• 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

  • The risks, and potential rewards, of rotating chief audit executives

    January 1, 2018 Fuente: Journal of Accountancy Best practices The expectations and standards set by a company’s audit committee can go a long way toward helping any chief audit executive (CAE), on a rotation or otherwise. Here are some considerations for companies in ensuring the success of a CAE who might come from another part

  • 08 January 2018 IFRS 9 and IFRS 15 are now effective

    IFRS 9 Financial Instruments IFRS 9 was issued in 2014 and replaces IAS 39 Financial Instruments: Recognition and Measurement. It consists of three different parts: classification and measurement, impairment and hedge accounting. The most significant change resulting from IFRS 9 is how banks account for loan losses, though the Standard is also relevant for other companies. To

  • Brace yourself for AI and blockchain

    At first glance, the threats seem clear: One type of software will learn how to perform all manner of business functions, particularly in finance and accounting, while another will continuously validate any set of data or information. Between them, artificial intelligence and blockchain seem poised to disrupt — or even destroy — many of the

  • FASB proposes tweaks to leasing standard

    The Financial Accounting Standards Board is proposing a new accounting standards update to reduce the costs of the new lease accounting standard and make implementing it a little easier. The proposed update would simplify some of the transition requirements and offer lessors a practical expedient for separating nonlease components from lease components. The changes would

  • Audit fees continued to increase in 2016

    Auditing fees kept up their steady pace of increase over the past six years, according to a new report, climbing from $7.6 billion in 2010 to $9.2 billion in 2016. The ratio of audit fees over revenue also grew to $541 per $1 million of revenue, according to the report, from the research firm Audit

  • 10 accounting tech trends for 2018

      Technology is being seen as a solution for time management, labor shortages, communication and collaboration — and accounting firms are no exception. Based on feedback from more than 85 member firms during BKR International’s Worldwide Meeting in London, here are the top 10 technologies that accounting firms plan to embrace or enhance in 2018.

  • Final rules govern election out of centralized partnership audits

    The IRS issued final regulations (T.D. 9829) that implement the rules for electing out of the centralized partnership audit regime enacted by the Bipartisan Budget Act of 2015, P.L. 114-74, and amended by the Protecting Americans From Tax Hikes Act of 2015, P.L. 114-113. The regulations apply to partnership tax years beginning after Dec. 31,

  • IRS works on withholding guidance for tax reform law

    The Internal Revenue Service said it is working on developing withholding guidance to implement the tax reform bill signed into law on December 22. “We anticipate issuing the initial withholding guidance in January, and employers and payroll service providers will be encouraged to implement the changes in February,” said the IRS. “The IRS emphasizes this

  • FSOC Publishes 2017 Annual Report, Highlights Cybersecurity and Financial Innovation Risks

    Buckley Sandler LLP USA December 22 2017 On December 14, the Financial Stability Oversight Council (FSOC) released its 2017 annual report. The report reviews financial market developments, identifies emerging risks, and offers recommendations to enhance financial stability. Highlights include: – Cybersecurity. The report notes that financial institutions need to work with regulators to improve cybersecurity

  • EU data protection advisory body issues guidance on setting “effective, proportionate and dissuasive” fines under the GDPR

    Ropes & Gray LLP The EU’s data protection advisory body, the Article 29 Data Protection Working Party (WP29), has adopted Guidelines on the application and setting of administrative fines for the purposes of the General Data Protection Regulation 2016/679/EU. Administrative fines are described in the introduction as central to enforcement and “a powerful part of

  • Countries slow on EU audit legislation implementation

    Author: Stephanie Wix Published: 22 Dec 2017 A state of play report from Accountancy Europe has found that Norway, Iceland, Croatia, Slovenia and Liechtenstein have not yet implemented EU audit legislation at all, in comparison to the 26 countries in Europe that have already fully implemented. The main topics on the EU audit legislation includes

  • Consultative document on stress testing principles and a range of practices report issued by the Basel Committee

