• PCAOB Enters Into Cooperative Agreement with Austrian Audit Regulator

    Washington, Sept. 13, 2018 Published: PCAOB The Public Company Accounting Oversight Board today announced that it has entered into a cooperative agreement with the Audit Oversight Body of Austria. This agreement provides a framework for joint inspections in the oversight of audit firms subject to the regulatory jurisdictions of both organizations. It also allows for the exchange

  • Cybersecurity risk: time for auditors to take heed?

    September 10, 2018 Published: Chartered Accountants Worldwide The global interest in cybersecurity is growing. As we move into the cyber age, technology has become a huge part of both our everyday lives and today’s business environment, as more and more businesses increase their online presence and digital exposure by leveraging technology for almost every aspect

  • The International Code of Ethics for Professional Accountants: Key Areas of Focus for SMEs and SMPs

    In early April 2018, the IESBA released a completely rewritten and revamped Code of Ethics for professional accountants (PAs). Renamed “International Code of Ethics for Professional Accountants (including International Independence Standards) (“the Code” or “the revised and restructured Code”), the Code will become effective in June 2019. It packages all substantive advancements in ethics and independence

  • Enhanced Audit Reporting – The profession in APAC calls for better awareness and education

    September 7, 2018 Published: Confederation of Asian and Pacific Accountants (CAPA) In the first quarter of 2015, the International Auditing and Assurance Standards Board (IAASB) released its new and revised auditor reporting standards. The most significant enhancement is the new requirement for auditors to communicate “Key Audit Matters” (KAMs), described by the IAASB as ‘those matters that

  • Internal Audit Foundation Releases New Internal Audit Activity Research Report

    September 9, 2018 Published: The Institute of Internal Auditors Aligning Internal Audit Activities and Scope to Organizational Strategy – How the Business Environment and Organizational Strategy Impact Internal Audit The Internal Audit Foundation announced today the release of a new research report, Aligning Internal Audit Activities and Scope to Organizational Strategy – How the Business Environment

  • Professional Skepticism: The Heart of Audit

    September 6, 2018 Published: IFAC By: Katharine Bagshaw, Manager, Auditing Standards, ICAEW Most of us who trained as auditors never really lose the urge to question numbers. The temptation to ask on what basis they were calculated, to generally prod and poke around, and to make sure that they are what they appear to be,

  • Financial system risk is elevated and global standards are essential in managing cross-border infrastructure investment

    September 3, 2018 Published: OECD A new OECD report, the 2018 Business and Finance Outlook, highlights a number of major risks having the potential to disrupt global economic growth. It notes that the gradual normalisation of monetary policy in an environment of growing debt will be a major test of whether the Basel III regulatory reforms

  • Audit Chiefs see Cybersecurity as biggest risk to business

    September 4, 2018 Published: The Accountant By: Joe Pickard Cybersecurity is the biggest risk to organisations across the private and public sector, according to research conducted by Risk in Focus, a collaborative report between seven European institutes of internal auditors. Over two-thirds (68%) of the 300 chief internal auditors questioned said cybersecurity is one of

  • FASB clarifies accounting for grants and contributions

    September 1, 2018 Published: Journal of Accountancy The board also proposed a new definition of collections and issued clarifications on lease accounting and other issues. FASB issued an Accounting Standards Update (ASU) clarifying when a transfer of cash or other assets received and made, primarily by not-for-profits, qualifies as a contribution or an exchange transaction. The ASU,

  • Checking risk oversight can inform audits

    September 1, 2018 Published: Journal of Accountancy By Mark Beasley, CPA, Ph.D. A strong or weak commitment to addressing enterprisewide risks may be an indicator of management’s focus on financial reporting risks. Enterprisewide risk management systems have expanded greatly in recent years, primarily as a tool to help management and the board proactively deal with

  • GAO issues revised government auditing standards

    September 1, 2018 Published: Journal of Accountancy Changes to the Yellow Book reinforce the principles of transparency and accountability. Revised standards issued by the U.S. Government Accountability Office (GAO) are designed to provide a framework for high-qualitygovernmental audits, which include audits of government entities and entities receiving government awards. In a transmittal letter to the standards, U.S.

