revenue adoption lagging, grim predictions unfold
Evidence is mounting that companies are way behind in complying with new revenue rules, prompting predictions of late filings, internal control weaknesses, even restatements.
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PCAOB revises proposal on supervising outside audit work
The PCAOB is asking for a new round of public comment on a revised proposed standard that seeks to raise the bar on how audit firms supervise outside auditors.
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FASB proposes tweaks to lease accounting rules
Just as new rules on revenue recognition required some tweaking as companies prepared to implement them, so apparently do the new rules on lease accounting.
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Companies gear up for Q4 dash to revenue rule ready date
As the fourth quarter approaches, companies are expected to break into a sprint to complete their efforts to adopt new revenue recognition requirements.
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Deloitte confirms cyber hack exposed client information
Deloitte says information on a small number of clients was accessible to hackers after an intrusion of the firm's email platform.
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Natural disasters raise accounting, reporting implications
Companies affected by recent natural disasters may need to consider the effects on their accounting, financial reporting, and tax compliance.
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FASB plans to distinguish liabilities from equity
The FASB plans to distinguish liabilities from equity in financial statements to make the accounting rules less complex and easier to understand.
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Could revenue rule chill IPOs in 2018? Poll suggests maybe
A Deloitte poll suggests new revenue recognition accounting requirements taking effect next year may put a chill on initial public offerings.
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New ERM framework links risk to strategy, performance
Courtesy of COSO, companies have a new risk framework to consider that has the potential to drive a new risk mindset deeper into the organization.
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Half say revenue rule is immaterial, one-fifth still evaluating
A PwC analysis shows about half of Fortune 500 companies expect revenue recognition changes to be immaterial, but nearly 20 percent are still evaluating.
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PCAOB flags increased number of audits at Crowe
After several years of steadily improving results, Crowe Horwath saw an increase in adverse findings in its latest PCAOB inspection report.
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Board members wary of CAM disclosures in audit reports
Half of public company board members say critical audit matters will not make audit reports more useful to investors, but instead will make their jobs more difficult.
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ArticleThe classic post-scandal question to auditors: What happened in the black box?
When investors decry the black box of public company auditing, asking for more visibility, they’re referring to cases like KPMG’s audit work at Wells Fargo.
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FASB proposes updated, new taxonomies for 2018
FASB has completed its annual update to the GAAP taxonomy and has added a new taxonomy for companies to consider addressing international standards.
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FASB’s new hedging standard opens door to new strategies
Companies have yet another new accounting standard from the Financial Accounting Standards Board to adopt, but this time they can’t wait to get started.
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COSO publishes final version of updated ERM framework
COSO has released its newly revised enterprise risk management framework, giving companies a new tool to consider in building out their ERM approaches.
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Study asserts link between control weaknesses, fraud
Academics say they have identified a link between internal control weaknesses and later revelations of fraud, lending fresh support to key provisions of SOX.
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PCAOB sees some improvement, yet room for more
Based on its latest round of audit inspections in 2017, the PCAOB found some improvement at some firms, but still plenty of work to do to meet standards.