• The IFRS Foundation publishes the IFRS Taxonomy 2017

    09 March 2017   The IFRS Foundation today published the IFRS Taxonomy 2017, which reflects the IFRS® Standards as issued by the International Accounting Standards Board at 1 January 2017, including Standards published but not yet effective at that date. The IFRS Taxonomy 2017 is available for both the full IFRS Standards and the IFRS for SMEs.

  • FASB proposes changes in accounting for nonemployee share-based payments

    The Financial Accounting Standards Board has proposed a new accounting standards update for simplifying the financial reporting for nonemployee share-based payments. The proposed update would expand the scope of the current standard on stock compensation, which now covers only payments to employees, so it also includes payments for goods and services to nonemployees. That way,

  • Dispute over Arthur Andersen name heats up

    The Paris-based firm that recently announced the relaunch of a new Arthur Andersen network of accounting firms is fighting back against Andersen Tax, as both entities claim to hold the rights to the Andersen name, with the head of the new Andersen accusing its rival of “ego, arrogance, lies and greed.” Last week, the new

  • Mexican homebuilder charged in $3.3B accounting fraud exposed by satellite images

    A Mexican homebuilding company, Desarrolladora Homex S.A.B. de C.V., has agreed to settle accounting fraud charges with the Securities and Exchange Commission after it allegedly falsified sales of over 100,000 homes to inflate revenue on its financial statements for three years in a row, claiming to have built homes for which satellite images showed not

  • FinREC exposes 5 revenue recognition issues

    The AICPA Financial Reporting Executive Committee (FinREC) published working drafts for five new revenue recognition issues for public comment Wednesday in its ongoing project to produce an accounting and auditing guide for revenue recognition. After reviewing public comment on the issues, FinREC will add them to the guide, which includes the work of 16 industry

  • Trump gives hints on tax reform and ACA in address to Congress

    President Trump outlined a wide range of priorities, including tax reform and a health care overhaul, in his first speech before a joint session of Congress on Tuesday night. While many of the concepts were familiar from the campaign trail and his first month in office, the tone of Trump’s speech was far more measured

  • February 2017 IASB Update published and the Work Plan updated

     27 February 2017         The topics for discussion were: – Insurance Contracts – Financial Instruments with Characteristics of Equity – Symmetric Prepayment Options – Post-implementation review of IFRS 13 Fair Value Measurement – Definition of a Business – Research Programme – Rate-regulated Activities – The Conceptual Framework for Financial Reporting – Modifications

  • Voices Proven ways for accountants to instill ethics in companies

    The Volkswagen emissions fraud and the multiple Wells Fargo scandals are just two high-profile examples of business leaders allowing (knowingly or not) unethical behavior to take root in their organization’s culture. The public fallout from these scandals reinforces that acting ethically is as important and material to a company’s performance as ensuring the financials are

  • AICPA changes going concern audit standard

    By Michael Cohn Published February 22 2017, 12:02pm The American Institute of CPAs’ Auditing Standards Board has revised its standard for going concern opinions. The new standard, Statement on Auditing Standards No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern (AICPA, Professional Standards, AU-C sec. 570), supersedes SAS No.

  • Voices Does automation mean job losses for accountants?

    While opinions vary on the number of jobs that can be “automated away,” it’s clear a large number of positions now handled by people, including accounting jobs, will be supplemented or replaced in some way by intelligent machines. The utterance of the word “automation” conjures up gloomy images of job losses and people left behind

  • Trump’s Deregulation-Oriented Executive Orders: How Will They Impact Recent CFPB Regulatory Actions and Other Financial Regulations?

    USA February 17 2017 How will President Donald J. Trump’s recent executive order—(i) the “one-in-two-out” cap on new regulations and (ii) the mandated review of existing financial regulations—impact financial regulation, including regulations promulgated by the Consumer Financial Protection Bureau (CFPB)? It depends. What happened There are at least two executive orders making waves throughout the

  • SEC Targets Severance Agreements That Impede Whistleblowers

    SEC Targets Severance Agreements That Impede Whistleblowers Blog Employers’ Lawyers Blog Holland & Hart LLP USA February 7 2017 The U.S. Securities and Exchange Commission (SEC) is cracking down on severance agreements that prohibit former employees from contacting regulators or accepting whistleblower awards under threat of losing their severance payments or other post-employment benefits. More