  • FASB updates accounting for cloud computing costs

    August 29 2018 Published: AccountingToday The Financial Accounting Standards Board released an accounting standards update Wednesday aimed at decreasing the complexity of accounting for costs of implementing a cloud computing service arrangement. The update emerged from a consensus of FASB’s Emerging Issues Task Force that was announced in June (see EITF reaches consensus on accounting for cloud

  • FASB Improves the effectiveness of Disclosures in Notes to Financial Statements

    August 28, 2018 Published: FASB The Financial Accounting Standards Board (FASB) today issued two changes to the FASB’s conceptual framework and two Accounting Standards Updates (ASUs) that improve the effectiveness of disclosures in notes to financial statements. “The two changes to our Conceptual Framework will help the Board identify and evaluate disclosure requirements in accounting standards and

  • Updated guidance highlights key changes in the auditor’s report

    August 27, 2018 Published: AccountingToday Updated staff guidance issued by the PCAOB provides practitioners with information on Auditing Standard 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion. The updates build on previous guidance that was issued on Dec. 28, 2017. Issues addressed in the update include: – New information

  • FASB change helps banks adjust to credit loss standard

    August 24 2018 Published: AccountingToday The Financial Accounting Standards Board’s proposed changes to the credit loss standard promise to help private banks and credit unions deal with the transition on a more comfortable timeline. FASB released a proposed accounting standards update this week to amend the transition requirements and scope of the credit losses standard (see FASB proposes

  • SABS: Quality Trumps Locations for Sustainability Disclosure

    23 Aug 2018 Published: The Accountant The location of sustainability data disclosures is not as important as ensuring the data is of sufficient quality, The Sustainability Accounting Standards Board (SASB) has found. Prior to the release of its complete set of codified standards on financially material topics later this year, the SASB consulted with companies

  • We’re Part of the Solution: The Global Accountancy Profession Making a Dent in Corruption

    August 15, 2018 Published: IFAC by Amir Ghandar, Deputy Director, Public Policy and Regulation, IFAC Recently in Buenos Aires, alongside the Group of Twenty (G20) Finance Ministers’ and Central Bank Governors Summit, IFAC hosted a high-level anti-corruption event with the Business 20 (B20) and IFAC member organization, Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPCE).

  • Proposal would withdraw inter-entity cost guidance

    August 21, 2018 Published: Journal of Accountancy The Accounting and Auditing Policy Committee of the Federal Accounting Standards Advisory Board (FASAB) is proposing to withdraw one of its technical releases on accounting for inter-entity costs for federal government reporting entities. Technical Release 8, Clarification of Standards Relating to Inter-Entity Costs, is no longer consistent with Statement of Federal

  • 3 areas of top concern in broker- dealer audits

    August 20, 2018 Published: Journal of Accountancy Independence issues identified in the PCAOB’s 2017 staff inspections fell compared with the previous year, according to a report the board released Monday. But the percentage of firms found to have deficiencies in their audits dropped just slightly, to 91% (68 of 75), from 97% in the previous year. The

  • SEC Adopts Amendments to Simplify and Update Disclosure Requirements

    August 17, 2018 Published: SEC The Securities and Exchange Commission today announced that it has voted to adopt amendments to certain disclosure requirements that have become duplicative, overlapping, or outdated in light of other Commission disclosure requirements, U.S. Generally Accepted Accounting Principles (GAAP), or changes in the information environment. The amendments are intended to simplify and

  • IPSAS 41 Aims to improve Financial Instruments Reporting

    August 15, 2018 Published: The Accountant The International Public Sector Accounting Standards Board (IPSASB) released IPSAS 41 which aims to improve the relevance of information for financial assets and financial liabilities. IPSAS 41 Financial Instruments establishes new requirements for classifying, recognising and measuring financial instruments to replace those that exist in IPSAS 29, Financial Instruments: Recognition

  • FASB Improves Accounting Guidance for Insurance Companies that Issue Long-Duration Contracts

    August 15, 2018 Published: FASB The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that improves financial reporting for insurance companies that issue long-duration contracts, such as life insurance, disability income, long-term care, and annuities. “The new ASU provides investors and other financial statement users with better and more timely and

  • FASB proposes narrow-scope improvements to accounting for lessors

    August 13, 2018 Published: FASB The Financial Accounting Standards Board (FASB) today issued a proposal that would reduce costs and ease implementation of the Leases standard for financial statement preparers. The proposal would also clarify a specific requirement in the standard related to lessor accounting. Stakeholders are encouraged to review and provide comment on the proposal by

  • Tips for teaching accounting ethics

    August 14, 2018 Published: Journal of Accountancy By Lea Hart Considering accountants deal with the intimate financial details of individuals and businesses, it’s important that they abide by strict ethical standards. “Ethics are the ‘why’ before the ‘how’ — why we do accounting; why accounting is important to society.” said Jeff Hillard, CPA, DM, associate

  • PCAOB Seeks Public Comment on its Draft Five-Year Strategic Plan

    Washington, DC, Aug. 10, 2018 Published: PCAOB The Public Company Accounting Oversight Board today released a draft of its five-year strategic plan, for the first time inviting public comment on its areas of strategic focus in fulfilling its mission to protect investors and the public interest through high quality audit reports. After its own careful study

