• New auditing disclosure requirement takes effect June 30

    Auditing firms will be required to disclose the names of other firms that participated in an audit, starting Friday. The Public Company Accounting Oversight Board issued a reminder Monday that the new requirement will be taking effect on June 30. Auditing firms will be required to disclose the names of other participating firms on Form

  • Voices SOC, meet cybersecurity

    As global cyberattacks become more common, organizations are fine tuning, or even implementing, a cybersecurity risk management program — and there is no better way to validate your cybersecurity risk management program than with an independent validation. The American Institute of CPAs (AICPA) recently released the new Cybersecurity Risk Program examination, responding to a changing

  • IASB proposes amendments to IAS 16 to reduce diversity in practic

    The International Accounting Standards Board (Board) has today proposed narrow‑scope amendments to IAS 16 Property, Plant and Equipment to reduce the diversity in application of the Standard. IAS 16 establishes principles for recognising and measuring items of property, plant and equipment as assets. The proposed amendments would prohibit deducting sales proceeds from the cost of

  • What audit committees need to know about PCAOB’s Form AP

    By Ken Tysiac June 20, 2017 The PCAOB’s new rule requiring auditors to disclose the name of the engagement partner and other firms participating in the audit has important implications for audit committees. Audit committees have broad responsibilities for evaluating and overseeing external auditors, who are subject to the new rule. The Center for Audit

  • Auditors focusing more on fraud detection

    Auditors are increasingly taking responsibility for fraud detection and cybersecurity at companies, whether they like it or not. “The bottom line is that if there’s fraud and the auditor did not discover the fraud, there’s a 99 percent chance that the auditor will be sued,” said Ralph Summerford, president of Forensic Strategic Solutions, a financial

  • PCAOB targets management bias with new auditing proposals

    The Public Company Accounting Oversight Board’s recently proposed rules on auditing accounting estimates and using the work of specialists indicate the PCAOB wants auditors to view management bias more skeptically. At a meeting earlier this month, the PCAOB issued a pair of proposals to strengthen its requirements for an auditor’s use of the work of

  • How audit methodologies will change in the future

    By Liz Farr, CPA June 15, 2017 Alan W. Anderson, CPA, founder of ACCOUNTability Plus LLC, believes the question to ask isn’t “What is the audit firm of the future?” but “What is going to be audited in the future?” Auditing today is frequently a mad dash against the clock from planning to fieldwork to

  • Technology trends for accounting firm leaders

    Technology advances can help today’s accounting firms satisfy the demands to be faster, smarter, and less costly. But the choices can also be overwhelming, with no shortage of new accounting software and upgrade options coming to market, said Brian Tankersley, CPA/CITP, CGMA, a Tennessee-based accounting technology consultant. Firms that don’t embrace change put themselves at

  • Why CPAs need to get a grip on blockchain

    By Lou Carlozo June 13, 2017 By strict definition, blockchain is a global digital ledger of economic transactions that is transparent, continually updated by countless users, and considered by many as almost impossible to corrupt or hack. But in the broader sense, blockchain is also a lightning rod for highly charged opinion, confusion, and even

  • PCAOB’s New Auditor Report Standard for US Public Companies: Increasing Transparency or Chilling Productive Discussion?

    The Public Company Accounting Oversight Board (PCAOB) adopted a new auditor reporting standard on June 1, 2017.1 If approved by the U.S. Securities and Exchange Commission (SEC), the new standard would impose additional disclosure requirements in auditor’s reports, including communication of “critical audit matters” (CAMs),2 and should merit particular attention from audit committee members, chief

  • FASB votes to finalize hedge accounting standard

    The Financial Accounting Standards Board voted Wednesday to proceed to a final standard on hedge accounting, part of the financial instruments project that FASB had been working on for years with the International Accounting Standards Board before the two boards went their separate ways. FASB anticipates issuing the final hedging standard in August. The new

  • Lease accounting standard leaves companies with questions

    As companies get ready for the new lease accounting standard, they’re coming across a variety of complications and questions before the standard takes effect in the next few years. Deloitte recently issued a publication with answers to some of the frequently asked questions its clients have encountered. “From an implementation perspective, companies are now digging

  • Companies falling behind schedule on revenue recognition standard

    By Michael Cohn Many companies are at risk of falling behind schedule on implementing the revenue recognition standard, according to a new survey by Ernst & Young, and CFOs and CIOs are not in agreement on the reason why. According to the findings, 70 percent of companies do not yet have their revenue recognition programs

