• 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

  • Voices: The ABCs of better independence compliance

    February 5, 2018 Published: Accounting Today By: Cathy Allen   I hear it all the time – firms struggle with independence compliance. Understanding, applying, and getting it right is not so easy, but there are three key things firms can do to enhance compliance. These can be categorized as: Promote awareness. Communicate well. Create good

  • 7 revenue recognition issues exposed by FinREC

    February 1, 2018 Published: Journal of Accountancy By Ken Tysiac Seven new revenue recognition implementation issues were exposed in working drafts issued by the AICPA Financial Reporting Executive Committee (FinREC) on Thursday. Once completed, the working drafts will be added to the AICPA’s revenue recognition guide, which provides industry-specific considerations for implementing FASB’s new revenue

  • IOSCO’s Monitoring Group consultation

    31 January 2018 Published: Accountancy Europe We responded to the International Organization of Securities Commissions’ Monitoring Group consultation on strengthening the governance and oversight of the international audit-related standard-setting boards in the public interest.   Read all the document in: https://www.accountancyeurope.eu/wp-content/uploads/180131-Response-to-MG-Consultation-Accountancy-Europe.pdf  

  • International Integrated Reporting Council reacts to High Level Expert Group on Sustainable Finance call for greater integration

    January 31, 2018 Published: The International Integrated Reporting Council (IIRC)   The International Integrated Reporting Council (IIRC) has welcomed the call from the High-Level Expert Group on Sustainable Finance for European action towards greater integration in corporate reporting. The Group, which released its final report today, has called on the European Commission to “place greater

  • Why Accountants Must Embrace Machine Learning

    January 29,2018 Published: IFAC By: Donny Shimamoto There is currently much fear and hype around Artificial intelligence (AI) and its impact on accountants. In Gartner’s Hype Cycle of Artificial Intelligence, the majority of AI applications are climbing and cresting the Peak of Inflated Expectations—meaning that expectations are high and many technologies are already failing to

  • FASB task force tackles cloud computing costs

    January 25, 2018 Published: AccountingToday By: Michael Cohn   The Financial Accounting Standards Board’s Emerging Issues Task Force plans to propose new rules for how to deal with cloud computing service costs. At a meeting last week, the EITF discussed how to account for implementation, setup, and other upfront costs incurred in cloud computing arrangements

  • FASB clarifies lease standard’s application to land easements

    January 25, 2018 Published: Journal of Accountancy By Ken Tysiac FASB issued an Accounting Standards Update (ASU) on Thursday that clarifies the application of the board’s new lease accounting standard to land easements and makes adopting the leases standard easier for some land easements. Land easements represent the right to use, access, or cross another

  • IFRS Standards and their impact on financial stability and long-term investments

    25 January, 2018 Published: IFRS Questions are sometimes asked about whether there is a connection between IFRS Standards and financial stability – and also about whether IFRS Standards encourage long-term or short-term investments. Here are two presentations that tackle those questions: IFRS® Standards and financial stability This presentation explores the impact of accounting volatility on financial

  • PCAOB identifies most frequent 2016 audit issues

    January 1, 2018 Fuente: Journal of Accountancy PCAOB inspectors identified three areas where audit deficiencies were most frequently identified in 2016, according to a recently published board staff inspection brief. 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

  • Los datos no mienten… ¿o sí?

    22 enero 2018 Fuente: El Mundo.es Opinión: Alberto Iglesias Fraga No es ningún secreto que vivimos en la era de los datos, en la que la información se ha configurado como el mayor activo -como así reseñaba en estas mismas líneas la pasada semana- para las compañías, mientras que los números han sucedido al ingenio

  • We need to understand impacts better

    22 January, 2018 Fuente: Integrated Reporting <IR> Author: Tom Levitt, Author, The Company Citizen   My new book, The Company Citizen, argues that the problems of the planet, nation and community can’t be resolved without the active engagement of business, alongside other sectors – and furthermore, that a business case can be made for that

  • IOSCO Board Communication on concerns related to Initial Coin Offerings (ICOs)

    18 January 2018 Fuente: IOSCO Initial Coin Offerings (ICOs, also known as token sales or coin sales), typically involve the creation of digital tokens – using distributed ledger technology – and their sale to investors by auction or through subscription, in return for a crypto-currency such as Bitcoin or Ether (or more rarely for government-backed

  • The IFRS 17 accounting model in one page

    January 17, 2018 Fuente: IFRS Today we publish a simple one-page summary of the accounting model in IFRS 17 Insurance Contracts. This summary will help stakeholders understand different elements of the model and how they will be displayed on a company’s balance sheet and in its profit or loss statement. You can also download the one-page summary

  • How to develop a global mindset

    January 16, 2018 Fuente: Journal of Accountancy Today’s business world is a far cry from yesteryear. An increasing number of organizations operate worldwide, and they are more diverse internally. And that means professionals — including CPAs — must be adept at dealing not only with employees from various backgrounds, but with workers and clients in

  • Voices Art of Accounting: What our clients pay us for

    January 15 2018 Fuente: AccontingToday By: Edward Mendlowitz   Did you ever think about your value to your clients and what they are paying you for? I do, frequently, and I try to make sure I deliver more value than they expect. Here are some things that I believe clients pay for and expect: –

  • Exposure Drafts and Consultation Papers, Surveys & Reports: IESBA Fees Questionnaire

    Exposure Drafts and Consultation Papers, Surveys & Reports: Fuente: IFAC Update: The IESBA has extended their deadline to March 1, 2018 to give stakeholders an extra month to respond to their Fees Questionnaire. See more information: https://www.ifac.org/publications-resources/iesba-fees-questionnaire  

  • IASB issues IFRS Taxonomy Update for IFRS 17 Insurance Contracts

    11 January 2018 Fuente: IFRS The International Accounting Standards Board (Board) has today issued an update to the IFRS Taxonomy 2017 for IFRS 17 Insurance Contracts. The IFRS Taxonomy Update includes IFRS Taxonomy elements to reflect the new presentation and disclosure requirements introduced by IFRS 17 Insurance Contracts, issued by the Board in May 2017. For the IFRS Taxonomy

  • Audit committees will be dealing with new accounting standards and tax reform this year

    Fuente: AccountingToday.com   / Por Michael Cohn, editor in chief. Michael Cohn Audit committees at public companies will have plenty on their agendas this year, according to a pair of new reports from KPMG, including new accounting standards, the new tax law, cyber security and more. The reports, On the audit committee agenda and On the