The Financial Accounting Standards Board is researching revenue recognition accounting issues that may challenge companies—and may lead to a delay in the effective date of the new standard.
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SEC will seek comments on new possibility for voluntary IFRS adoption
The SEC is considering the merits of an informal proposal that would allow voluntary filing of supplemental material in financial statements by U.S. public companies, according to SEC Chief Accountant James Schnurr.
SEC official: PCAOB’s standard setting too slow
The PCAOB’s pace of developing auditing standards is too slow, SEC Chief Accountant James Schnurr said. He plans reviews of the process in hopes of speeding it up.
Do preparers have answers to revenue recognition questions?
Financial statement preparers have questions about the new revenue recognition standard that may make a delay in the implementation date appropriate, SEC Chief Accountant James Schnurr said.
7 risk areas for the 2014 audit cycle
Revenue recognition and internal control over financial reporting are among the key risk factors in the 2014 audit cycle, according to an alert by the Center for Audit Quality (CAQ). The alert details seven key areas of potential risk in auditors’ work.
FAF, FASB, and GASB release draft strategic plan
The Financial Accounting Foundation, the Financial Accounting Standards Board, and the Governmental Accounting Standards Board released a new joint strategic plan that spells out the organizations’ vision and mission.
U.S. economy on a roll, according to survey of finance executives
Economic optimism is up from a year ago, led by brighter projections in revenue, profits, and hiring, according to the latest quarterly survey of finance executives in business and industry by the AICPA. Availability of skilled personnel is a rising concern.
What to consider when hiring an employee benefit plan auditor
Employee benefit plan administrators have a lot to consider when hiring a financial statement auditor. Here’s what to look for when seeking a firm for this important service.
What do public companies disclose about auditor relationships?
Proxy reports filed by U.S. public companies often discuss how nonaudit services may affect independence, according to a new report. But other elements of relationships with auditors are disclosed less often.
PCAOB may soon require naming of engagement partner
PCAOB Chairman James Doty hopes the board will complete a standard early next year that will require the naming of the engagement partner and other firms participating in U.S. public company audits.
Minimum essential coverage, other health care reform guidance issued
The IRS issued final regulations and other guidance on how to determine whether taxpayers have minimum essential health care coverage and listing hardship exemptions for purposes of the individual mandate.
Rules updated for transit fare smart cards and qualified transportation fringe benefits
The Internal Revenue Service issued new rules on the tax treatment of smart cards and debit cards used to purchase transportation for employees.
GASB gives preliminary views on leases, fiduciary responsibilities
The Governmental Accounting Standards Board issued “Preliminary Views” statements proposing changes for the way state and local governments account for leases—and for activities in which they have a fiduciary responsibility.
Alert focuses on independence rules for auditors of certain nonissuers
The Center for Audit Quality (CAQ) and the AICPA on Wednesday issued a joint alert to provide audit firms with an overview of SEC and PCAOB independence rules that apply to financial statement audit and attestation engagements for certain nonissuers. The alert is intended for auditors of: SEC-registered, nonissuer broker-dealers;
GASB member gets vice chair position
GASB member Jan Sylvis has been named the board’s vice chair, a position that existed early in GASB’s history but recently was retired. The appointment, which takes effect Jan. 1, was announced Wednesday by the board of trustees of the Financial Accounting Foundation (FAF), which oversees GASB and FASB. FAF
FASB publishes new rules for pushdown accounting
New accounting rules published Tuesday by FASB establish whether and at what threshold an acquired business or not-for-profit organization can apply pushdown accounting. Pushdown accounting occurs in an acquisition when an acquired organization uses the acquirer’s basis of accounting to prepare its financial statements. A lack of guidance in GAAP
Internal auditors’ job satisfaction higher with incentive pay, survey finds
Internal auditors who receive incentives based on profits or revenue report higher job satisfaction and loyalty to their organizations without having their objectivity compromised, according to a new survey report. Among the 1,600 internal auditors who responded to the survey conducted in North America, about 50% of chief audit executives,
IRS finalizes rules on relief from failure to file GRAs
The IRS finalized proposed regulations to update the rules that apply to U.S. taxpayers that fail to file gain recognition agreements (GRAs) when they transfer certain property to foreign corporations in nonrecognition transactions (T.D. 9704). The rules change the standards under which transferors are required to recognize gain on the
G-20 leaders commit to automatic exchange of tax information
“Profits should be taxed where economic activities deriving the profits are performed and where value is created”—so said the leaders of the G-20 major economies as they endorsed the Organisation for Economic Co-operation and Development’s (OECD’s) global standard for automatic exchange of tax information at the G-20 summit in Brisbane,
Defining roles in prevention of financial reporting fraud
There is no way to guarantee that an organization will not experience financial reporting fraud. But research shows that fraud-resistant organizations share three traits: A tone at the top that encourages an ethical culture. The presence of skepticism. Engagement of all participants in the financial reporting supply chain. That’s according
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