• Financial Execs Concerned about Internal Controls

    New York (January 25, 2016) By Michael Cohn Nearly a third of financial reporting executives in a new poll said internal control over financial reporting was their highest concern beyond their financial reporting responsibilities. KPMG surveyed nearly 400 financial executives during the firm’s 25th Annual Accounting & Financial Reporting Symposium and 31 percent cited internal

  • ACCA and IMA See Role for Accountants in Integrated Reporting

    New York (January 20, 2016) By Michael Cohn The Association of Chartered Certified Accountants and the Institute of Management Accountants have released a new report on how accountants can play a key role in the trend toward integrated reporting. Raef Lawson The report, “From Share Value to Shared Value: Exploring the Role of Accountants in

  • Revenue recognition, lease standards challenge preparers

    By Ken Tysiac January 21, 2016 Important new standards for revenue recognition and leases are causing difficulty for corporate financial statement preparers, a new survey shows. Just 29% of corporate preparers said their companies have a clear plan to implement the new revenue recognition standard, according to a KPMG LLP survey of nearly 400 financial

  • Boards Relying on Internal Audit to Protect Against Risk

    New York (January 20, 2016) By Michael Cohn Companies are taking steps to prepare for a reputational crisis by employing an internal audit function, but less than half the board members polled in a new survey feel they are “well-versed” in the issues. Charly Weinstein The survey, by the accounting firm EisnerAmper, found that 78

  • IASB issues narrow-scope amendments to IAS 12 Income Taxes

    19 January 2016 The International Accounting Standards Board® (the Board) today issued amendments to IAS 12 Income Taxes. The amendments, Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12), clarify how to account for deferred tax assets related to debt instruments measured at fair value. IAS 12 provides requirements on the recognition

  • SEC Awards Whistleblower More Than $700,000 for Detailed Analysis

    FOR IMMEDIATE RELEASE 2016-10 Washington D.C., Jan. 15, 2016 —The Securities and Exchange Commission today announced a whistleblower award of more than $700,000 to a company outsider who conducted a detailed analysis that led to a successful SEC enforcement action.   “The voluntary submission of high-quality analysis by industry experts can be every bit as

  • Audit committees prefer customized, tailored audit quality indicators

    By Ken Tysiac January 12, 2016 Audit committee members would prefer the ability to tailor and customize audit quality indicators to suit their specific information needs, a new Center for Audit Quality (CAQ) report shows. The development of objective measures of audit quality has been a focus of the profession for years. The PCAOB issued

  • IASB Releases Lease Accounting Standard

    New York (January 12, 2016) By Michael Cohn The International Accounting Standards Board issued the long-awaited lease accounting standard that it has been developing for over a decade with the Financial Accounting Standards Board, which is also expected to release its version of the standard early this year. Hans Hoogervorst Both the IASB and FASB

  • IASB issues leases standard; FASB to follow

    By Ken Tysiac January 12, 2016 The International Accounting Standards Board (IASB) issued a much-anticipated new accounting standard Tuesday that will require all leases to be reported on a company’s balance sheet as assets and liabilities. For the IASB, the issuance of IFRS 16, Leases, completes a convergence project that resulted in similar conclusions in

  • IASB issues leases standard; FASB to follow

    By Ken Tysiac January 12, 2016 The International Accounting Standards Board (IASB) issued a much-anticipated new accounting standard Tuesday that will require all leases to be reported on a company’s balance sheet as assets and liabilities. For the IASB, the issuance of IFRS 16, Leases, completes a convergence project that resulted in similar conclusions in

  • Going Concern Opinions Trending Down, for a Reason

    Sutton, Mass. (January 11, 2016) By Michael Cohn The number of going concern opinions declined in 2014, but mainly because many of the companies identified as being in trouble by their auditors in previous years actually did go out of business. The research firm Audit Analytics released its latest report on going concerns and found

  • IAASB Revises Standard for Auditing Special Purpose Financial

    New York (January 8, 2016) By Michael Cohn The International Auditing and Assurance Standards Board has finalized the changes in its standard for auditor reporting on special purpose financial statements. Arnold Schilder The IAASB, which operates under the International Federation of Accountants, released ISA 800 (Revised), Special Considerations—Audits of Financial Statements Prepared in Accordance with

  • The IFRS Foundation comments on ESMA’s Consultation Paper on the European Single Electronic Format (ESEF)

    07 January 2016 The IFRS Foundation, which is responsible for the governance and oversight of the International Accounting Standards Board (IASB), welcomes ESMA’s proposal to use the IFRS Taxonomy™ as issued by the IFRS Foundation for structured financial reporting under IFRS. The IFRS Foundation believes that the introduction of structured electronic reporting (which includes the