  • PCAOB proposes new requirements for use of specialists and accounting estimates

    The Public Company Accounting Oversight Board has issued a pair of new proposals: to strengthen its requirements for an auditor’s use of the work of specialists, and for auditing accounting estimates such as fair value measurements. The first proposal aims to give investors more protections by toughening the rules for evaluating the work of a

  • PCAOB expands auditors’ reporting duties

    By Ken Tysiac Reports prepared by public company auditors will contain more information for investors and other financial statement users as a result of new rules approved Thursday by the PCAOB during an open meeting in Washington. Under the new PCAOB standard and related amendments, the auditor’s report will retain the pass/fail opinion of the

  • Voices Preparing for FASB changes to revenue recognition and lease accounting

    By Michael Mathieson Published May 31 2017, 10:00am EDT Companies should begin to plan now how to incorporate the new standards and update procedures for the Financial Accounting Standards Board’s accounting updates on two significant topics: revenue recognition and lease accounting. In 2014, FASB and the International Accounting Standards Board issued a converged standard for

  • FASB performs maintenance on Accounting Standards Codification

    By Ken Tysiac May 30, 2017   FASB made the first of several scheduled maintenance updates to its Accounting Standards Codification on Tuesday as part of an effort to simplify the codification’s structure. No guidance will change as a result of these updates, but the structure of the content of some topics will be changed,

  • Prince Charles’ group offers guide to accounting for social and human capital

    By Michael Cohn The Prince of Wales’ Accounting for Sustainability Project (A4S) Chief Financial Officer Leadership Network has produced a new guide to help finance professionals consider social and human capital when making decisions. The guide was written by financial professionals from companies such as Burberry, Sainbury’s and Unilever to help their fellow finance pros

  • New EU Data Protection Law May Impact US Managers

    Blog Investment Fund Law Blog Pillsbury Winthrop Shaw Pittman LLP European Union, USA May 24 2017 The new EU data protection framework, called the General Data Protection Regulation (GDPR), will take effect in May 2018. These new laws will significantly impact any companies doing business in Europe, even those without a physical EU presence (e.g.

  • Blockchain and the financial markets: Will 2017 be the year of the regulators?

    USA May 24 2017 New rules covering blockchain and distributed ledger technology could be on the horizon following a flurry of consultation papers by leading financial regulators. In 2016, policy makers and regulators started to take an active interest in blockchain and distributed ledger technology (DLT). However, many adopted a “wait and see” approach rather

  • PCAOB to consider adopting new auditor’s reporting standard

    By Ken Tysiac May 24, 2017 The PCAOB will hold an open meeting on June 1 to consider adopting a new standard that would require auditors to provide additional information in the auditor’s report. In its auditor’s reporting model project, the PCAOB has been working for years to find a mechanism for auditors to provide

  • ASB addresses engagements performed under 2 sets of attestation standards

    An interpretation issued Tuesday by the AICPA Auditing Standards Board permits practitioners to perform and report on an attestation engagement in accordance with AICPA attestation standards in addition to another set of attestation standards as long as both sets of standards are followed in their entirety. Additional language in Attestation Interpretation No. 4 to AT-C

  • Call for applications to undertake a literature review on the effect of implementation of IFRS 13 Fair Value Measurement

      The call for research seeks applications to undertake a literature review, bringing together the existing academic literature on the effect of implementation of IFRS 13 Fair Value Measurement. The International Accounting Standards Board (the Board) will use the review of literature in its Post-implementation Review of IFRS 13 (PIR). Funding of £4,000 is available

  • Consultation documents open for comment

      This page lists all documents that are currently open for comment, in order of comment deadline (earliest first).  Click on the links below to jump to the right section or scroll down. IFRS Foundation – consultation documents IASB projects – consultation documents IFRS IC and other consultation documents Tentative agenda decisions open for comment

  • IASB finalises fundamental overhaul of insurance accounting

    18 May 2017 The International Accounting Standards Board (the Board) has today issued IFRS 17 Insurance Contracts. This first truly international IFRS Standard for insurance contracts will help investors and others better understand insurers’ risk exposure, profitability and financial position. IFRS 17 replaces IFRS 4, which was brought in as an interim Standard in 2004.

