• Fewer fraud cases going to law enforcement: ACFE

    April 17 2018 Published: AccountingToday There has been a sharp drop in the percentage of fraud cases that get handed over to law enforcement, the Association of Certified Fraud Examiners (ACFE) reported Tuesday. In the ACFE’s biennnial Report to the Nations, the group noted that between January 2016 and October 2017, 58 percent of cases were

  • Top questions for investors about revenue recognition

    April 16 2018 Published: Accounting Today  The CFA Institute has some advice for investors about the main questions they should be asking about the new revenue recognition standard. In a recent report, Revenue Recognition: Top 10 Questions Investors Should Ask About the Adoption of the New Standard, Sandra Peters, head of the Financial Reporting Policy Group

  • SEC Unveils Public Service Announcement to Promote Background Checks on Investor.gov

    April 16, 2018 Published: SEC The Securities and Exchange Commission today unveiled a public service announcement (PSA) to encourage investors to check the background of their investment professional by using the free search tool on Investor.gov before investing.  Investor.gov, the SEC’s website dedicated to individual investors, provides investors with tools and resources to help them invest wisely and avoid fraud. “Investor education is an important

  • CAQ helps boards manage cybersecurity risk

    April 12, 2018 Published: AccountingToday The Center for Audit Quality has released a tool to help members of the boards of public companies oversee cybersecurity risk management in their organization. The publication, Cybersecurity Risk Management Oversight: A Tool for Board Members, offers questions that board members can use as they discuss cybersecurity risks and disclosures with

  • How Management Contributes to Audit Quality

    April 9, 2018 Pubished IFAC By Taryn Abate What role can management play in improving audit quality? It is a question that has been largely ignored since the financial crisis of 2008. Instead, initiatives aimed at improving audit quality have focused almost singularly (and understandably) on what auditors could and should be doing. The reality

  • IESBA rewrites code of ethics for accountants

    April 10 2018 Published: Accounting Today The International Ethics Standards Board for Accountants has released a new code of ethics for accountants that’s been rewritten to make it simpler to navigate, use and enforce. The International Code of Ethics for Professional Accountants (including International Independence Standards) clarifies how accountants should cope with independence and ethics issues and

  • The Financial Reporting Council (FRC) Regulador del UK, implements updated sanctions to auditors, accountants and actuaries.

    9 Apr 2018 Published: The Accountant By Joe Pickard The Financial Reporting Council (FRC), the UK’s independent regulator, has published updated guidance for the Tribunal that hears FRC Enforcement cases involving auditors, accountants and actuaries. The updated guidance has implemented the recommendations which were provided by a publication by an independent review of the sanctions

  • 4 Key Steps for CFOs to Instill Integrated Thinking and Reporting

    April 9, 2018 Published: IFAC by Laura Leka and Stathis Gould Chief Financial Officers (CFOs) are natural leaders in integrated reporting and embracing this gives them the opportunity to shine as “changemakers” in their organizations, where they inspire new thinking and understanding of value creation. This is according to a new publication, ‘Creating Value – CFO Leadership

  • Voices: AICPA proposes independence rules for tech services

    April 06 2018 Published: AccountingToday With 73 percent of Accounting Today’s “2018 Top 100 Firms” reporting growth in their technology consulting business in the past year, they will want to pay attention to a recently released American Institute of CPAs’ proposal on independence rules for non-attest services. On March 15, the institute’s Professional Ethics Executive

  • IOSCO issues recommendations to improve regulatory reporting and transparency in corporate bond markets

    Madrid 05 April 2018 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) published today itsrecommendations for improving the information on secondary corporate bond markets available to both regulators and the public. The recommendations seek to ensure that regulators have better access to information so they can perform their functions more effectively,

  • CAQ Tool Helps Audit Committees Oversee Implementation of New Leases Accounting Standard

    April 4, 2018 Published: The Caq The Center for Audit Quality (CAQ) released a new tool designed to help audit committees exercise their oversight responsibilities as companies implement a new leases accounting standard that begins to take effect in January 2019. Only 21 percent of finance, accounting and other professionals say their companies are “extremely”

  • GASB offers guidance on debt disclosures, direct borrowings and placements

    April 02, 2018 Published: AccountingToday The Governmental Accounting Standards Board released guidance Monday to improve debt-related disclosures in notes to financial statements, including how they address direct borrowings and direct placements. In Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements, GASB spells out which liabilities governments should include in their

  • How we will learn to love big data in 2018

    27 March 2018 Published: ICAS By Chris Sheedy, CA Today Leading futurist and keynote speaker Ross Dawson, who regularly consults to accounting, finance and banking bodies, spoke with Chris Sheedy about the single greatest opportunity that the future holds for accountants. There are a lot of reasons to be happy about putting 2017 behind us.