  • FASB ISSUES NEW GUIDANCE ON THE RECOGNITION AND MEASUREMENT OF FINANCIAL INSTRUMENT

    Norwalk, CT, January 5, 2016—The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) intended to improve the recognition and measurement of financial instruments. The ASU affects public and private companies, not-for-profit organizations, and employee benefit plans that hold financial assets or owe financial liabilities. “The new standard is intended to provide

  • IASB sets up procedure for receiving implementation issues on the IFRS for SMEs

    04 January 2016 The International Accounting Standards Board (‘the Board’) has set up a procedure whereby small companies and other interested parties can submit implementation issues on the IFRS for SMEs for consideration. During the recent comprehensive review of the IFRS for SMEs—the Standard developed for entities that do not have public accountability and that

  • Swiss Bank Fines Top $1 bn

    December 28, 2015 By David Voreacos and Giles Broom (Bloomberg) (Bloomberg) Five more Swiss banks, including one owned by Brazilian billionaire Joseph Safra, agreed to pay penalties to avoid prosecution for helping U.S. clients evade taxes, pushing the number of accords to 73 and total payments to more than $1 billion. Bank J. Safra Sarasin

  • GASB moves to reduce confusion for external investment pools

    By Ken Tysiac December 23, 2015   GASB issued a new standard Wednesday that will allow many state and local government external investment pools to continue to qualify for amortized cost accounting following rule changes the SEC is implementing. The standard addresses how certain state and local government external investment pools—and participants in those pools—may

  • Basel Committee on Banking Supervision Publishes Third Progress Report on the Compliance by G-SIBs with Principles for Effective Risk Data Aggregation and Risk Reporting

    Shearman & Sterling LLP Global December 23 2015 On December 16, 2015, the Basel Committee published its third progress report on the adoption by banks of its Principles for effective risk data aggregation and risk reporting. The Principles must be implemented by global systemically important banks by January 1, 2016, and aim to strengthen risk

  • Revenue recognition clarifications affirmed by FASB, IASB

    By Ken Tysiac December 18, 2015 FASB and the International Accounting Standards Board (IASB) have reaffirmed amendments they had proposed to clarify principal vs. agent guidance in the new, converged revenue recognition standard. The boards issued the standard in May 2014 in a united effort to make revenue recognition guidance adhere to the same principles

  • IASB postpones accounting changes for associates and joint ventures until completion of broader review

    17 December 2015 The International Accounting Standards Board (IASB) has postponed the date when entities must change some aspects of how they account for transactions between investors and associates or joint ventures. The postponement applies to changes introduced by the IASB in 2014 through narrow-scope amendments to IFRS 10 Consolidated Financial Statements and IAS 28

  • Proyecto de Ley con reforma a la Reforma tributaria

    Nota del Editor de AECHILE Se acompaña el documento enviado por el Gobierno a la Cámara de Diputados.   Descargar – word 1.3 MB  

  • AICPA Proposes New Compilation Standards

    New York (December 14, 2015) By Michael Cohn The American Institute of CPAs’ Accounting and Review Services Committee has issued three proposed Statements on Standards for Accounting and Review Services, or SSARS, related to prospective and pro forma financial information. One of the proposed SSARS, “Compilation of Prospective Financial Information,” would move and change some

  • PCAOB Plans Vote on Disclosing Name of Audit Engagement Partner

    Washington, D.C. (December 11, 2015) By Michael Cohn The Public Company Accounting Oversight Board has scheduled a meeting for next Tuesday to vote on new rules that would require auditing firms to disclose the name of the engagement partner and other accounting firms that participated in an audit. The rules under consideration would require disclosure

  • FASB and IASB Ready Rollout of New Standards

    Washington, D.C. (December 10, 2015) By Michael Cohn Leaders of the Financial Accounting Standards Board and the International Accounting Standards Board are bracing for the release of the leasing standard and other standards that have been under development and generating debate for over a decade.   Russell Golden “With regard to the potential economic impact

  • SEC discussing supplementary IFRS option for US issuers

    By Ken Tysiac December 9, 2015 The SEC is considering regulatory changes that would make it possible for U.S. public companies to provide IFRS-based information as a supplement to U.S. GAAP financial statements. SEC Chief Accountant James Schnurr said Wednesday that the SEC staff will hold discussions with SEC commissioners regarding regulatory changes that could