  • IIRC offers research database on integrated reporting

    August 08, 2018 Published: AccountingToday The International Integrated Reporting Council unveiled an <IR> Academic Database on Wednesday, featuring more than 200 academic studies on the ramifications of integrated reporting, as well as discussing some of the best practices emerging in the field. Integrated reporting combines financial reporting and sustainability reporting, along with information about the governance, strategy,

  • FSB and standard-setting bodies consult on effects of reforms on incentives to centrally clear over-the-counter derivatives

    August 7, 2018 Published: IOSCO The Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS), the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published today a consultative document on Incentives to centrally clear over-the-counter (OTC) derivatives. Centrally clearing standardised OTC derivatives is a pillar of

  • Beyond robotics: How AI can help improve the audit process

    Aug 01, 2018 Published: AICPA by Guest Blogger The CPA profession has been hearing a lot about Robotic Process Automation (RPA), a software technology that can help auditors sift through structured data. But RPA can only do so much. Abigail Zhang, a PhD student in the Department of Accounting and Information Systems at Rutgers Business

  • GASB proposed Improvements to Reporting of Conduit Debt Obligations

    August 6, 2018 Published: GASB The Governmental Accounting Standards Board (GASB) has proposed revised guidance that would provide a single method for government issuers to report conduit debt obligations and related obligations. This proposed guidance would eliminate diversity in practice associated with these issues. Conduit debt obligations are debt instruments issued by a state or local government

  • IFAC and IAESB to Transition Standard-Setting Board to Different Model

    Aug 3, 2018 Published: IFAC IFAC (International Federation of Accountants) and the International Accounting Education Standards Board (IAESB) today announce a new path forward for global accountancy education and professional development. To remain relevant in an environment of rapid change, professional accountants increasingly must demonstrate skills beyond today’s typically-recognized accountancy competencies. The IAESB and IFAC

  • Start-Ups, la inversión en América Latina fue de USD 1000 millones

    1 de agosto de 2018 Publicado: Inversor Latam Esta suma es el doble de lo que se registró el año anterior. El año pasado 25 inversores globales hicieron su debut en la región, entre ellos Rethink Education, SoftBank, Telstra Ventures y The Rise Fund. La Asociación Latinoamericana de Capital Privado y Capital de Riesgo (LAVCA), informó que

  • Get a Handle on Critical Audit Matters

    July 30, 2018 Published: The Caq Cindy Fornelli is the Executive Director of the Center for Audit Quality Last year, following approval by the Securities and Exchange Commission, the Public Company Accounting Oversight Board (PCAOB) adopted a new auditing standard that significantly changes the auditor’s report—with equally significant implications for investors, audit committees and others.

  • FRC pushes Non-Financial Reporting in revised Strategic Report Guidance

    July 31, 2018 Published: The Accountant Author: Joe Pickard The UK’s Financial Reporting Council (FRC) has revised its Guidance on the Strategic Report to recognise the increasing importance of non-financial reporting. The guidance encourages companies to consider wider stakeholders and broader matters that impact performance over the longer term. The FRC said it believes ‘the integration of

  • FASB attempts to make lease accounting implementation easier

    By Ken Tysiac July 30, 2018 FASB has issued targeted changes to its new lease accounting standard that are designed to make implementation easier and reduce costs for financial statement preparers. Accounting Standards Update (ASU) No. 2018-11, Leases (Topic 842): Targeted Improvements, released Monday, makes transition requirements less burdensome and provides lessors with a practical

  • Exposure Draft, ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement

    Published: Jul 16, 2018, 182 Pages, English, Comments due by: Nov 02, 2018 To ensure that International Standards on Auditing continue to form the basis for high-quality, valuable and relevant global audits, the IAASB Exposure Draft, ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement, proposes more robust requirements and improved guidance to: – Drive consistent and effective identification

  • Tips for understanding critical audit matters

    By Ken Tysiac ( Journal of Accountancy editor) July 24, 2018 Auditors soon will be able to provide more helpful information in their audit reports by communicating “critical audit matters” in addition to the pass/fail opinion on the financial statements. Critical audit matters are the backbone of PCAOB Auditing Standard 3101, The Auditor’s Report on an Audit

  • Five Red Flags Your Internal Audit Department Is Losing Stakeholder Support

    july 16, 2018 by Richard Chambers Early in my career, I took for granted that internal auditing existed simply because it was necessary. Very rarely did anyone use terms like customers or stakeholders. I don’t remember ever hearing those terms during my first decade in the business. I knew that regulations of the U.S. Army,

  • Critical Audit Matters: Key Concepts and FAQs for Audit Committees, Investors, and Other Users of Financial Statements

    Critical Audit Matters: Key Concepts and FAQs for Audit Committees, Investors, and Other Users of Financial Statements