  • Fed seguiría adelante con alza de tasas pese a revuelo político

    El Mostrador por Bloomberg 19 mayo, 2017 Los observadores de la Fed dijeron que el banco central seguirá adelante con los planes destinados a normalizar gradualmente las tasas con el fin de frenar una economía que las autoridades creen está creciendo por encima de su potencial y evitar que las condiciones del mercado se sigan

  • FASB issues accounting standards update on service concession arrangements

    By Anslee Wolfe In a new accounting standard issued Tuesday, FASB hopes to provide clarity on how an operating entity determines the customer of the operation services for transactions. Accounting Standards Update No. 2017-10, Service Concession Arrangements (Topic 853): Determining the Customer of the Operation Services (a consensus of the FASB Emerging Issues Task Force),

  • Study finds signs of accounting manipulation in revenues reported by companies

    By Michael Cohn Published May 15 2017, 4:31pm EDT More in Financial reporting Earnings Many companies may be engaging in revenue management, along with earnings management, to meet or beat analyst expectations, particularly in the technology and health care industries, according to a new study. The study, by assistant professor Rong Zhao of the University

  • The 8 big mistakes accountants make

    Successfully avoiding mistakes is a key to practice growth, particularly those mistakes that can hinder client retention and new client acquisition – universal concerns of the accounting profession. Here are eight of the biggest mistakes most accountants make in practice management and how to avoid them. (View this article as a slideshow.) 1. Not differentiating

  • FASB assessing efficiency, effectiveness of GAAP taxonomy

    By Ken Tysiac May 10, 2017 FASB is considering making changes to the U.S. GAAP financial reporting taxonomy that would be intended to improve the taxonomy’s usability and the processes that support taxonomy-related activities. The GAAP taxonomy is a list of computer-readable tags in XBRL that enables companies to tag the financial data in financial

  • FBI warns of surge in wire-transfer fraud via spoofed emails

    By Alastair Sharp Attempts at cyber wire fraud globally, via emails purporting to be from trusted business associates, surged in the last seven months of 2016, the U.S. Federal Bureau of Investigation said in a warning to businesses. Fraudsters sought to steal $5.3 billion through schemes known as business email compromise from October 2013 through

  • Actualizaciones del IASB

    La Actualización del IASB es un resumen del personal técnico que incluye las decisiones provisionales tomadas por el IASB en sus reuniones públicas. La primera versión en español disponible es la Actualización de la reunión de noviembre de 2016. Si lo desea, puede consultar también todas las Actualizaciones en inglés aquí. 2017 Actualizaciones del IASB

  • IASB Meeting May 2017

    Scheduled meeting of the Board. The meeting will take place on 16-17 May 2017 Location: IASB Boardroom, First Floor, 30 Cannon Street, London EC4M 6XH   Observers: To register for this meeting, please send an email to meetings@ifrs.org. Please state your name, company, and details of which days/sessions you would like to attend Webcast Registration You

  • The Public Company Accounting Oversight Board is seeing signs of progress on audit quality in its inspections.

    “We’ve seen the large firms dedicate significant resources toward remediating deficiencies and improving quality control systems,” said PCAOB board member Jeanette Franzel during a speech Thursday at Baruch College’s financial reporting conference in New York. “To varying degrees across the large firms, we’ve also seen improvements in tone at the top, coaching and support to

  • Reducing Unnecessary Complexity in Financial Reporting

    From the Chairman’s Desk: By Russell G. Golden, FASB Chairman Reducing unnecessary complexity in financial reporting benefits all our stakeholders. While some have said that our initiative to reduce unnecessary complexity degrades financial reporting and simple “GAAP” allows companies to omit important information, I have found quite the contrary to be true. Everyone who participates

  • Progress towards global accounting standards: 2017 Pocket Guide published

    03 May 2017   The IFRS Foundation has today published the 2017 edition of its Pocket Guide to IFRS® Standards: the global financial reporting language. The Guide shows continuing progress towards further enhancing the quality of IFRS Standards and increasing adoption around the world. The Pocket Guide provides an overview of the progress towards adoption

  • FinREC seeks comment on telecommunications revenue recognition issue

    An issue for telecommunications entities related to considering the effect of the time value of money is the lone revenue recognition implementation working draft published this month by the AICPA Financial Reporting Executive Committee (FinREC). FinREC has published an industry-specific guide to implementing FASB’s revenue recognition standard that is available for purchase at the revenue

  • Twelfth progress report on adoption of Basel III standards published by the Basel Committee

    Press release The Basel Committee on Banking Supervision has today issued the Twelfth progress report on adoption of the Basel regulatory framework. This report sets out the adoption status of Basel III standards for each BCBS member jurisdiction as of end-March 2017. It updates the Committee's previous progress reports which have been published on a
  • SEC Awards Nearly $4 Million to Whistleblower