    20 December 2017 Press release The Basel Committee on Banking Supervision today released a consultative document on stress testing principles and a range of practices report on supervisory and bank stress testing. The range of practices report describes and compares supervisory and bank stress testing practices and highlights areas of evolution. The report finds that, in

  • A Working List of Things Accounting Firms Will Be Fretting About in 2018

    By Caleb Newquist | December 12, 2017       1. Disruption 2. Change 3. Disruptive change 4. The pace of disruptive change 5. Whether or not they’ve figured out the cloud 6. Finding qualified talent 7. Millennials 8. Figuring out how to find qualified talent that aren’t millennials 9. The inevitable cyberattack that will

  • Los ‘hackers’ llevan a la bancarrota a un mercado de bitcoins en Corea del Sur

    La banca rechaza el bitcoin, pero apuesta por su tecnología El estreno de los nuevos futuros frena los récords del bitcoin FT: Bitcoin: ¿Riesgo o futuro? El segundo ‘hackeo’ en el año de la plataforma Youbit provoca pérdidas entre los inversores y aviva el debate sobre la seguridad. El bitcoin amplía su corrección desde máximos.

  • It took five decades to build Steinhoff. It cratered in two days from accounting scand

    It looked like Steinhoff International Holdings NV had reached escape velocity from South Africa’s deepening economic gloom: A furniture retailer emulating Ikea’s model and global ambitions, built by men with their own compelling rags-to-riches stories. Then the debt-fueled rocket stalled and came crashing down. From her office overlooking Cape Town’s waterfront, Sygnia Investment Management Ltd.

  • SEC Announces More than $20 Million in Whistleblower Awards

    In the course of one week, the United States Securities and Exchange Commission announced awards to three whistleblowers totaling more than $20 million under the Dodd-Frank Whistleblower Program. On November 30, the SEC announced awards of more than $8 million each to two whistleblowers. The first individual alerted the agency to conduct that became the

  • The American Institute of CPAs has released a new guide to data analytics to familiarize CPAs with the technology.

    The Guide to Audit Data Analytics offers an overview of data analytic techniques to help auditors apply the technology to their audit engagements. The guide discusses how audit data analytics can help improved understanding of an organization’s operations and risks, increase the potential for detecting material misstatements, and improve communications with officials responsible for governance.

  • Ocho claves a tener en cuenta en la gestión del gobierno corporativo

        Ir a noticias en El Mercurio desde aquí

  • Ministerio de Hacienda: Fija la fecha de entrada en funcionamiento de la Comisión para el Mercado Financiero y la fecha de supresión de la Superintendencia de Valores y Seguros

    Diario Oficial DFL Núm. 10.- Santiago, 21 de noviembre de 2017. Vistos: Lo dispuesto en el artículo 64 de la Constitución Política de la República de Chile, y la facultad conferida en el artículo cuarto transitorio de la ley N° 21.000, que crea la Comisión para el Mercado Financiero, dicto el siguiente. Decreto con fuerza

  • PCAOB gets new chairman, complete new board membership

    A complete change in the composition of the PCAOB was announced Tuesday by the SEC as William Duhnke was appointed as the board’s chairman and J. Robert Brown, Kathleen Hamm, James Kaiser, and Duane DesParte were named as board members. They replace the previous chairman, James Doty, and board members Steve Harris, Jeanette Franzel, and

  • GASB proposals address capitalization of interest costs, implementation

    By Ken Tysiac December 8, 2017 In separate exposure drafts, GASB on Friday issued proposals related to capitalization of interest costs and implementation of recent pronouncements. One ED, Accounting for Interest Cost During the Period of Construction, proposes guidance intended to enhance the relevance and comparability of information about capital assets and the cost of

  • SEC eyes implementation of rev rec and lease standards

    Officials with the Securities and Exchange Commission are keeping a close watch on how companies are adjusting to the new revenue recognition and leasing standards. “The time until required application of the new revenue standard is limited for most public companies (except for those who have already early adopted),” said SEC Chief Accountant Wesley Bricker,