    July 24 , Center for Audit Quality This CAQ publication is designed to promote understanding of critical audit matters (CAMs), a new component of the auditor’s report required by a standard adopted in 2017 by the Public Company Accounting Oversight Board. The publication provides definitions, key concepts, implementation deadlines, frequently asked questions about CAMs, and

  • Protecting against claims of failure to detect theft

    By Samiha Khanna July 1, 2018 Professional liability claim data for claims asserted against CPA firms in the AICPA Professional Liability Insurance Program in 2017 show that — as in previous years — many clients believe that a CPA’s duties include spotting evidence of theft or fraud in company records, regardless of the type of service

  • FASB issues 16 minor amendments to lease accounting standard

    July 19, 2018 Published: Journal of Accountancy   FASB issued 16 minor amendments to its new lease accounting standard Thursday, clarifying rules and correcting application of guidance that the board had not intended when it created the standard. The lease accounting standard (codified in Topic 842, Leases) was issued on Feb. 25, 2016, and takes effect for public

  • IFAC and IBA sign Anti-Corruption Mandate

    July 19, 2018 Published: The Accountant The International Federation of Accountants (IFAC) and the International Bar Association (IBA) have signed an Anti-Corruption Mandate. Collaboration on the Mandate is a joint effort of the two organisations to help fight corruption, bribery, tax evasion, money laundering, and the financing of international terrorism. It comes ahead of a

  • GAO issues revised Yellow Book standards for government auditors

    July 17, 2018 Published: Journal of Accountancy Revised standards issued Tuesday by the U.S. Government Accountability Office (GAO) are designed to provide a framework for high-quality governmental audits, which include audits of government entities and entities receiving government awards. In a transmittal letter to the standards, U.S. Comptroller Gene Dodaro states that the new generally accepted

  • IAASB proposes Audit Risk Assessment Standards Revision

    July 17, 2018 Published: The Accountant By: Jonathan Minter The International Auditing and Assurance Standards Board (IAASB) has moved to update its standard on audit risk assessments, to take into account developments arising from IT. In an exposure draft for the proposed International Standard of Auditing 315 (revised) (ISA-315), the IAASB said that as IT

  • Public Sector Generation Next: Clear Career Paths Are Key

    July 16,2018 Published: IFAC By: Alex Metcalfe, Head of Public Sector Policy, ACCA Generation Next public sector workers are a dynamic group. They are the most optimistic about technological change and have significant entrepreneurial drive. They also believe that their finance background provides an excellent foundation for their future careers. The ACCA’s most recent sector-specific

  • OECD economic scenarios to 2060 illustrate the long-run benefits of structural reforms

    July 12, 2018 Published: OECD Policy choices made today can have important positive effects on future living standards, according to new long-term economic scenarios released by the OECD. The Long View: Scenarios for the World Economy to 2060 extends the usual short-run horizon of economic forecasters to better illustrate the potential benefits of reforms to education,

  • Avoid these common not-for-profit financial statement mistakes

    July 10, 2018 Published: Journal of Accountancy At times during audit season, not-for-profit financial statement auditors may feel like medical professionals in January. They’re extremely busy, and many of the “patients” receive the same diagnosis. “It’s like flu season,” said Dennis Morrone, CPA, the national partner-in-charge of audit services in Grant Thornton’s not-for-profit and higher

  • FECU SOCIAL

    FECU SOCIAL

    9 de julio 2018 Aproximadamente 200 entidades sin fines de lucro orientadas a la superación de la pobreza y exclusión social, que operan en nuestro país, participan a na Comunidad de Organizaciones Solidarias (COS) http://comunidad-org.cl, organización que desarrollo un formato estandarizado de Memoria Anual y Estados Financieros denominada “FECU SOCIAL”. Asimismo, desarrolló un Manual de

  • What Is A Blockchain Operating System?

    July 3, 2018 Published: FORBES By: Adrian Bridgwater Blockchain, as more and more people are finding out, is a ledger system for keeping records. More specifically, blockchain is an open (i.e. public, not held inside one company, unless it’s a private blockchain) distributed (it exists on many computers) immutable (it can not be altered, in

  • Feature: Reducing the gap between insurance and other industries

    July 5, 2018 Published: IFRS By Gary Kabureck, Member, International Accounting Standards Board Existing accounting practices in the insurance industry are widely perceived as opaque and inconsistent. For companies applying IFRS Standards, the accounting for insurance contracts currently differs significantly from the accounting for other contracts. This diversity poses unnecessary difficulties for potential investors. In 2017,

  • ICAEW launches AI / Big Data scheme for corporate finance transactions

    July 4, 2018 Published: The Institute of Chartered Accountants in England and Wales (ICAEW) Wednesday 4 July 2018, A new initiative to use Artificial Intelligence and Big Data in corporate finance transaction services has been launched by ICAEW. Michael Izza, Chief Executive of the accountancy and finance body, announced the scheme today at ICAEW’s innovation