• PCAOB to Hold Open Meeting Sept. 26

    The Public Company Accounting Oversight Board will hold an Open Meeting on Tuesday, September 26, at 9 a.m., to consider issuing a supplemental request for comment on certain revisions to new requirements proposed last year that would apply to audits that involve auditors outside the firm issuing the audit report. In many audits, important audit

  • FASB proposes clarified guidance on consolidations

    The Financial Accounting Standards Board has released an exposure draft of proposed guidance aimed at clarifying the consolidation guidance in Topic 810. Stakeholders had raised concerns that the current guidance was “difficult to understand and navigate,” according to the board, so it has proposed a number of amendments that would reorganize and clarify certain items.

  • What’s next for FASB

    By Ken Tysiac September 21, 2017 FASB voted Wednesday to work on developing accounting rules to address areas of distinguishing liabilities and equity, financial performance reporting, and segment reporting. After considering feedback on a yearlong agenda consultation project, FASB added these items to its technical agenda: – A project on distinguishing liabilities and equity that

  • COSO framework can help with sustainability reporting

    More in CSR reporting ESG Internal controls Jeff Thomson IMA SASB The Committee of Sponsoring Organizations of the Treadway Commission’s internal control framework can help provide more assurance to investors about sustainability reporting by companies, according to a new paper. The report, co-written by Institute of Management Accountants president and CEO Jeff Thomson, former Financial

  • Proposed omnibus SSARS addresses international reporting issues

    By Ken Tysiac September 14, 2017 A new omnibus standard proposed Thursday would, if issued as a final standard, provide requirements and guidance for compilations and reviews of financial statements prepared in accordance with a financial reporting framework generally accepted in another country—or performed in accordance with both the Statements on Standards for Accounting and

  • FASB sets up web page for implementing new standards

    The Financial Accounting Standards Board has created a new web page to help companies implement its new standards. FASB has been rolling out a series of important new accounting standards in recent years, including revenue recognition, leasing, credit losses and hedging, and they are set to take effect over the next few years. Companies have

  • Principios y relación con el marco de gobernanza del riesgo EY

    Ir al Contenido de la noticia desde el link original: Noticia El Mercurio    

  • Voices FASB’s clarification of the definition of a business has wide implications

    A recent accounting standards update helps entities evaluate whether transactions should be accounted for as acquisitions or disposals of assets or as businesses. The Financial Accounting Standards Board’s Accounting Standards Update 2017-01 “Business Combinations (Topic 805): Clarifying the Definition of a Business,” states that a business has the following: 1. Inputs; 2. Processes applied to

  • Cyber Espionage: What You Don’t Know Can Hurt You

    Modrall Sperling Cyber espionage adds a unique element to the relationship between a business and its legal counsel. If your business possesses privileged information that would be useful for a competitor or an industry, then it is crucial that you obtain the best advice possible on what factors pose a threat to your business. There

  • Internal control weaknesses correlate with financial fraud

    The study, by professors Matthew Ege of Texas A&M University and Dain C. Donelson and John M. McInnis of the University of Texas at Austin, found the incidence of fraud disclosures at companies previously found by auditors to have material weaknesses in their internal controls is approximately 80 to 90 percent greater than companies on

  • Updated COSO ERM framework ties in risk with strategy

    The Committee of Sponsoring Organizations of the Treadway Commission (COSO) on Wednesday released an updated risk framework that highlights the importance of enterprise risk management’s (ERM’s) role in strategic planning. The framework, Enterprise Risk Management—Integrating With Strategy and Performance, builds on 2004’s Enterprise Risk Management—Integrated Framework. “The complexity of risk has changed, new risks have

  • FASB releases proposed 2018 reporting taxonomies

    By Ken Tysiac September 5, 2017 FASB on Tuesday released the proposed 2018 GAAP Financial Reporting Taxonomy and the proposed 2018 Shared Reporting Taxonomy for public comment. Public issuers registered with the SEC use the taxonomies for their financial reporting. The proposed GAAP taxonomy contains updates for accounting standards and other recommended improvements. The proposed

  • Basel Committee on Banking Supervision and IFRS Foundation sign Memorandum of Understanding

    05 September 2017 The Basel Committee on Banking Supervision (BCBS) and the IFRS Foundation have announced a new cooperation agreement to foster long-term financial stability, enhance market discipline and further develop sharing of information. The agreement, in the form of a Memorandum of Understanding (MoU), formalises the mutual interaction and strengthens the existing relationship between


    Author: Stephanie Wix Published: 4 Sep 2017 General Data Protection Regulation (GDPR) will come into force in the European Union (EU) member states on 25 May 2018, affecting the way in which all organisations collect and store personal data. GDPR will apply to any organisation (including charities) holding or processing EU personal data and it

  • Calidad de gobierno corporativo: rentabilidad y estrategia de negocio

    El Mercurio Sección: Ediciones Especiales – Gobierno Corporativo El camino al desarrollo sostenible de las empresas Nota del Editor de AECHILE El artículo completo de EY con sus gráficos puede leerse el El Mercurio del 31 de agosto 2017 página B9 a Definir el propósito de la empresa con respecto a su entorno más amplio

  • Boarding Complete: An Islamic Rendering

    STA Law Firm Ltd Global August 26 2017 Part I of II Islamic Principles not only lay guidance on the relationship between man and God but also provide directives on a system of transactions for dealings between man and man to lead a life in an Islamic way. Such Islamic jurisprudence referred to as “Shariah,

  • Study supports PCAOB oversight in boosting investor confidence

    A recent academic study lends support to the Public Company Accounting Oversight Board’s regulatory oversight of auditing firms, suggesting it gives investors greater confidence in companies, in turn leading to more capital available to businesses. The study, by Professor Nemit Shroff of the Massachusetts Institute of Technology’s Sloan School of Management, found that companies issue

  • Exposure Draft 62, Financial Instruments

    The International Public Sector Accounting Standards Board (IPSASB) has issued Exposure Draft 62, Financial Instruments. This Exposure Draft proposes new simplified classification and measurement requirements for financial assets, a forward looking impairment model and a flexible principle-based hedge accounting model. The IPSASB applied its Process for Reviewing and Modifying IASB Documents, to align ED 62

  • SEC conforms staff guidance to new FASB revenue recognition rules

    The SEC has issued a staff accounting bulletin to bring its existing guidance into conformity with FASB’s new revenue recognition standard. Staff Accounting Bulletin (SAB) No. 116 modifies interpretive guidance included in previous staff accounting bulletins to make the interpretations consistent with FASB Accounting Standards Codification (ASC) Topic 606, Revenue From Contracts With Customers. FASB

  • Proposed IFRS Taxonomy Update 2017 and comment letters—IFRS 17 Insurance Contracts

    The International Accounting Standards Board (the Board) published a proposed update to the IFRS Taxonomy 2017 for public comment. IFRS Taxonomy updates reflect new IFRS Standards and amendments to Standards issued by the Board, allowing entities that report electronically using the latest Standards to do so without creating their own taxonomy concepts. The updates may also include