  • PCAOB offers help with auditor report changes

    The Public Company Accounting Oversight Board has released staff guidance on the new audit reporting standard and is hosting webinars to help auditors with preparing the new reports. The guidance describes changes to the auditor’s report required this year, such as the form of the auditor’s report, disclosure of auditor tenure, a statement on auditor

  • New working drafts address 5 revenue recognition issues

    Working drafts for a total of five revenue recognition implementation issues in four industries were exposed Friday by the AICPA Financial Reporting Executive Committee. When completed, the drafts will be added to the AICPA’s revenue recognition guide. The guide provides industry-specific considerations for implementation of FASB’s new revenue recognition standard. The working drafts include: –

  • IAASB AND WBCSD TEAM UP TO INCORPORATE SUSTAINABILITY INTO MAINSTREAM REPORTING

    Author: Federica Tedeschi Published: 24 Nov 2017 Email Print The International Auditing and Assurance Standards Board (IAASB) has agreed to collaborate with the World Business Council for Sustainable Development (WBCSD) to support their project to incorporate sustainability into mainstream reporting. The WBCSD has decided to fund the IAASB’s support of its Redefining Value project stating

  • FASB simplifying leases standard implementation

    FASB simplifying leases standard implementation By Ken Tysiac November 29, 2017 FASB decided Wednesday to make simplifications designed to reduce costs and decrease the challenges that financial statement preparers are facing as they implement the board’s new lease accounting standard. The board decided to issue an Accounting Standard Update (ASU) that will: 1- Provide an

  • Grand Theft Data: Uber Announces Almost 60 Million Accounts Compromised in Data Breach

    The CEO of the popular ride-sharing app, Uber, published a bombshell letter to the public yesterday, stating that two hackers had stolen information from almost 60 million driver and rider accounts in October 2016. The compromised personal information includes names, email addresses, driver’s license numbers, and mobile phone numbers. According to a statement from Dara

  • Attestation guidance for third-party due-diligence services for asset-backed securities

    A new statement of position issued by the AICPA Auditing Standards Board (ASB) provides practitioners with guidance for performing agreed-upon procedures attestation engagements related to third-party due-diligence services for asset-backed securities. The guidance is contained in Statement of Position 17-1, Performing Agreed-Upon Procedures Related to Rated Exchange Act Asset-Backed Securities Third-Party Due Diligence Services as

  • ¿Cómo percibe el mercado los gobiernos corporativos de las empresas?

      Ver artículo El Mercurio:  desde aquí      

  • Practical considerations for lease accounting

    -On the heels of a transformative and challenging revenue recognition standard, FASB’s new lease accounting standard presents a potential tsunami of changes to the financial statements of public and private companies. In February 2016, FASB issued new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). This new guidance was initiated

  • FASB combines guidance for income statement, comprehensive income into one topic

    In an effort to simplify its Accounting Standards Codification, FASB has combined its guidance for income statements and comprehensive income into one topic. Previously, FASB’s guidance on these subjects has been located in Topic 225, Income Statement, and Topic 220, Comprehensive Income. Under the changes, all guidance on both subjects will be contained in Topic

  • Less is More or More is More? Differences in the Regulatory Ethos in the US and the UK Pose Challenges for Financial Institutions

    United Kingdom, USA November 15 2017 The United States is poised to usher in an era of decreased regulation of financial institutions while the trend in the United Kingdom is to maintain relatively robust regulation of the financial services sector in line with developments since the global financial crisis. The parameters and potential impacts of

  • Audit fee increases don’t lead to better audit quality, says study

    Increases in audit fees paid by public companies aren’t necessarily producing better audit quality, according to a new report. The study, conducted by Lili Sun, an associate professor of accounting at the University of North Texas, Michael Ettredge of the University of Kansas and Matthew Sherwood of the University of Massachusetts Amherst, examined audits of

  • PCAOB identifies 3 areas with most frequent 2016 audit issues

    PCAOB inspectors identified three areas where audit deficiencies were most frequently identified in 2016, according to a board staff inspection brief published Friday. 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 specifically related to