  • FASB business definition guidance will aid some companies, but not all

    By Michael Cohn The Financial Accounting Standards Board’s guidance on the definition of a business could be of special benefit to the real estate, pharmaceutical, biotech and financial services industries, but doesn’t go as far as some had hoped. FASB issued the accounting standards update last month (see FASB clarifies business definition). The update clarifies

  • FASB goodwill impairment simplification proves to be popular

    At least one of the Financial Accounting Standards Board’s simplification initiatives is proving to be so popular that some companies want to adopt it as of yesterday. It involves eliminating an extra step for goodwill impairment tests. Late last month, FASB released a new standard to simplify the goodwill impairment test, allowing many companies that

  • Melancon: CPA firms will be unrecognizable in 5-10 years

    The number of changes facing the accounting profession will leave most practices radically altered in the near future, according to Barry Melancon, the president and CEO of the American Institute of CPAs. Speaking at a gathering of technology vendors hosted by CPA.com and the institute, Melancon told attendees, “We are in a change management profession.

  • Supreme Court decision creates liability risk for CPA profession regulators

    By Joseph P. Petito, Esq. February 9, 2017 Members of state boards of accountancy may be vulnerable to lawsuits following a 2015 Supreme Court decision that state regulators could be held personally liable for potential antitrust actions taken on behalf of the regulatory body. The ruling applies to all state regulatory boards that are made

  • Leases implementation webcast series: Lease modification for lessees to be discussed

    09 February 2017 In response to feedback received from stakeholders the IASB staff will be recording a webcast addressing modifications for lessees. In the new webcast, IASB staff will talk about the modification requirements in IFRS 16 and questions received from those currently implementing the new Standard. The webcast is expected to be published in March

  • Voices Preparing for the new rev rec standards: Choosing the right adoption method

    As companies prepare for the new revenue accounting standards that take effect for all public companies in 2018, a wide range of accounting and financial executives are tasked with evaluating what adjustments will need to be made and what new procedures will need to be put in place for recording various financial metrics. Revenue recognition

  • China planea crear una nueva comisión para prevenir ciberataques

    La iniciativa se encargará de evaluar qué productos y hardware podrían ser vulnerables, para incrementar el control de la red y flujos de datos. 06 de Febrero de 2017 | 12:43 | EFE 1 Reuters BEIJING.- El Gobierno chino está considerando crear un nuevo organismo para estrechar el control del ciberespacio y prevenir ataques del

  • Global Data & Privacy Update – February 2017

    Clyde & Co LLP Welcome to the February Global Data & Privacy Update. This update is dedicated to covering the latest legislative developments affecting the way data is managed and protected, as well as reporting on the most recent news governing data breaches and industry developments. ICO fines RSA for data protection breach The ICO

  • Audit Analytics Reports on Top Issues in 2016 SEC Comment Letters

    USA January 30 2017 Audit Analytics recently released its “big picture” review of SEC comment letter activity for the first six months of 2016. The SEC issued 2,491 comment letters to 808 reporting companies in the first six months of 2016, a considerable decline compared to 3,166 and 4,348 letters filed in the first six

  • A GAAP-Happy Month in SEC Enforcement

    Drinker Biddle & Reath LLP – Stephen G. Stroup USA February 1 2017 In January, the SEC settled no fewer than seven enforcement proceedings with companies that involved alleged violations of generally accepted accounting principles (GAAP). While the sheer number of settlements would have been remarkable on its own, when examined individually, these proceedings reveal

  • IFRS 9 and IFRS 15—one year to go

    03 January 2017   The final countdown has started to the effective date of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers. Companies will have to apply the two Standards for reporting periods beginning on or after 1 January 2018. Now is good time for a recap on the changes the

  • CAQ celebrates 10th anniversary with accounting all-stars in Washington

    The Center for Audit Quality marked its 10th anniversary at an event in Washington, D.C., on Monday featuring a roster of high-profile figures in the accounting profession. CAQ executive director Cindy Fornelli kicked off a series of roundtable panel discussions. “Ten years ago today, on this very day, the public company auditing profession announced the

  • FASB updates goodwill impairment standard

    The Financial Accounting Standards Board has released a new standard that promises to simplify the goodwill impairment test, allowing many companies that don’t already apply the private company accounting alternative for goodwill to skip an extra step. The new standard requires a one-step impairment test, in which a goodwill impairment loss is measured as the

