• PCC seeks accounting relief for smallest private companies

    By Ken Tysiac Concerns about accounting compliance overload at the smallest private companies bubbled to the surface Tuesday as Private Company Council (PCC) members debated whether to initiate a formal review of the Private Company Decision-Making Framework. – Overload has become a big issue as financial statement preparers are working to implement new high-impact FASB

  • SEC Moves to Identify ‘High-Quality’ Non-GAAP Measures

    Non-GAAP Measures BY MICHAEL COHN DEC 12, 2016 6:53PM ET Some non-GAAP financial measures are more kosher than others, and the Securities and Exchange Commission is looking to provide better guidance on which types are sanctified or sanctioned. At last week’s AICPA conference on current SEC and PCAOB developments in Washington, D.C., Mark Kronforst, chief

  • Two-part FASB proposal addresses accounting for certain financial instruments

    By Ken Tysiac December 7, 2016 Accounting Compliance and Reporting (US) FASB issued a two-part proposal Wednesday that is designed to address the complexity related to applying GAAP to certain financial instruments associated with liability and equity. In Part I of the proposal, FASB addresses the complexity of accounting for certain financial instruments with down

  • International Accounting Standards Board issues minor changes to IFRS Standards

    08 December 2016 The International Accounting Standards Board (the Board) has today issued several amendments to IFRS Standards and an Interpretation that clarifies the requirements in particular Standards. These changes are part of the Board’s process to maintain IFRS Standards. The changes include: annual improvements to IFRS Standards—these are minor amendments that clarify, correct or remove

  • Accounting Officials Scrutinize Non-GAAP Measures

    Washington, D.C. (December 5, 2016) By Michael Cohn Officials from the Securities and Exchange Commission and the Center for Audit Quality discussed the effort to rein in the use of non-GAAP financial measures during an American Institute of CPAs conference Monday.   Wesley Bricker “Turning now to non-GAAP reporting, good practices in this area begin

  • Audit Deficiencies Decreasing, but Still High

    Atlanta (December 2, 2016) By Daniel Hood Audit deficiencies at public companies decreased for the first time in five years in 2015, but remain high, according to a new analysis. The analysis, part of the fifth annual Survey of Fair Value Audit Deficiencies by Atlanta CPA firm Acuitas Inc., which examines recent Public Accounting Oversight

  • AICPA’s FinREC Responds to FASB’s Proposed Hedging Improvements

    Washington, D.C. (November 30, 2016) By Danielle Lee The American Institute of CPAs’ Financial Reporting Executive Committee (FinREC) submitted comments to the Financial Accounting Standards Board regarding FASB’s targeted improvements to accounting for hedging activities. The letter, in response to FASB’s Proposed Accounting Standards Update, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for

  • FASB proposal would improve hedge accounting, AICPA committee says

    By Ken Tysiac A FASB proposal for targeted improvements to accounting for hedging activities would simplify and improve the current model, according to a comment letter sent Monday by the AICPA Financial Reporting Executive Committee (FinREC). In an effort to improve the hedge accounting model, FASB on Sept. 8 issued Proposed Accounting Standards Update, Derivatives

  • IFRS for SMEs Update

    The IFRS for SMEs Update is a staff update about news relating to the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The Update is published on a regular basis, with news about adoptions, resources, and implementation guidance. Past editions are accessible below. To receive the IFRS for SMEs Update as

  • PCAOB Sets Strategic Plan

    Washington, D.C. (November 23, 2016) By Michael Cohn The Public Company Accounting Oversight Board approved its fiscal year 2017 budget of approximately $268.5 million, along with a strategic plan through 2020 to guide its programs and operations. James Doty The 2017 budget represents a 4.2 percent increase of the PCAOB’s 2016 budget of $257.7 million.

  • FASB aims for consistency in modification accounting

    By Ken Tysiac November 18, 2016 Financial statement preparers would receive specific guidance on when to apply modification accounting under a proposal FASB issued Thursday. Proposed Accounting Standards Update, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, would clarify which changes to the terms or conditions of a share-based payment award require application of modification

  • SEC names Bricker chief accountant

    By Ken Tysiac November 22, 2016 Wesley Bricker, a CPA and former PwC partner who has a law degree and is a member of the New York State Bar Association, was named chief accountant by the SEC on Tuesday. Bricker has served as interim chief accountant since July while James Schnurr has been recovering from