  • IASB finishes revising conceptual framework

    March 29, 2018 Published: IFRS The International Accounting Standards Board (Board) has today issued a revised version of its Conceptual Framework for Financial Reporting that underpins IFRS® Standards. The Conceptual Framework sets out the fundamental concepts of financial reporting that guide the Board in developing IFRS Standards. It helps to ensure that the Standards are conceptually consistent and that similar

  • Accountants can help companies meet SEC demand for cybersecurity disclosures

    March 27 2018 Published: AccountingToday The Securities and Exchange Commission recently issued guidance on disclosures by public companies of the cybersecurity risks they are facing and what they’re doing to address those risks. Accountants can play a role in helping companies by providing assurance and attestation services to make sure they’re taking steps to mitigate

  • International Accounting Standards Board seeks comments on proposed amendments to IAS 8

    27 March 2018 Published: IFRS The International Accounting Standards Board (Board) has today published for public consultation proposed narrow-scope amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. IAS 8 sets out the criteria for selecting and changing accounting policies. Companies change accounting policy either as a result of new requirements in IFRS

  • Inteligencia artificial, qué sucede con la seguridad y la privacidad de los datos

    26 de marzo de 2018 Published: INVERSOR LATAM By: Weber Canova, vice-presidente de Tecnología de TOTVS. El intercambio de información posibilita un benchmarking con el mercado. Esta colaboración ayuda a las organizaciones a conocer mejor el mercado en el que actúan y tomar decisiones más acertadas para un crecimiento sostenible. La velocidad de surgimiento de nuevas

  • New FAQs address familiarity threats for long-tenured senior engagement personnel

    March 21, 2018 Published: Journal of Accountancy Two new Frequently Asked Questions (FAQs) issued by the AICPA Professional Ethics Division provide nonauthoritative guidance for the effects on independence when senior personnel have been on an attest engagement team for a long period. The new FAQs have been added to the end of the Professional Ethics

  • Controllers Talk About the Paths They’ve Taken Toward SOX Compliance

    March 19, 2018 Published: GoingConcern By Jason Bramwell As we approach the “sweet sixteen” of the Sarbanes-Oxley Act later this summer, corporate controllers provided some perspective on how SOX compliance efforts have changed with the times and what challenges they continue to face. “I’ve seen quite a few SOX changes through the years and improvements to internal

  • Mixed results seen in early revenue recognition standards implementation

    March 20, 2018 Published: AccountingToday Businesses that were early adopters of the revenue recognition standard that’s taking effect for public companies this year have been running into some issues with regulators and investors, according to some observers. The Financial Accounting Standards Board, with the support of the Securities and Exchange Commission, set an effective date

  • Sec accepts 2018 GAAP Financial Reporting Taxonomy

    March 19, 2018 Published: FASB Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2018 GAAP Financial Reporting Taxonomy. The FASB also announced that the SEC has accepted the 2018 SEC Reporting Taxonomy (SRT), which is new this year. The 2018 GAAP Financial Reporting Taxonomy contains updates for accounting

  • How blockchain might affect audit and assurance

    March 15, 2018 Published: Journal of Accountancy   Although emerging blockchain technology may significantly change financial statement auditing, accounting professionals will continue to have an important role in the audit and may see new opportunities related to blockchain, according to a newly released audit and assurance alert. Blockchain technology forms the foundation for an internet-based

  • CAQ offers advice for audit committees on non-GAAP measures

    March 16 2018 Published: AccountingToday The Center for Audit Quailty has released a new publication offering considerations for audit committee members to help with oversight of non-GAAP measures. The publication, Non-GAAP Measures: A Roadmap for Audit Committees, outlines considerations for audit committees, including how to assess whether a company’s non-GAAP metrics offer a balanced representation of

  • AICPA releases dual reporting auditing interpretation

    March 14 2018 Published: AccountingToday The American Institute of CPAs’ Auditing Standards Board has issued an auditing interpretation to help accountants comply with standards from both the AICPA and the Public Company Accounting Oversight Board. Auditing interpretation No. 4, “Reporting on Audits Conducted in Accordance With Auditing Standards Generally Accepted in the U.S. and the

  • Revised ISO 31000 Risk Management Standard: Still a Good Reference but Not Substantially Improved