  • Art of Accounting: Most Business Clients Must Use an Accountant, but They Don’t Have to Use You

    December 7, 2015 By Edward Mendlowitz I met someone last week and asked how she was doing with her accountant. She said everything was fine, but reduced the three interim quarterly visits to once every four months. The yearend work did not change. This got me thinking. Most business clients must use an accountant, but

  • PCC votes to remove effective dates from GAAP alternatives

    By Ken Tysiac December 4, 2015 The Private Company Council (PCC) voted during a meeting Friday to remove the effective dates from the four accounting standards updates that it has created to provide GAAP alternatives for private companies. FASB will meet soon to consider endorsement of the PCC’s decision. If FASB endorses it, a standard

  • Internal Auditors Assess Their Value

    By Michael Cohn November 30, 2015 A recent report from the Institute of Internal Auditors focuses on how internal auditors view the value they bring to their organizations, even while many of their organizations have no performance measures in place for the internal audit function. The survey, from the IIA Research Foundation, found that chief

  • Professional Skepticism and Other 2015 Audit Focus Areas

    December 1, 2015 By Zach Meyer The auditing process is mechanical in its function but requires a curious mind to prevent and detect misstatements that can hurt a business. Each year, leaders in the industry gather together to discuss ways to make the craft of an audit more deliberate and structured. As a result of

  • IASB publishes 2015 IFRS for SMEs bound volume

    01 December 2015 The 2015 IFRS for SMEs bound volume is now available. Why use the IFRS for SMEs? The IFRS for SMEs has simplifications that reflect the needs of users of SMEs’ financial statements and also take account of cost-benefit considerations. It is intended for entities that do not have public accountability as defined

  • FASB PROPOSES CLARIFICATIONS TO THE DEFINITION OF A BUSINESS

    Guidance would improve financial reporting of acquisitions of nonfinancial assets Norwalk, CT, November 23, 2015—The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) intended to clarify the definition of a business with the objective of adding guidance to assist organizations with evaluating whether transactions should be accounted for as acquisitions

  • Forthcoming IFRS publication alert

    25 April 2014 We are pleased to announce that work is at an advanced stage on the following document that we expect to publish in the second half of May 2014: International Financial Reporting Standard: IFRS 15 Revenue from Contracts with Customers This IFRS will be published at the same time as the FASB’s Accounting

  • China Plans IFRS Expansion

    November 24, 2015 By Michael Cohn The International Financial Reporting Standards Foundation, which oversees the International Accounting Standards Board, is forming a joint working group with the Chinese Ministry of Finance to explore ways to advance the use of IFRS within China, especially for internationally oriented Chinese companies. The announcement forms part of a comprehensive

  • FRAUDE- Informe Kroll Edición anual 2015-2016

    Introducción del Editor de AECHILE Se acompaña el informe que es el resultado de 765 consultas a ejecutivos de distintas partes del mundo con la siguiente distribución : 29 % Europa 25 % Norteamérica 24 % Asia Pacífico 10 % Latinoamérica (figura detalle de; México, Colombia y Brasil) 12 % Medio Este Incluye cuadros didácticos

  • FASB proposes clarifying the definition of a business

    By Ken Tysiac November 23, 2015 FASB wants to clarify the definition of a business to help financial statement preparers evaluate whether they should account for transactions as acquisitions or disposals of assets or businesses. FASB’s proposal, which was issued Monday, arose out of concerns that the current definition of a business is applied too

  • FASB Releases Standard for Classifying Deferred Taxes

    Norwalk, Conn. (November 20, 2015) By Michael Cohn The Financial Accounting Standards Board has issued an accounting standards update to improve how deferred taxes are classified on the balance sheet. FASB is issuing the update as part of its simplification initiative to reduce complexity in accounting standards. The update eliminates the current requirement for organizations

  • Study Finds Interim CEOs Tend to Inflate Earnings

    Interim CEOs engage in considerably more earnings manipulation than their permanent successors, according to a new study. The study, which appears in the current issue of the Academy of Management Journal, found that such a strategy pays off for them, increasing the likelihood that they will be promoted to the top job on a permanent

  • SEC puede permitir uso suplementario de las NIIF por las empresas estadounidenses

    New York (November 17, 2015) By Michael Cohn Securities and Exchange Commission chief accountant James Schnurr indicated Tuesday that he plans to recommend to SEC chair Mary Jo White that U.S. companies be allowed to use International Financial Reporting Standards to provide supplemental information, in addition to filing their financials in accordance with U.S. GAAP.