  • November IFRIC Update published

    23 November 2016 The November 2016 IFRS Interpretations Committee Update (IFRIC Update) has been published. View this IFRIC Update and previous Updates. Items on the current agenda IAS 12 Income Taxes—Uncertainty over Income Tax Treatments—due process steps (Agenda Paper 4) IFRS 9 Financial Instruments—Modification or exchange of financial liabilities that do not result in derecognition

  • JPMorgan Chase Paying $264 Million to Settle FCPA

    FOR IMMEDIATE RELEASE 2016-241 Washington D.C., Nov. 17, 2016 — The Securities and Exchange Commission today announced that JPMorgan Chase & Co. has agreed to pay more than $130 million to settle SEC charges that it won business from clients and corruptly influenced government officials in the Asia-Pacific region by giving jobs and internships to
  • FASB Proposes Changes in Accounting for Stock Compensation

    By Michael Cohn The Financial Accounting Standards Board has released a proposed accounting standards update related to the scope of modification accounting for stock-based compensation. FASB is issuing the proposed update to provide more clarity and discourage differences in practice when applying the guidance in the standards for stock compensation about a change to the

  • Goodwill Impairment on the Rise at U.S. Companies

    New York (November 16, 2016) By Michael Cohn Public companies in the U.S. recorded $57 billion in goodwill impairment last year, more than double the amount of impairment they recorded the previous year, according to a new study. Greg Franceschi The study, by the valuation and corporate finance advisor Duff & Phelps, found this record

  • IFAC Reaches Out to Pope Francis on Role of Accountants

    New York (November 17, 2016) By Michael Cohn The International Federation of Accountants has sent a letter to Pope Francis on how the accounting profession can help him with the fight against financial fraud and corruption.   Olivia Kirtley Outgoing IFAC president Olivia Kirtley, a former chair of the American Institute of CPAs, wrote to

  • Election Creates ‘Very Real Possibility’ of Tax Reform

    Trump and GOP tax plans suddenly look achievable November 9, 2016 By Michael Cohn , Roger Russell , Sean McCabe , Daniel Hood With Donald Trump having aligned his tax plans with those of Congressional Republicans over the course of the campaign, his election puts the GOP in a position to enact significant changes in

  • Trump’s Tax Challenge: Finding A Way to Pay for Cuts

    November 9, 2016 By Roger Russell Donald Trump has already done the impossible by winning the presidency, but once he takes office he may have to do so again – by finding a way to pay for the across-the-board tax cuts he promised during his campaign. “Trump’s plan is vague on the ‘pay-fors’”, said Mark

  • Developments in the IASB research project Primary Financial Statements

    07 November 2016 The Primary Financial Statements project is an early-stage research project examining possible changes to the structure and content of the primary financial statements. It is an important part of the International Accounting StandardsBoard’s (the Board’s) better communication theme. To learn more about the Board’s plan for better communication in financial reporting click here. Upcoming

  • FASB proposes new guidance for service concession arrangements

    By Ken Tysiac November 4, 2016 FASB proposed new guidance Friday that is designed to eliminate diversity in practice in how operating entities determine who is the customer in service concession arrangements. In a service concession arrangement, an operating entity operates infrastructure (such as airports, roads, bridges, tunnels, prisons, and hospitals) for a public-sector grantor

  • Asociación de Auditores Externos – AECHILE – realizó Asamblea Anual 2016

    Asociación de Auditores Externos – AECHILE – realizó Asamblea Anual 2016

    El 29 de septiembre pasado se realizó la Asamblea Anual de la Asociación de Auditores Externos de Chile AG (AEChile), entidad en que participan las Firmas Auditoras más relevantes y de mayor tradición que operan en nuestro país. En la ocasión, se aprobó por unanimidad la cuenta anual y se reeligió el Directorio por un

  • Financial Execs Concerned about Internal Controls

    New York (January 25, 2016) By Michael Cohn Nearly a third of financial reporting executives in a new poll said internal control over financial reporting was their highest concern beyond their financial reporting responsibilities. KPMG surveyed nearly 400 financial executives during the firm’s 25th Annual Accounting & Financial Reporting Symposium and 31 percent cited internal

  • ACCA and IMA See Role for Accountants in Integrated Reporting

    New York (January 20, 2016) By Michael Cohn The Association of Chartered Certified Accountants and the Institute of Management Accountants have released a new report on how accountants can play a key role in the trend toward integrated reporting. Raef Lawson The report, “From Share Value to Shared Value: Exploring the Role of Accountants in

  • Revenue recognition, lease standards challenge preparers

    By Ken Tysiac January 21, 2016 Important new standards for revenue recognition and leases are causing difficulty for corporate financial statement preparers, a new survey shows. Just 29% of corporate preparers said their companies have a clear plan to implement the new revenue recognition standard, according to a KPMG LLP survey of nearly 400 financial