  • AICPA works through revenue recognition issues

    The American Institute of CPAs has been producing guidance for how different industries can deal with the new revenue recognition standard that will be taking effect at the end of the year, along with the distinct issues they will be facing. A working group at the AICPA representing the eight largest accounting firms has been

  • SEC ´Prioridades 2017

    Drinker Biddle & Reath LLP USA January 23 2017 On January 12, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced its examination priorities for 2017. This year’s priorities are focused around three topics: (1) retail investors, (2) senior investors and retirement investments, and (3) market-wide risks. These priorities affect investment advisers, investment companies, broker-dealers,

  • Yahoo enfrenta investigación en EE.UU. por filtración de datos

    Por Aruna Viswanatha y Robert McMillan lunes, 23 de enero de 2017 12:52 EDT Las autoridades de Estados Unidos investigan si se tendría que haber informado antes a los inversionistas sobre las dos filtraciones masivas de datos de Yahoo Inc., según fuentes al tanto, lo que podría suponer la mayor prueba para determinar cuándo exigir

  • New cybersecurity regulation hits New York financial firms March 1

    The rules, which include having written policies and procedures and a designated chief information security officer, could become a model for other states.   New cybersecurity rules for financial services providers are set to take effect March 1 for all firms doing business in New York, and the new requirements may be showing up around

  • 5 strategies to efficiently implement the new lease accounting standard

    Sabine Vollmer (Sabine.Vollmer@aicpa-cima.com) is a JofA senior editor.   As mandated by regulators, Sealed Air is implementing the new lease accounting standard on schedule. The standard will take effect Jan. 1, 2019, for public companies and one year later for private companies. Implementation requires public companies to restate 2017 and 2018 and private companies to

  • UK Government to implement Cyber Security Directive

    UK Government to implement Cyber Security Directive Bond Dickinson LLP European Union, United Kingdom January 17 2017 The UK Government has recently published its ‘Cyber Security Regulation and Incentives Review’ in which it confirms that it will be implementing the European Network and Information Security Directive – more colloquially known as the Cyber Security Directive

  • SEC- SQM

    Chemical and Mining Company in Chile Paying $30 Million to Resolve FCPA Cases FOR IMMEDIATE RELEASE 2017-13 Washington D.C., Jan. 13, 2017 —The Securities and Exchange Commission today announced that Chilean-based chemical and mining company Sociedad Quimica y Minera de Chile S.A. (SQM) agreed to pay more than $30 million to resolve parallel civil and

  • Enhancing Organizational Reporting: Integrated Reporting Key

      Enhancing Organizational Reporting: Integrated Reporting Key Policy Position Paper #8 Integrated reporting is the way to achieve a more coherent corporate reporting system, fulfilling a need for a single report that provides a fuller picture of organizations’ ability to create value. Integrated reporting can be used as an “umbrella” report for an organization’s broad

  • IASB proposes amendments to 3 IFRS standards

    By Neil Amato January 12, 2017 The International Accounting Standards Board (IASB) proposed amendments Thursday to three IFRS standards as part of the board’s annual improvements process. The IASB is proposing amendments to standards related to income taxes, borrowing costs, and investments in associates and joint ventures. The proposed amendments are: International Accounting Standard (IAS)

  • International Accounting Standards Board consults on clarifications to IFRS Standards

    12 January 2017 The International Accounting Standards Board (the Board) has today published proposed amendments to three Standards for public consultation as part of its annual improvements process. The document contains proposed amendments to IAS 12 Income Taxes, IAS 23 Borrowing Costs and IAS 28 Investments in Associates and Joint Ventures. The proposed amendments to IAS 12 clarify that an

  • FASB addresses debt classification, inventory disclosures

    By Ken Tysiac January 10, 2017   In separate proposals issued Tuesday, FASB addressed balance sheet classification of debt and the disclosure requirements for inventory under the board’s Disclosure Framework. The proposed Accounting Standards Update on debt classification is designed to simplify guidance used to determine whether debt should be classified as current or noncurrent

  • FINRA Publishes 2017 Regulatory and Examination Priorities Letter

    USA January 6 2017 On January 4, the Financial Industry Regulatory Authority published its Annual Regulatory and Examinations Letter (Priorities Letter), which outlines the key areas on which FINRA intends to focus during its 2017 exam period. The areas of emphasis set forth in the Priorities Letter are based on observations from FINRA’s regulatory programs

