Fifty-five percent of North American chief audit executives have been asked at least once to omit or modify an important audit finding, according to new research.
Advertisement
TOPICS
Accounting & reporting
GAAP taxonomy adopted by SEC
The 2015 GAAP financial reporting taxonomy has been adopted by the Securities and Exchange Commission and will be supported immediately. The taxonomy is a set of computer-readable tags for data included in financial statements.
FASB to propose new not-for-profit reporting requirements
The Financial Accounting Standards Board voted to propose new requirements designed to make not-for-profit financial statements more useful.
GASB tackles fair value in state and local government reporting
New guidance issued by the Governmental Accounting Standards Board defines fair value and how it should be measured in state and local government financial reporting.
New challenges in a delicate process
FASB’s new going-concern standard creates many challenges for CPAs to consider. The Center for Plain English Accounting examines the new look-forward period, disparities with audit guidance, and a new triggering threshold.
Financial reporting
A FASB initiative designed to simplify GAAP has yielded a standard that eliminates the concept of extraordinary items from GAAP.
News highlights for March 2015
FASB issued a new GAAP alternative that is designed to make accounting for certain intangible assets acquired in a business combination less costly and less complicated for private companies.
FASB task force to consider whether the new revenue standard applies to certain prepaid cards
FASB’s Emerging Issues Task Force is expected to consider whether the new, converged revenue recognition standard applies to certain prepaid cards.
FAF seeks assessments of Private Company Council
The Financial Accounting Foundation board of trustees issued a request for comment on the effectiveness, accomplishments and future role of the Private Company Council.
Proposed FASB disclosures would link bifurcated embedded derivatives to host contracts
The Financial Accounting Standards Board issued a proposal that would require disclosures linking each bifurcated embedded derivative to its host contract.
Revenue recognition: New differences emerging
International convergence of the new revenue recognition standard may decrease as a result of clarifying revisions that will be proposed by the Financial Accounting Standards Board and the International Accounting Standards Board.
Revenue recognition implementation concerns finance executives
A recent KPMG survey shows that 64% of U.S. companies are uncertain about the path they’ll take to adopt the new, converged revenue recognition standard. Also, regulation is cited as the top compliance concern for 51% of corporate finance executives.
FASB, IASB to propose clarifying revenue recognition guidance
FASB and the IASB decided to propose clarifying certain areas of the converged revenue recognition standard that are causing implementation problems for some financial statement preparers.
FASB issues targeted consolidation guidance changes
The Financial Accounting Standards Board issued a standard that is intended to make targeted improvements to consolidation guidance for certain legal entities.
FASB, AICPA working to clarify uncertain tax position guidance
The staffs of the Financial Accounting Standards Board and the AICPA will work together to clarify guidance for certain disclosures regarding uncertain tax positions.
FASB addresses income tax disclosures for undistributed foreign earnings
FASB has made tentative decisions on certain disclosures it plans to require related to income taxes, with a focus on undistributed foreign earnings. The board is attempting to simplify financial reporting by streamlining disclosures.
AICPA releases Q&A on effect of new mortality tables
The Society of Actuaries’ Retirement Plans Experience Committee released in 2014 its RP-2014 Mortality Tables Report, which includes new mortality tables developed for use by pension plans.
New conflict minerals guidance developed
New questions and answers developed by the AICPA Conflict Minerals Task Force provide nonauthoritative guidance to practitioners performing independent private-sector audit engagements of conflict minerals reports.
IASB proposal would clarify how entities classify a liability
An IASB proposal issued Tuesday is designed to improve presentation in financial statements by clarifying how entities classify debt, particularly when it is coming up for renewal.
SEC proposes requiring companies to disclose hedging policies for personnel
The proposal is designed to inform investors whether company personnel can receive incentive compensation through hedging even if the company performs poorly and the stock value drops.
Features
FROM THIS MONTH'S ISSUE
AI risks CPAs should know
Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.
From The Tax Adviser
January 31, 2026
Trust distributions in kind and the Sec. 643(e)(3) election
January 31, 2026
Effects of the OBBBA on higher education
December 31, 2025
