• 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    February 15 2018   Published: Accounting Today By: Anant Kale Often with their gray file cabinets and outdated paint jobs, corporate backrooms aren’t the most scintillating destinations, or topics of conversation.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

  • 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