  • Boards Relying on Internal Audit to Protect Against Risk

    New York (January 20, 2016) By Michael Cohn Companies are taking steps to prepare for a reputational crisis by employing an internal audit function, but less than half the board members polled in a new survey feel they are “well-versed” in the issues. Charly Weinstein The survey, by the accounting firm EisnerAmper, found that 78

  • IASB issues narrow-scope amendments to IAS 12 Income Taxes

    19 January 2016 The International Accounting Standards Board® (the Board) today issued amendments to IAS 12 Income Taxes. The amendments, Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12), clarify how to account for deferred tax assets related to debt instruments measured at fair value. IAS 12 provides requirements on the recognition

  • SEC Awards Whistleblower More Than $700,000 for Detailed Analysis

    FOR IMMEDIATE RELEASE 2016-10 Washington D.C., Jan. 15, 2016 —The Securities and Exchange Commission today announced a whistleblower award of more than $700,000 to a company outsider who conducted a detailed analysis that led to a successful SEC enforcement action.   “The voluntary submission of high-quality analysis by industry experts can be every bit as

  • Audit committees prefer customized, tailored audit quality indicators

    By Ken Tysiac January 12, 2016 Audit committee members would prefer the ability to tailor and customize audit quality indicators to suit their specific information needs, a new Center for Audit Quality (CAQ) report shows. The development of objective measures of audit quality has been a focus of the profession for years. The PCAOB issued

  • IASB Releases Lease Accounting Standard

    New York (January 12, 2016) By Michael Cohn The International Accounting Standards Board issued the long-awaited lease accounting standard that it has been developing for over a decade with the Financial Accounting Standards Board, which is also expected to release its version of the standard early this year. Hans Hoogervorst Both the IASB and FASB

  • IASB issues leases standard; FASB to follow

    By Ken Tysiac January 12, 2016 The International Accounting Standards Board (IASB) issued a much-anticipated new accounting standard Tuesday that will require all leases to be reported on a company’s balance sheet as assets and liabilities. For the IASB, the issuance of IFRS 16, Leases, completes a convergence project that resulted in similar conclusions in

  • IASB issues leases standard; FASB to follow

    By Ken Tysiac January 12, 2016 The International Accounting Standards Board (IASB) issued a much-anticipated new accounting standard Tuesday that will require all leases to be reported on a company’s balance sheet as assets and liabilities. For the IASB, the issuance of IFRS 16, Leases, completes a convergence project that resulted in similar conclusions in

  • Going Concern Opinions Trending Down, for a Reason

    Sutton, Mass. (January 11, 2016) By Michael Cohn The number of going concern opinions declined in 2014, but mainly because many of the companies identified as being in trouble by their auditors in previous years actually did go out of business. The research firm Audit Analytics released its latest report on going concerns and found

  • IAASB Revises Standard for Auditing Special Purpose Financial

    New York (January 8, 2016) By Michael Cohn The International Auditing and Assurance Standards Board has finalized the changes in its standard for auditor reporting on special purpose financial statements. Arnold Schilder The IAASB, which operates under the International Federation of Accountants, released ISA 800 (Revised), Special Considerations—Audits of Financial Statements Prepared in Accordance with

  • The IFRS Foundation comments on ESMA’s Consultation Paper on the European Single Electronic Format (ESEF)

    07 January 2016 The IFRS Foundation, which is responsible for the governance and oversight of the International Accounting Standards Board (IASB), welcomes ESMA’s proposal to use the IFRS Taxonomy™ as issued by the IFRS Foundation for structured financial reporting under IFRS. The IFRS Foundation believes that the introduction of structured electronic reporting (which includes the

  • FASB ISSUES NEW GUIDANCE ON THE RECOGNITION AND MEASUREMENT OF FINANCIAL INSTRUMENT

    Norwalk, CT, January 5, 2016—The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) intended to improve the recognition and measurement of financial instruments. The ASU affects public and private companies, not-for-profit organizations, and employee benefit plans that hold financial assets or owe financial liabilities. “The new standard is intended to provide

  • IASB sets up procedure for receiving implementation issues on the IFRS for SMEs

    04 January 2016 The International Accounting Standards Board (‘the Board’) has set up a procedure whereby small companies and other interested parties can submit implementation issues on the IFRS for SMEs for consideration. During the recent comprehensive review of the IFRS for SMEs—the Standard developed for entities that do not have public accountability and that