    March 13, 2018 Published: IFAC by Vincent Tophoff, Senior Technical Manager, IFAC Earlier this year, the International Organization for Standardization (ISO) issued the revised standard ISO 31000 – Risk management, which provides principles, framework and a process for managing risk in any organization regardless of its size, activity or sector. Users of the previous version will find

  • Key audit matters: unlocking the secrets of the audit

    March 13, 2018 Published: ACCA The global implementation of the IAASB’s changes to auditor reporting standards is broadly a year old. We set out to discover what difference a year makes. Concept of the key audit matter (KAM) The concept of a KAM was borne out of investor demand for more detail on the audit

  • IOSCO seeks to protect senior investors from financial fraud, unsuitable investments and other risks

    Madrid 12 March 2018 Published: IOSCO The Board of the International Organization of Securities Commissions has published today a report that examines the growing vulnerability of ageing investors to financial fraud and other risks and identifies sound practices for enhancing their protection. The report Senior Investor Vulnerability reveals that seniors are at a higher risk

  • Companies hurry to adopt new hedge accounting standard

    March 09 2018 Published: AccountingToday Some companies have opted to early adopt the new hedge accounting standard, particularly banks, even though they’re still dealing with other new accounting standards. The Financial Accounting Standards Board issued its hedging standard last August, making it effective for public companies in 2019 and private companies in 2020, but also

  • Environmental, Social and Governance (ESG) reporting on the rise

    6 March 2018 Published: The Accountant Author: Stephanie Wix Environmental, social and governance (ESG) reporting trends are on the rise, according to a report by the World Business Council for Sustainable Development (WBCSD) and the Climate Disclosure Standards Board (CDSB). The report found that environmental topics have been emerging in reporting requirements, yet governance topics

  • Voices: Five questions for the Accounting Singularity

    March 05 2018 Published: AccountingToday By: Daniel Hood You may have heard of the Singularity — the moment predicted by futurists when the evolution of computers and software reaches a point that a true “artificial intelligence” is created. Beyond that, the futurists say, everything in our world will change so rapidly and so profoundly that

  • ASB issues auditing interpretation on dual reporting

    March 6, 2018 Published: Journal of Accountancy The AICPA Auditing Standards Board (ASB) issued an interpretation Friday to help auditors comply with reporting requirements under both AU-C Section 700 and PCAOB Auditing Standard No. 3101. Auditing Interpretation No. 4, Reporting on Audits Conducted in Accordance With Auditing Standards Generally Accepted in the United States of America

  • Risk Management crucial to effective strategic leadership, says ACCA

    2 March 2018 Published: The Accountant Company boards should focus on risk assessment, reporting and control to align with governance policies and objectives, because appropriate risk taking can protect them from potential losses and help them to exploit opportunities, according to research from the Association of Chartered Certified Accountants (ACCA). The report Risk and the

  • FASB addresses accounting for implementing certain cloud-computing arrangements

    March 1, 2018 Published: Journal of Accountancy FASB issued a proposed Accounting Standards Update (ASU) on Thursday that would clarify the accounting for implementation costs related to a cloud-computing arrangement that is a service contract. The proposal also would add new disclosure rules for implementation costs for internal-use software and cloud-computing arrangements. In issuing the

  • ACCA supports regulatory approach to initial Coin Offerings

    27 February, 2018 Published: The Accountant Author: Stephanie Wix While blockchain technology and cryptocurrencies are developing there needs to be a balance between regulation, risk management and innovation, according to The Association of Chartered Certified Accountants (ACCA). Originally developed to fund blockchain based innovation, Initial Coin Offerings (ICOs) are when investors receive coins/tokens rather than

  • Study suppots shorter auditor tenure

    Study suppots shorter auditor tenure 27 February, 2018 Published: Accounting Today By: Michael Cohn Efforts in the U.S. and Europe to encourage public companies to change auditors have largely failed, according to a new academic study. The study examined how audit regulators in the U.S. and Europe have responded to calls for mandatory auditor rotation.

  • Most companies are struggling with new lease accounting standard

    February 26 2018 Published: AccountingToday By: Ranica Arrowsmith Three quarters of companies find the new lease accounting standard set forth by the Financial Accounting Standards Board to be more complex than expected.   The FASB standard, released in 2016, requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for

  • SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures

    February 21, 2018 Published: SEC The Securities and Exchange Commission voted unanimously to approve a statement and interpretive guidance to assist public companies in preparing disclosures about cybersecurity risks and incidents. “I believe that providing the Commission’s views on these matters will promote clearer and more robust disclosure by companies about cybersecurity risks and incidents,

