All articles by Tammy Whitehouse – Page 28
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Blog
AICPA issues five new revenue recognition drafts
In the steady march to new accounting for revenue recognition, the AICPA has five more new industry-specific implementation drafts for companies to consider.
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Blog
FASB updates accounting for certain benefit plans
Companies with employee benefit plans held in master trusts have some new accounting rules to learn and observe, courtesy of the Financial Accounting Standards Board.
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Article
Is it a business or an asset? Companies get new guidance
Companies will have some new analysis to do to assure their accounting for business transactions reflects a new definition of “business” in GAAP. Tammy Whitehouse has more.
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Going concern audit rules updated for private, not public, companies
Private company audits soon will reflect new standards around the going concern call, but public companies will be getting their new standards no time soon. Tammy Whitehouse reports.
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FASB issues yet another revenue recognition clarification
Down deep in the weeds of the implementation of new revenue recognition accounting, companies have a new clarification to consider from FASB, writes Tammy Whitehouse.
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Database naming engagement partners mushrooms with new filings
The public database created by the Public Company Accounting Oversight Board to identify engagement partners overseeing public-company audits is growing, with partners on about 175 engagements now identified. Tammy Whitehouse reports.
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ArticleIRS campaigns point to new tax risks for public companies
Companies need to take a fresh look at their biggest tax risks to ensure they can withstand a new kind of scrutiny, both in tax filings and in financial statements. Tammy Whitehouse reports.
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Audit change data shows differences at Big 4 firms
In the churn for new auditors, one Big 4 firm has held steady with its net number of audit clients while three others have seen net losses numbering in the 20s. Tammy Whitehouse has the results of the latest data from Audit Analytics.
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New IIA Pulse report will focus on overlooked risks
An upcoming report from the Institute of Internal Auditors will tell audit executives to turn their attention to overlooked risks as a way to win more confidence.
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FASB to host roundtables on defining materiality in GAAP
FASB is hosting roundtable meetings in March to discuss defining materiality in accounting standards, a can of worms it opened in 2015 in connection to disclosures.
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Article
Auditors prepare to inspect revenue recognition adoption
Public companies beware: Auditors plans to scrutinize the impending switch to new revenue recognition accounting. Tammy Whitehouse reports.
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EY Indonesia firm settles $1 million action with PCAOB
U.S. audit regulators have settled a $1 million action with an EY affiliate in Indonesia over allegations of audit failure and noncooperation.
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Blog
Second company adopts revenue rule in 2017, this time at a loss
Another aerospace company has early adopted the new revenue recognition standard, and this one says the new accounting will reduced in its reported revenue.
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Article
Internal auditors get new guidance to protect independence
New standards tell internal auditors to safeguard their independence when asked to perform work other than internal audit—like helping with revenue recognition. Tammy Whitehouse reports.
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First engagement partner names emerging via new PCAOB rule
The earliest Form AP filings by audit firms are providing a first glimpse into who is overseeing and signing off on audit reports for public companies. Tammy Whitehouse has more.
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Blog
IRS identifies 13 "campaigns" for tighter compliance scrutiny
The IRS has issued guidance giving large business taxpayers some insight into which parts of their tax filings will get the greatest scrutiny going forward.
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Blog
Trump's 2-for-1 regulatory rollback won't touch SEC, FASB, PCAOB
President Trump’s 2-for-1 executive order meant to curtail federal regulation apparently will not apply directly to the SEC, FASB, or PCAOB. Tammy Whitehouse reports.
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Article
SEC still zeroing in on loss contingency disclosures
Recent enforcement actions contain a not-so-subtle reminder to public companies that the SEC is still looking skeptically at legal settlements that blindside investors. Tammy Whitehouse reports.
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Blog
Raytheon adopts new revenue rule under GAAP on Jan. 1
Raytheon takes the lead among public companies in disclosing it has adopted the new revenue recognition accounting standard under U.S. GAAP as of Jan. 1. More from Tammy Whitehouse.
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Blog
FASB kills burdensome goodwill impairment test
FASB has finalized its action to eliminate “step two” from goodwill impairment testing, relieving public companies of the costly, complex fair-value exercise. More from Tammy Whitehouse.