    FOR IMMEDIATE RELEASE 2017-84 Washington D.C., April 25, 2017— The Securities and Exchange Commission today announced an award of nearly $4 million to a whistleblower who tipped the agency with detailed and specific information about serious misconduct and provided additional assistance during the ensuing investigation, including industry-specific knowledge and expertise. “Not only did this whistleblower

  • CAQ Alert #2017-01 – AICPA Publishes Criteria to Evaluate and Report on Cybersecurity

    As the discussion around cybersecurity has grown, so has the auditing profession’s engagement with key stakeholders in the capital markets. The auditing profession is in a strong position to play an important role in advancing cybersecurity risk management practices, bringing to bear its deep expertise in providing independent evaluations of a broad range of subject

  • Study questions value of auditor rotation

    Mandatory rotation of auditing firms and engagement partners doesn’t necessarily foster greater professional skepticism, according to a new academic study. The study polled 233 pairs of auditors and their contact persons at client firms (mainly CEOs or CFOs) on their attitudes towards mandatory rotation and found that trust and professional skepticism can work hand in

  • IASB proposes tweaks to financial instruments standard

    The International Accounting Standards Board has proposed a set of minor amendments to the financial instruments standard to make it easier to implement. The changes to IFRS 9 would allow companies using International Financial Reporting Standards to measure certain prepayable financial assets with so-called “negative compensation” at amortized cost. They come in response to comments

  • IASB proposes minor amendments to IFRS 9 to aid implementation

    21 April 2017   The International Accounting Standards Board (the Board) has today proposed minor amendments to the financial instruments Standard, IFRS 9, to enable companies to measure at amortised cost certain prepayable financial assets with so-called negative compensation. The amendments respond to comments received by the IFRS Interpretations Committee and are intended to improve

  • 4 in 10 Americans say technology leads them to pay more for convenience

    By Samiha Khanna Technology has made it easier for consumers to save money on goods and services, but the convenience it offers can lead to increased spending. In a recent AICPA survey, 41% of Americans said that their use of personal technology makes them more likely to pay extra for convenience. The survey, conducted in

  • IASB Meeting April 2017

    Scheduled meeting of the Board. The meeting will take place on 24 and 27 April 2017 Location: IASB Boardroom, First Floor, 30 Cannon Street, London EC4M 6XH   Observers: To register for this meeting, please send an email to meetings@ifrs.org. Please state your name, company, and details of which days/sessions you would like to attend. Webcast Registration You

  • GAO proposes changes in Government Auditing Standards

    The Government Accountability Offices is asking for feedback on a set of proposed changes to Government Auditing Standards, commonly known as the “Yellow Book,” the first revision since 2011. The GAO originally issued the standards in 1972. The 2017 exposure draft of proposed changes takes into account some of the developments in the auditing, accountability

  • SEC: Payments for Bullish Articles on Stocks Must Be Disclosed to Investors

    Press Release 27 Firms and Individuals Charged With Fraudulent Promotion of Stocks FOR IMMEDIATE RELEASE 2017-79 Washington D.C., April 10, 2017— The Securities and Exchange Commission today announced enforcement actions against 27 individuals and entities behind various alleged stock promotion schemes that left investors with the impression they were reading independent, unbiased analyses on investing

  • SEC: Payments for Bullish Articles on Stocks Must Be Disclosed to Investors

    27 Firms and Individuals Charged With Fraudulent Promotion of Stocks FOR IMMEDIATE RELEASE 2017-79 Washington D.C., April 10, 2017— The Securities and Exchange Commission today announced enforcement actions against 27 individuals and entities behind various alleged stock promotion schemes that left investors with the impression they were reading independent, unbiased analyses on investing websites while

  • Expectations and paths don’t always align for controllers

    Most controllers are expected to shape and execute strategic initiatives, an evolution of the finance role that mirrors that of the CFO. Yet, few companies clearly define a path for controllers to take on greater responsibility, according to a report by Deloitte released Wednesday. Ninety-two percent of North American controllership professionals say the CFO and

  • Publicada la Actualización del IASB de marzo de 2017

    07 April 2017 El IASB se reunió el 21 y 22 de marzo de 2017 y se ha publicado un resumen de esta reunión. Los temas que se trataron fueron: Información corporativa más amplia Plusvalía y deterioro del valor Tasas de descuento-mediciones del valor presente Contratos de seguro (actualización verbal) Estados Financieros Principales El Marco