The Center for Audit Quality (CAQ) would like the Committee of Sponsoring Organizations of the Treadway Commission (COSO) to provide more transition guidance for users implementing COSO’s updated internal control framework. COSO is updating its 20-year-old internal control framework to provide a fresh, modern approach with explicit advice and implementation
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TOPICS
Management accounting
Side effects of cost segregation
Increased current cash flows and net-present-value savings from accelerated tax depreciation resulting from cost-segregation studies have been discussed in the JofA and other professional literature. But the initial cost-segregation decision can determine later tax side effects, both positive and negative. This article explores some of the tax benefits and drawbacks
Auditor’s reporting model proposal scheduled for third quarter
The PCAOB’s proposed changes to the auditor’s reporting model are on track to be issued for public comment in the third quarter of 2012, according to a standard-setting agenda the board released Monday. PCAOB Chairman James Doty said in December that he thought the proposal would be out by the
Global economic survey, pension accounting discussion coming this week
The AICPA and the Chartered Institute of Management Accountants on March 29 will release results of the first CGMA Global Economic Survey. The quarterly survey is designed to capture the views of CGMA executives on economic conditions worldwide and in their respective countries. A panel of leading CGMA executives will
Finance executives’ outlook on U.S. economy improving, survey shows
CPA financial executives displayed a more positive but still wary view of the U.S. economy in the most recent quarterly Business and Industry Economic Outlook Survey, released Thursday by the AICPA. Those indicating optimism for the U.S. economy increased from 19% in the previous quarter to 43%. Optimists outnumbered pessimists
Accounting and finance hiring expected to be flat in Q2
Hiring in accounting and finance is likely to be flat in the second quarter of 2012 in the United States even though CFOs are confident in their business prospects for that period, a Robert Half survey shows. Ninety-one percent of CFOs said they don’t expect to change their accounting and
COSO explores common judgment traps, lays out five-step decision-making process
Many faulty business decisions can be traced to “confirmation bias” that leads people to unwittingly seek information that bolsters what they want to believe, says Brigham Young University accounting professor Doug Prawitt. “We don’t realize it when we do that, but it’s a very, very powerful human bias,” he said
Internal control, revisited
For about 20 years, the popular internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) has been like a favorite tool in a craftsman’s shop. Its guidance has held up over time with original components that have been so sound that a large majority of
A strategic approach to IT budgeting
Organizations of all types struggle with information technology (IT) budgeting. This often happens because the IT team doesn’t understand the budgeting process and the finance team doesn’t understand IT. CPAs, whether in public practice, business and industry, the not-for-profit sector or government, can remedy this disconnect by changing their organization’s
Helping CEOs connect the dots
The business world is experiencing an extraordinarily challenging period. The multiple pressures exerted on executives in terms of global competition, increasing regulation, climate change and growing expectations from consumers has resulted in a call for a new business paradigm. At the end of last year, the AICPA joined forces with
Risk with donor pledges
In the white paper Measurement of Fair Value for Certain Transactions of Not-For-Profit Entities, the AICPA’s Financial Reporting Executive Committee (FinREC) provides guidance to not-for-profits on considering risk when determining the fair value of a donor’s unconditional promise to give. Considerations may include: To account for risk, not-for-profits can use
SEC proposes identity theft “red flags” rules to protect investors
Broker-dealers, mutual funds and other SEC-regulated entities would be required to create programs to detect and respond appropriately to identity theft red flags under an SEC rules proposal announced Tuesday and issued for public comment. The proposed rules are designed to protect investors from identity theft and are similar to
January job cuts, led by retail, rise from year-ago low
Job cuts announced by U.S. employers increased in January, a month that traditionally sees significant post-holiday retail layoffs, according to a report released Thursday. The 53,486 job cuts announced last month was the highest monthly total since 115,730 layoffs were announced in September, global outplacement firm Challenger, Gray & Christmas
What’s your fraud IQ?
Fraud in the form of corruption compromises the integrity of the world economy, stunting economic growth and causing political and social upheaval. To help combat corruption, Congress passed, and President Jimmy Carter signed, the Foreign Corrupt Practices Act (FCPA) in 1977. Recent, more rigorous enforcement of the FCPA, combined with
Three common currency-adjustment pitfalls
Although the rules on accounting for foreign-currency translations have not changed in many years, mistakes in this area persist. Such mistakes can result in misstatements in financial reporting, hurting the bottom line, creating false understandings of business results, and exposing companies to possible regulatory scrutiny. A key factor raising the
CEOs seeking value in human dimension of business
The human dimensions of business – areas such as talent development, intellectual property and relationships with suppliers and customers – will be the primary focus of top executives during the next 18 to 24 months. And one of their first challenges will be determining the value of these factors to unlock
CGMA launch focuses on nonfinancial value, long-term business strategies
A panel of executives meeting in the finance capitals of New York City and London discussed new research Tuesday on the importance of the human dimension and nonfinancial value in long-term business strategies. The event, hosted by the AICPA and the Chartered Institute of Management Accountants (CIMA), was part of
Forum connecting major financial capitals will highlight CGMA launch
An interactive forum featuring business leaders in London and New York connected via satellite will highlight Tuesday’s launch of the new Chartered Global Management Accountant (CGMA) designation. The AICPA and the Chartered Institute of Management Accountants (CIMA) are hosting the panel of business and finance leaders, who will examine the
COSO Chair says updated framework is a ‘refresh’
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued an exposure draft seeking comments on an updated internal control framework designed to help organizations perform with efficiency and confidence. COSO Chairman David Landsittel and the JofA discussed the updated framework, which keeps the same definitions, objectives and five
Management of “risk appetite” a necessity, paper says
In order to balance risks and opportunities, organizations must develop, communicate, monitor and update their “risk appetites,” according to a white paper released Friday by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Authored by University of Wisconsin-Madison accounting professor Larry Rittenberg and Frank Martens, a director in the
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