  • Revised Cash Basis IPSAS

    The International Public Sector Accounting Standards Board (IPSASB) has issued a revised IPSAS, Financial Reporting under the Cash Basis of Accounting. The amendments address some of the main barriers to adoption of this standard. This revised version of the Cash Basis IPSAS implements the proposals made in Exposure Draft 61, Amendments to Financial Reporting under

  • Why the SEC says ‘paid-to-click’ arrangements may be scams

    By Ken Tysiac November 7, 2017 The SEC issued an investor alert Tuesday warning of the dangers of “paid-to-click” scams perpetrated by fraudsters on the internet. According to the SEC, online paid-to-click programs often promise to pay investors simply for clicking online ads. These programs may promise investors a share of profits in exchange for

  • Deloitte’s Engelbert on the three trends changing the profession

    Three significant factors are shaping the profession of the future, Cathy Engelbert, CEO of Deloitte, told a gathering of accountants recently: the impact of new technologies, new demographics, and new client demands. “We’re living in a time of unprecedented change and innovation,” the Big Four firm CEO told the 110th annual meeting of the National

  • PCAOB’s Franzel leans toward issuing blockchain and data analytics guidance

    The Public Company Accounting Oversight Board is likely to issue guidance on the use of blockchain and data analytics technology as more auditing firms weigh the benefits and drawbacks of them. Speaking at the National Association of State Boards of Accountancy annual meeting in New York on Tuesday, PCAOB member Jeanette Franzel discussed the need

  • Gestión de ASG y su rol crucial para un buen gobierno corporativo

      Vea el contenido desde el siguiente link: Ver nota de El Mercurio

  • PCAOB audit report standard welcomed by investors

    A prominent investor group is applauding the Securities and Exchange Commission’s approval this week of the Public Company Accounting Oversight Board’s new standard expanding the scope of the audit report. The SEC commissioners unanimously approved the PCAOB standard Monday, which would be the most significant change to the format of the audit report in over

  • SEC approves PCAOB expanded audit report standard

    October 23 2017, 6:16pm EDT The Securities and Exchange Commission gave its approval Monday to the Public Company Accounting Oversight Board’s new standard for an enhanced audit report. The PCAOB voted to approve the new standard in June, expanding the scope of the audit report to include a discussion of “critical audit matters” that have

  • Accountants’ role in managing AI disruption

    By Ken Tysiac October 22, 2017 Artificial intelligence (AI) could have wide-ranging effects on the accounting profession. Tax return preparation duties and audit procedures that are performed now by accountants may be increasingly handled by machines in the near future. Robo-advisers have established a foothold in personal financial planning, and management accountants have incredible opportunities

  • Cuando todos los accionistas son cruciales en la toma de desiciones

    Ir al Link de El Mercurio

  • Senators ask FASB to require multinationals to disclose more tax info

    A group of seven Senate Democrats and one independent has written a letter to the Financial Accounting Standards Board asking FASB to require multinational corporations to disclose their taxes, profits, and revenues on a country-by-country basis, echoing a recent letter from a group of House lawmakers. The group who signed last week’s letter includes Sen.

  • SEC moves to simplify disclosures

    The Securities and Exchange Commission voted to propose a number of amendments to simplify some disclosure requirements for public companies, along with investment advisers and investment companies. The proposals are in keeping with some of the provisions of the Fixing America’s Surface Transportation Act, or FAST Act, which aim to make adjustments to streamline the

  • 12 October 2017 International Accounting Standards Board issues narrow-scope amendments to IFRS 9 and IAS 28

    The International Accounting Standards Board (Board) has today issued amendments to IFRS 9 Financial Instruments and to IAS 28 Investments in Associates and Joint Ventures to aid implementation. The amendments to the financial instruments Standard, IFRS 9, allow companies to measure particular prepayable financial assets with so-called negative compensation at amortised cost or at fair

  • Voices Goodwill Hunting: Elimination of Step 2 and the implications for public companies

    In Accounting Standards Update No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, the Financial Accounting Standards Board eliminated Step 2 of the goodwill impairment test. In the Step 2 test, an entity performs a hypothetical purchase price allocation to determine the amount of an impairment. With the elimination