All articles by Tammy Whitehouse – Page 32
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FASB prepares new rule on debt classification
True to its word, the Financial Accounting Standards Board is preparing to issue a proposal meant to simplify how companies would be required to classify debt in the balance sheet. Tammy Whitehouse has more.
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Board members value disclosures not currently required
Tammy Whitehouse looks at a BDO USA survey that suggests while board members seem dissatisfied with the state of financial statement disclosure today, many seem to value disclosures that aren’t required.
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EY agrees to $11.8 million settlement with SEC on failed audits
EY has agreed to pay $11.8 million to settle more charges from the SEC. This time the firm and two auditors are accused of ignoring red flags, enabling fraud. Tammy Whitehouse reports.
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ArticleAuditors plan to dig into controls, risk in year-end audits
Auditors preparing for the upcoming year-end audit cycle are assembling a long list of accounting, regulatory, and market concerns. Tammy Whitehouse has more.
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Treasury issues final debt-equity rules with carveouts
The U.S. Treasury has issued final regulations on debt-equity treatment, with some changes meant to narrow the scope to target most troublesome transactions. More from Tammy Whitehouse.
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FASB drops ‘step two’ of goodwill impairment testing
With simplicity wining over precision, FASB has decided it will do away with the onerous second step of the goodwill impairment test. Tammy Whitehouse reports.
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7 reasons to study COSO’s new Fraud Risk Management Guide
COSO’s new fraud guide is not mandatory but, says Tammy Whitehouse, public companies would be wise to study and consider it anyway because it could eventually become a requirement.
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Bankers expect big accounting change under CECL model
Bankers expect CECL, a new rule on how to reflect credit losses in financial statements, to produce big accounting changes. According to Tammy Whitehouse, some say it is the biggest change ever.
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FASB pushes change to accounting for long-duration insurance
FASB has proposed a big change in accounting for insurance companies that deal in long-duration contracts like life insurance, annuities, disability, and long-term care. Tammy Whitehouse reports.
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CAQ gives auditors some year-end planning tips
Companies beginning to prepare for year-end audits can get a sense of what might be on their auditors’ minds through a new alert from the Center for Audit Quality. More from Tammy Whitehouse.
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AICPA issues 7 new drafts on revenue recognition questions
Tammy Whitehouse looks at the AICPA’s seven new working drafts to address some of the hardest revenue recognition questions in software, telecommunications, and other sectors.
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Audit committees need to dig into personal relationships
Regulators are warning companies and auditors to be more careful about personal relationships that could compromise auditor independence. Tammy Whitehouse has more.
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Audit committees continue incremental disclosure increases
A fresh EY study of audit committee disclosures shows audit committees are still making new strides in increasing their voluntary disclosures in annual proxy statements. Tammy Whitehouse has more.
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FASB proposes amortization change on some debt securities
FASB is proposing to change the accounting for callable debt securities, altering amortization provisions for those purchased at a premium. Tammy Whitehouse has more.
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COSO issues new fraud risk management guide
COSO, author of the most widely accepted internal control framework in the United States has released a new guide meant to help companies beef up their fraud risk management. More from Tammy Whitehouse.
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ArticleIn tech sectors, revenue recognition talks are intense
In preparing to adopt the new revenue recognition standard, experts debate how to apply the rules to complex contracts. Tammy Whitehouse reports.
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Investors left in the dark over SEC auditor independence charge
The SEC may have fined EY for auditor independence violations, but investors in at least one company likely have no idea that the company’s audits may be tainted. Tammy Whitehouse has more.
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FASB offers more narrow corrections to new revenue rule
FASB has issued another proposed update to the massive new standard on revenue recognition to address more technical corrections and upgrades on a handful of narrow issues. Tammy Whitehouse has more.
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FASB adopts eight new cash flow classification rules
After years of nebulous guidance around three major issues of cash flow statements—operating, investing, and financing—FASB is making major clarifications. Tammy Whitehouse reports.
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EY settles two auditor independence cases with SEC
EY has agreed to a $9.3 million settlement of auditor independence charges with the SEC in two cases where auditors got too close to public company audit clients. Tammy Whitehouse reports.