  • SEC Chief Accountant: Auditors Need to Keep Improving

    November 16, 2015 By Daniel Hood Public company audits are improving, according to Securities and Exchange Commission Chief Accountant James Schnurr — and they need to keep on doing so. James Schnurr “Overall, I think audit quality is getting better,” Schnurr said, “but there’s room for improvement, and it’s important that firms stay committed to

  • Women see far more partnership gains with small firms than with large ones

    Women see far more partnership gains with small firms than with large ones

    By Jeff Drew November 16, 2015 While women now hold the top U.S. jobs at two of the Big Four accounting firms, smaller firms have made the most progress in bringing women into the partnership ranks, a new AICPA survey shows. The AICPA CPA Firm Gender Survey, released Monday, found that women hold 43% of

  • Tax ID theft victims may obtain copies of fraudulent returns

    Tax ID theft victims may obtain copies of fraudulent returns

    By Paul Bonner November 13, 2015   The IRS posted instructions on its website for taxpayers or their CPA or other authorized representative to obtain copies of returns filed by thieves using the taxpayers’ stolen identification. The new procedures represent a change of policy for the Service, which previously had refused to release fraudulent returns

  • Toshiba Sues Three Former Presidents over Accounting Scandal

    Toshiba Sues Three Former Presidents over Accounting Scandal

    Tokyo (November 9, 2015) By Pavel Alpeyev, Takashi Amano and Ma JieBloomberg (Bloomberg) Toshiba Corp. sued three former presidents as the maker of personal computers and power plants tries to recover from accounting irregularities that have led to profit write-downs of more than $1.2 billion over almost seven years. Toshiba is also suing two former

  • PCAOB Deal to Inspect Chinese Audit Firms Hits a Roadblock

    Washington, D.C. (November 6, 2015) By Dave MichaelsBloomberg (Bloomberg) A key accounting safeguard intended to protect U.S. investors who buy shares of Chinese companies is close to unraveling. James Doty Last month, a final agreement that would have allowed a U.S. regulator to examine the audits of Chinese companies listed on American stock exchanges fell

  • Create Your Own Successors

    November 5, 2015 By Daniel Hood As the accounting profession ages, firms of all sizes are learning that the best way to ensure that there will be a next generation of leaders is to develop them yourself. Cultivating high-performers at all levels of your firm will not only let you maximize their current performance —

  • IFAC Envisions ‘Integrated Thinking’ for Accountants

    By Michael Cohn November 4, 2015 The International Federation of Accountants has published a paper calling for more “integrated thinking” by accountants. The thought paper, “Creating Value with Integrated Thinking: The Role of Professional Accountants,” discusses what accountants who work in the public and private sectors can do in practical terms to facilitate integrated reporting

  • Los currículos en Reino Unido no tendrán nombre

    Llamarse Murad o llamarse James importa en Reino Unido a la hora de encontrar trabajo. Tampoco una chica que se llame Aisha tiene las mismas posibilidades de éxito laboral que otra que se llame Lily, Claire o Anne. De forma quizás inconsciente, pero sistemática, las empresas británicas han mirado con mayor interés los currículos de

  • Disclosures of audit committee’s role increasing

    By Ken Tysiac Public company audit committees are increasing disclosures related to their oversight of external auditors, a Center for Audit Quality (CAQ) study released Tuesday shows. Compared with 2014, more companies in the Standard & Poor’s (S&P) 1500 included information in their proxy disclosures about the factors they considered in appointing an audit firm,

  • SEC da luz verde al Crowdfunding

    Washington, D.C. (October 30, 2015) By Michael Cohn The Securities and Exchange Commission adopted final rules Friday to allow companies to offer and sell securities through crowdfunding. Mary Jo White The long-awaited rules will make it easier for startup companies to attract financing in accordance with the JOBS Act, the Jumpstart Our Business Startups Act,

  • PCAOB Announces SAG Meeting Agenda Focused on Audit Quality Indicators and Emerging Issues for November 12-13

    Washington, Oct. 29, 2015 The Public Company Accounting Oversight Board today released the agenda for the next meeting of its Standing Advisory Group to be held November 12-13, 2015, in Washington focused largely on audit quality indicators and emerging issues. Participants will also receive an update on the project regarding the auditor’s use of the work

  • Cómo organizar su firma para la Innovación

    Las Vegas (October 27, 2015) By Daniel Hood To create an organization that’s ready to innovate, accountants need to divide their firms into teams with specific roles in the process, according to noted author and innovation expert Geoffrey Moore. In his keynote address at the CCH Connections 2015 User Conference, held here, Moore suggested that