  • Monitoring Group announced Second Consultation

    February 22, 2018 Published: The Accountant In a statement the monitoring group – a set of international financial institutions and regulatory bodies responsible for the overall governance of the international audit-related standard-setting process and the review of its effectiveness – said that it had received responses from a wide variety of stakeholders, including investors, the

  • Fasb proposed update to list of permissible U.S. Benchmark Interest Rates for Hedge Accounting

    February 20, 2018 Published: FASB The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) that would expand the list of U.S. benchmark interest rates permitted in the application of hedge accounting. Stakeholders are encouraged to review and provide comment on the proposal by March 30, 2018. FASB Accounting Standards Codification® Topic

  • Fintech, la inversión mundial alcanzó los USD 31 mil millones

    20 de febrero de 2018 Publicado por Inversor Latam La inversión total y global en los últimos tres años en tecnología financiera llegó a USD 122 mil millones, Y el financiamiento de Fintech en las Américas creció en USD 5.9 mil millones, según KPMG. El informe Pulse of Fintech, acerca de los fondos de inversión

  • Auditor’s Role in Tackling Financial Crime

    20 February 2018 Published: The Accountant Accountancy Europe has released frequently asked questions explaining the role of the auditor in tackling financial crime, the legal basis of their responsibilities and what auditors can do in practice. The publication is based on the information paper Auditor’s role in fighting financial crime published in December 2017, which outlined how auditors

  • SEC Suspends Trading in Three Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology

    February 16, 2018 Published: SEC The Securities and Exchange Commission today suspended trading in three companies amid questions surrounding similar statements they made about the acquisition of cryptocurrency and blockchain technology-related assets. The SEC’s trading suspension orders state that recent press releases issued by Cherubim Interests Inc. (CHIT), PDX Partners Inc. (PDXP), and Victura Construction

  • Tenets of a quality audit

    15 February 2018 Published: IFAC – ACCA Think ahead By: Andrew Gambier – ACCA Quality auditing remains vital to public confidence and there is keen interest in initiatives that help keep up the pace of improvement. Standard setting In 2014, the International Auditing and Assurance Standards Board (IAASB) issued ‘A Framework for Audit Quality’, which

  • Voices: 5 common types of back office occupational fraud, and how Artificial Intelligence (AI) can stop them

    February 15 2018   Published: Accounting Today By: Anant Kale Often with their gray file cabinets and outdated paint jobs, corporate backrooms aren’t the most scintillating destinations, or topics of conversation. Yet for many companies they remain vitally important as the epicenter of occupational fraud detection.   So what are the most common tactics of

  • IFAC Response to the Monitoring Group Consultation

    February 09, 2018 Published: IFAC   International standards for auditing and ethics play a critical role in the global financial infrastructure, assisting in promoting economic stability and international consistency, and in doing so, enhancing international financial and capital flows essential to a thriving global economy. This is especially important for emerging economies. International standard setting

  • What tax reform means for audit committees

    February 9, 2018 Published: Journal of Accountancy By Ken Tysiac Any new development that has a significant impact on company financial statements and risk profiles requires serious attention from audit committees. One such development is the enactment of P.L. 115-97, known as the Tax Cuts and Jobs Act. Depending on the company, the law may

  • IFIAR Board responds to Monitoring Group Consultation Paper

    February 9, 2018 Published: IFIAR On November 9, 2017 the Monitoring Group issued the consultation paper Strengthening the Governance and Oversight of the International Audit-related Standard-setting Boards in the Public Interest, which set out various options to enhance the governance, accountability and oversight of the international audit standard setting process.   The IFIAR Board has submitted

  • SEC Office of Compliance Inspections and Examinations Announces 2018 Examination Priorities

    February 7, 2018 Published: SEC The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) today announced its 2018 examination priorities. OCIE publishes its exam priorities annually to improve compliance, prevent fraud, monitor risk, and inform policy. Of particular interest this year will be matters involving critical market infrastructure, duties to retail investors, and developments

  • International Accounting Standards Board issues narrow-scope amendments to pension accounting

    February 7, 2018 Published: IFRS Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) specifies how companies determine pension expenses when changes to a defined benefit pension plan occur. IAS 19 Employee Benefits specifies how a company accounts for a defined benefit plan. When a change to a plan—an amendment, curtailment or settlement—takes place, IAS

  • GASB requests public input on Revenue and Expense Recognition

    February 1, 2018 Published: GASB The Governmental Accounting Standards Board (GASB) has issued for public feedback an Invitation to Comment (ITC) on the development of a comprehensive revenue and expense recognition model for state and local governments. The GASB’s objectives in developing a comprehensive model are: – To create a more robust framework to address a wide