  • SEC-Denuncia

    SEC Awards $5.5 Million to Whistleblower FOR IMMEDIATE RELEASE 2017-1 Washington D.C., Jan. 6, 2017 —The Securities and Exchange Commission today announced an award of more than $5.5 million to a whistleblower who provided critical information that helped the SEC uncover an ongoing scheme. According to the SEC’s order, the whistleblower was employed at the

  • FASB clarifies definition of a business

    FASB clarified the definition of a business Thursday in an effort to help financial statement preparers evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The clarification is described in Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. “Stakeholders expressed concerns that

  • AICPA exposes more revenue recognition working drafts

    Four new working drafts of accounting issues related to implementation of FASB’s new revenue recognition standard were issued Tuesday by the AICPA Financial Reporting Executive Committee (FinREC). These were the latest of numerous working drafts issued by FinREC in its development of a new AICPA revenue recognition guide. The drafts discuss considerations designed to help

  • Voices Recodifying SOC reports: What SSAE No. 18 means for SOC 1s

    For as long as organizations have relied on other third-party providers for the delivery of outsourced services, those organizations have had a need for information about the third parties they use for those outsourced services. Whether the information was specific to how the third party ensured quality in its services provided to the organization, the

  • PCAOB staff offers guidance on audit firms’ work in China

    The Public Company Accounting Oversight Board published a document Friday providing answers from staff members to questions about the obligations of PCAOB-registered firms when performing audits in China. The staff Q&A document relates to the obligations of auditing firms based outside of Mainland China, particularly those based in the U.S., that provide issuer audit services

  • The tremendous impact of the Dodd-Frank Whistleblower Program in 2016

    By Eduardo Singerman Paul Hugel Published December 28 2016, 12:03pm EST   In its 2016 annual report to Congress, the Securities and Exchange Commission acknowledged that fiscal year 2016 was historic for the Dodd-Frank Whistleblower Program. Since the beginning of the program in August 2011 through Sept. 30, 2016, the Commission has awarded over $111

  • Toshiba prevé rebaja contable por filial nuclear en EE.UU.

    PorTakashi Mochizuki martes, 27 de diciembre de 2016 10:15 EDT TOKIO (EFE Dow Jones)— Toshiba Corp. anunció el martes que contabilizará una rebaja de valor de miles de millones de dólares relacionada con su negocio nuclear en Estados Unidos, lo que empaña los esfuerzos de la compañía por pasar la página tras el escándalo contable

  • AICPA groups recommend field-testing of FASB long-duration insurance proposal

    By Ken Tysiac December 16, 2016 The AICPA Financial Reporting Executive Committee (FinREC) and the AICPA Insurance Expert Panel recommended that FASB field-test its proposed targeted improvements to accounting for long-duration insurance contracts before finalizing them. In a joint comment letter sent Wednesday, FinREC and the Insurance Expert Panel supported FASB’s efforts to improve the

  • FASB issues GAAP taxonomy

    By Michael Cohn Published December 20 2016, 12:40pm EST The Financial Accounting Standards Board has released the 2017 GAAP Financial Reporting Taxonomy, although final acceptance by the Securities and Exchange Commission is still pending. The GAAP Financial Reporting Taxonomy includes updates for accounting standards and other improvements to the official taxonomy already in use by

  • IFRS for SMEs Fact Sheet has been updated

    21 December 2016 The Fact Sheet on the IFRS for SMEs, which summarises activities since the IFRS for SMEs was issued, has been updated. The Fact Sheet includes information about adoptions, translations, training, the SME Implementation Group and other SME activities. It also contains an up-to-date list of SME resources that are available for free

  • Noticia SEC

    Company Violated Rule Aimed at Protecting Potential Whistleblowers FOR IMMEDIATE RELEASE 2016-268 Washington D.C., Dec. 19, 2016 —The Securities and Exchange Commission today announced that a technology company has agreed to pay a penalty of $180,000 to settle charges involving its severance agreements that impeded at least one former employee from communicating information to the

  • FASB issues technical corrections

    FASB issued numerous technical corrections and clarifications to GAAP on Wednesday that are designed to remove inconsistencies in the board’s accounting guidance. The changes were issued in Accounting Standards Update No. 2016-19, Technical Corrections and Improvements. The amendments apply to all reporting organizations that are within the scope of the affected accounting guidance. Most of

  • 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