All articles by Tammy Whitehouse – Page 35
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ArticleAlan Halfenger: The true believer
Alan Halfenger stumbled into compliance more than two decades ago, but in the time since then, he has not only come to embrace and embody what it means to be a strong compliance professional, he has made it his mission to spread the word far and wide on what tomorrow’s ...
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AICPA offers views on revenue recognition implementation issues
In the ongoing quest for consistent interpretations of the new revenue recognition standard, task forces at the American Institute of Certified Public Accountants have issued several new papers for public comment.
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Quality group proposes new XBRL rules to reduce errors
XBRL U.S.’s data quality committee is developing guidance to detect and prevent inconsistencies or errors in XBRL data filed with the SEC, as it looks to improve data quality and make it more useful for analysis. Tammy Whitehouse has more.
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U.S. multinationals meet new IRS transparency rule with open arms
You’d think that U.S. multinational companies might not welcome new IRS regulations, but here's one companies can live with. In lieu of potentially multiple filing requirements in countries where they have entities, companies are accepting new country-by-country transparency rules in the United States and preparing to comply. Tammy Whitehouse has ...
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CAQ offers audit committees tool to assess non-GAAP use
The Center for Audit Quality has created a tool to help audit committees navigate the thicket of questions they should be asking in light of increased scrutiny of corporate use of non-GAAP accounting measures. Tammy Whitehouse reports.
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Treasury finalizes new country-by-country reporting rules
The U.S. Treasury has issued final regulations requiring multinational companies to provide country-by-country reporting that will enable tax authorities around the world to compare notes on corporate taxpayers.
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PCAOB opens portal on identifying key audit participants
There’s not much to see just yet, but audit regulators have launched a web page that will be the new means for anyone in the capital markets to throw open the curtain and see who’s pulling the levers on individual audit engagements. Tammy Whitehouse reports.
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FASB: future credit losses required in financial statements
A new Accounting Standards Update from FASB means that companies will be using even more forward-looking information in their financial statements to alert investors of potential credit losses yet to materialize. Tammy Whitehouse reports.
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Volume rises on call for disclosures regarding accounting changes
With the second quarter rapidly coming to a close for calendar-year public companies, now might be a good time to take a fresh look at how much the company is saying about its plans to adopt new accounting standards. The call for incrementally more information is getting louder. Tammy Whitehouse ...
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FASB proposes another tweak to consolidation rules
Even as new rules on consolidation take hold in 2016, the Financial Accounting Standards Board is proposing a tweak to the guidance, and it might propose more change in the future. Tammy Whitehouse has more.
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Valuation framework seeks to define ‘how much’ is enough
The valuation profession is looking for more feedback on an idea to develop some new performance criteria, a proposal that should make those in the financial reporting supply chain sit up and take notice. Tammy Whitehouse has more.
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Heightened scrutiny, increased documentation & a harsh new normal for internal controls
As auditors require more information from companies, and companies push back against what they feel are excessive demands for details, a consensus that works for everybody remains elusive. Tammy Whitehouse has more.
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Strategic risk weighs on executives, survey finds
Strategic risk is a big threat to companies compared with other risks, yet many executives say they fall short in effectively managing and mitigating such risks. That’s the key finding of a new survey from Grant Thornton, which finds almost two-thirds of executives say strategic risk is a highly significant ...
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FASB finalizes new rule to accelerate recognition of loan losses
FASB has finalized its long-awaited standard giving companies a new, more forward-looking way to account for credit losses in their portfolios. The standard will require companies to reflect expected credit losses on financial assets based on their historical experience, current market conditions, and even forecasts. Tammy Whitehouse has an in-depth ...
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Big 4 polls say companies are stalled on big accounting changes
More Big 4 surveys on big accounting changes suggest companies are starting to face a kind of paralysis over how to move forward and make it all work. On revenue recognition a recent KPMG poll suggests the vast majority of companies are still trying to digest how it will affect ...
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COSO offers up new ERM framework for review
The Committee of Sponsoring Organizations of the Treadway Commission, or COSO, has unveiled a proposed redraft of its 2004 ERM framework. “We wanted to create a more robust focus on risk in the strategic planning process,” says PwC Partner Dennis Chesley, a lead partner for the revision project. Tammy Whitehouse ...
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Integrating technology into compliance programs still poses significant challenges
Implementing powerful technologies to improve compliance programs isn’t exactly like waving a magic wand. It requires a great deal of collaboration, time to interpret relevant data, patience, trial and error, and a vision for how to harness the full potential of a category of tool nobody is really certain how ...
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FASB proposes guidance on how to reflect non-financial asset shed
FASB is offering yet another accounting proposal meant to help smooth over implementation of the new revenue recognition standard. The change would apply to an area of the Accounting Standards Codification that was amended to comply with the new revenue standard in order to aid compliance with the rules around ...
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SEC issues order permitting Inline XBRL
The SEC is now allowing companies to comply with their XBRL filing requirement by integrating tagged data into HTML filings, hopeful that companies will take advantage of the voluntary allowance to improve the quality of data and perhaps even reduce the cost of compliance. Tammy Whitehouse has more.
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More time, cost required in 2015 to comply with SOX, survey says
A majority of the 1,500 companies polled by Protiviti said the number of hours they devoted internally to Sarbanes-Oxley compliance in 2015 increased by more than 10 percent. Tammy Whitehouse has more study results inside.