• Less is More or More is More? Differences in the Regulatory Ethos in the US and the UK Pose Challenges for Financial Institutions

    United Kingdom, USA November 15 2017 The United States is poised to usher in an era of decreased regulation of financial institutions while the trend in the United Kingdom is to maintain relatively robust regulation of the financial services sector in line with developments since the global financial crisis. The parameters and potential impacts of

  • Audit fee increases don’t lead to better audit quality, says study

    Increases in audit fees paid by public companies aren’t necessarily producing better audit quality, according to a new report. The study, conducted by Lili Sun, an associate professor of accounting at the University of North Texas, Michael Ettredge of the University of Kansas and Matthew Sherwood of the University of Massachusetts Amherst, examined audits of

  • PCAOB identifies 3 areas with most frequent 2016 audit issues

    PCAOB inspectors identified three areas where audit deficiencies were most frequently identified in 2016, according to a board staff inspection brief published Friday. The areas with most common deficiencies were: – Assessing and responding to risk of material misstatement. For example, in some cases the auditor did not perform tests of details specifically related to

  • Revised Cash Basis IPSAS

    The International Public Sector Accounting Standards Board (IPSASB) has issued a revised IPSAS, Financial Reporting under the Cash Basis of Accounting. The amendments address some of the main barriers to adoption of this standard. This revised version of the Cash Basis IPSAS implements the proposals made in Exposure Draft 61, Amendments to Financial Reporting under

  • Why the SEC says ‘paid-to-click’ arrangements may be scams

    By Ken Tysiac November 7, 2017 The SEC issued an investor alert Tuesday warning of the dangers of “paid-to-click” scams perpetrated by fraudsters on the internet. According to the SEC, online paid-to-click programs often promise to pay investors simply for clicking online ads. These programs may promise investors a share of profits in exchange for

  • Deloitte’s Engelbert on the three trends changing the profession

    Three significant factors are shaping the profession of the future, Cathy Engelbert, CEO of Deloitte, told a gathering of accountants recently: the impact of new technologies, new demographics, and new client demands. “We’re living in a time of unprecedented change and innovation,” the Big Four firm CEO told the 110th annual meeting of the National

  • PCAOB’s Franzel leans toward issuing blockchain and data analytics guidance

    The Public Company Accounting Oversight Board is likely to issue guidance on the use of blockchain and data analytics technology as more auditing firms weigh the benefits and drawbacks of them. Speaking at the National Association of State Boards of Accountancy annual meeting in New York on Tuesday, PCAOB member Jeanette Franzel discussed the need

  • Gestión de ASG y su rol crucial para un buen gobierno corporativo

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  • PCAOB audit report standard welcomed by investors

    A prominent investor group is applauding the Securities and Exchange Commission’s approval this week of the Public Company Accounting Oversight Board’s new standard expanding the scope of the audit report. The SEC commissioners unanimously approved the PCAOB standard Monday, which would be the most significant change to the format of the audit report in over

  • SEC approves PCAOB expanded audit report standard

    October 23 2017, 6:16pm EDT The Securities and Exchange Commission gave its approval Monday to the Public Company Accounting Oversight Board’s new standard for an enhanced audit report. The PCAOB voted to approve the new standard in June, expanding the scope of the audit report to include a discussion of “critical audit matters” that have

  • Accountants’ role in managing AI disruption

    By Ken Tysiac October 22, 2017 Artificial intelligence (AI) could have wide-ranging effects on the accounting profession. Tax return preparation duties and audit procedures that are performed now by accountants may be increasingly handled by machines in the near future. Robo-advisers have established a foothold in personal financial planning, and management accountants have incredible opportunities

  • Cuando todos los accionistas son cruciales en la toma de desiciones

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  • Senators ask FASB to require multinationals to disclose more tax info

    A group of seven Senate Democrats and one independent has written a letter to the Financial Accounting Standards Board asking FASB to require multinational corporations to disclose their taxes, profits, and revenues on a country-by-country basis, echoing a recent letter from a group of House lawmakers. The group who signed last week’s letter includes Sen.

  • SEC moves to simplify disclosures

    The Securities and Exchange Commission voted to propose a number of amendments to simplify some disclosure requirements for public companies, along with investment advisers and investment companies. The proposals are in keeping with some of the provisions of the Fixing America’s Surface Transportation Act, or FAST Act, which aim to make adjustments to streamline the

  • 12 October 2017 International Accounting Standards Board issues narrow-scope amendments to IFRS 9 and IAS 28

    The International Accounting Standards Board (Board) has today issued amendments to IFRS 9 Financial Instruments and to IAS 28 Investments in Associates and Joint Ventures to aid implementation. The amendments to the financial instruments Standard, IFRS 9, allow companies to measure particular prepayable financial assets with so-called negative compensation at amortised cost or at fair

  • Voices Goodwill Hunting: Elimination of Step 2 and the implications for public companies

    In Accounting Standards Update No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, the Financial Accounting Standards Board eliminated Step 2 of the goodwill impairment test. In the Step 2 test, an entity performs a hypothetical purchase price allocation to determine the amount of an impairment. With the elimination

  • What to consider when auditing revenue recognition implementation

    In a staff audit practice alert issued Thursday, the PCAOB provided information for auditors to consider as they apply the board’s standards to auditing of clients’ implementation of FASB’s new revenue recognition standard. The new revenue recognition standard takes effect in 2018 for public companies and the following year for nonpublic companies. Companies implementing the

  • Basel III Treatment of DTAs and MSAs

    Bryan Cave LLP We have heard, read and seen (and internally had) some confusion regarding the joint proposed rulemaking regarding the potential simplification of the capital rules as they relate to Mortgage Servicing Assets (MSAs) and certain Deferred Tax Assets (DTAs). In addition to simply being complicated regulations, the regulators also have two proposed rulemakings

  • FASB proposes various minor changes to codification

    By Ken Tysiac October 3, 2017 FASB issued a proposed Accounting Standards Update on Tuesday that would make changes designed to clarify, correct errors in, or make minor improvements to the board’s Accounting Standards Codification. Nine potential amendments are contained in the proposal, which would affect a wide variety of topics in the codification. The

  • 20 revenue recognition working drafts issued by FinREC

    By Ken Tysiac October 2, 2017 Considerations for implementation on 20 issues related to revenue recognition were issued as working drafts Monday by the AICPA Financial Reporting Executive Committee (FinREC). After receiving public comment on the issues, FinREC will add them to the revenue recognition guide it is developing, which discusses implementation issues on an