  • Swiss Bank Fines Top $1 bn

    December 28, 2015 By David Voreacos and Giles Broom (Bloomberg) (Bloomberg) Five more Swiss banks, including one owned by Brazilian billionaire Joseph Safra, agreed to pay penalties to avoid prosecution for helping U.S. clients evade taxes, pushing the number of accords to 73 and total payments to more than $1 billion. Bank J. Safra Sarasin

  • GASB moves to reduce confusion for external investment pools

    By Ken Tysiac December 23, 2015   GASB issued a new standard Wednesday that will allow many state and local government external investment pools to continue to qualify for amortized cost accounting following rule changes the SEC is implementing. The standard addresses how certain state and local government external investment pools—and participants in those pools—may

  • Basel Committee on Banking Supervision Publishes Third Progress Report on the Compliance by G-SIBs with Principles for Effective Risk Data Aggregation and Risk Reporting

    Shearman & Sterling LLP Global December 23 2015 On December 16, 2015, the Basel Committee published its third progress report on the adoption by banks of its Principles for effective risk data aggregation and risk reporting. The Principles must be implemented by global systemically important banks by January 1, 2016, and aim to strengthen risk

  • Revenue recognition clarifications affirmed by FASB, IASB

    By Ken Tysiac December 18, 2015 FASB and the International Accounting Standards Board (IASB) have reaffirmed amendments they had proposed to clarify principal vs. agent guidance in the new, converged revenue recognition standard. The boards issued the standard in May 2014 in a united effort to make revenue recognition guidance adhere to the same principles

  • IASB postpones accounting changes for associates and joint ventures until completion of broader review

    17 December 2015 The International Accounting Standards Board (IASB) has postponed the date when entities must change some aspects of how they account for transactions between investors and associates or joint ventures. The postponement applies to changes introduced by the IASB in 2014 through narrow-scope amendments to IFRS 10 Consolidated Financial Statements and IAS 28

  • Proyecto de Ley con reforma a la Reforma tributaria

    Nota del Editor de AECHILE Se acompaña el documento enviado por el Gobierno a la Cámara de Diputados.   Descargar – word 1.3 MB  

  • AICPA Proposes New Compilation Standards

    New York (December 14, 2015) By Michael Cohn The American Institute of CPAs’ Accounting and Review Services Committee has issued three proposed Statements on Standards for Accounting and Review Services, or SSARS, related to prospective and pro forma financial information. One of the proposed SSARS, “Compilation of Prospective Financial Information,” would move and change some

  • PCAOB Plans Vote on Disclosing Name of Audit Engagement Partner

    Washington, D.C. (December 11, 2015) By Michael Cohn The Public Company Accounting Oversight Board has scheduled a meeting for next Tuesday to vote on new rules that would require auditing firms to disclose the name of the engagement partner and other accounting firms that participated in an audit. The rules under consideration would require disclosure

  • FASB and IASB Ready Rollout of New Standards

    Washington, D.C. (December 10, 2015) By Michael Cohn Leaders of the Financial Accounting Standards Board and the International Accounting Standards Board are bracing for the release of the leasing standard and other standards that have been under development and generating debate for over a decade.   Russell Golden “With regard to the potential economic impact

  • SEC discussing supplementary IFRS option for US issuers

    By Ken Tysiac December 9, 2015 The SEC is considering regulatory changes that would make it possible for U.S. public companies to provide IFRS-based information as a supplement to U.S. GAAP financial statements. SEC Chief Accountant James Schnurr said Wednesday that the SEC staff will hold discussions with SEC commissioners regarding regulatory changes that could

  • Art of Accounting: Most Business Clients Must Use an Accountant, but They Don’t Have to Use You

    December 7, 2015 By Edward Mendlowitz I met someone last week and asked how she was doing with her accountant. She said everything was fine, but reduced the three interim quarterly visits to once every four months. The yearend work did not change. This got me thinking. Most business clients must use an accountant, but

  • PCC votes to remove effective dates from GAAP alternatives

    By Ken Tysiac December 4, 2015 The Private Company Council (PCC) voted during a meeting Friday to remove the effective dates from the four accounting standards updates that it has created to provide GAAP alternatives for private companies. FASB will meet soon to consider endorsement of the PCC’s decision. If FASB endorses it, a standard

  • Internal Auditors Assess Their Value

    By Michael Cohn November 30, 2015 A recent report from the Institute of Internal Auditors focuses on how internal auditors view the value they bring to their organizations, even while many of their organizations have no performance measures in place for the internal audit function. The survey, from the IIA Research Foundation, found that chief