AEChile

Publicaciones del Autor

  • IOSCO issues measures to reduce conflict of interests in debt capital raising

    September 21, 2020 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today published final guidance to help its members address potential conflicts of interest and associated conduct risks market intermediaries may face during the debt capital raising process. The guidance also seeks to address some specific concerns observed by certain regulators

  • Corporate governance in COVID-19: Cybersecurity and technology considerations

    September 18, 2020 Published: Journal of Accountancy By Audrey Katcher, CPA/CITP, CGMA Cybersecurity oversight is a key fiduciary responsibility for a board of directors and was a significant concern for companies even before the COVID-19 pandemic forced so many organizations to suddenly shift to remote work. Data breaches and other cyber threats pose significant competitive,

  • FASB approves accounting updates to presentation and disclosures by not-for-profit entities for contributed nonfinancial assets

    September 17, 2020 Published: FASB The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) intended to improve transparency in the reporting of contributed nonfinancial assets, also known as gifts-in-kind, for not-for-profit organizations. Examples of contributed nonfinancial assets include fixed assets such as land, buildings, and equipment; the use of fixed assets

  • Internal Audit, COVID-19 Risks, and the Year Ahead

    September 13, 2020 Published: Internal Auditor Readers of my blog know that, in recent years, I have constantly emphasized the importance of internal auditors anticipating future risks for our organizations. As I observed in a 2018 blog post: As a profession, internal auditors have cultivated a long and respected legacy as purveyors of hindsight. Almost all of

  • IAASB seeks feedback on Fraud, Going Concern in Financial Statement Audits

    September 15, 2020 Published: IAASB The International Auditing and Assurance Standards Board (IAASB) today opened a public consultation, Fraud and Going Concern in an Audit of Financial Statements: Exploring the Differences Between Public Perceptions About the Role of the Auditor and the Auditor’s Responsibilities in a Financial Statement Audit. The consultation will remain open until January 12,

  • Consistency sought in sustainability, corporate reporting through global effort

    September 11, 2020 Published: Journal of Accountancy The movement toward a unified global approach to sustainability accounting standards and comprehensive corporate reporting took a step forward Friday with the support of leading global organizations. The International Federation of Accountants (IFAC) called for the creation of a new sustainability accounting standards board that would exist alongside the International

  • SEC Modernizes Disclosures for Banking Registrants

    September 11, 2020 Published: SEC Modernization of Statistical Disclosures for Bank and Savings and Loan Registrants The Securities and Exchange Commission today adopted updates to statistical disclosures for bank and savings and loan registrants.  The rules update the disclosures that investors receive and eliminate disclosures that overlap with Commission rules, U.S. GAAP or IFRS.  The

  • Presentación “El rol de la CMF en la gestión de riesgos operacionales y ciberseguridad: Caso Banco Estado” – Joaquín Cortez

    Presentación “El rol de la CMF en la gestión de riesgos operacionales y ciberseguridad: Caso Banco Estado” – Joaquín Cortez

    Septiembre 9, 2020 Publicado por la CMF descargar aquí o en la imágen

  • IIA Releases ‘Auditor Independence in Times of Crisis’

    September 9, 2020 Published: The Institute of Internal Auditors (IIA) Understanding COVID-19’s impact on internal audit is crucial to remaining relevant, demonstrating value, and focusing on issues most important to the organization. Key for internal auditors is to maintain an objective mindset, keep the board/audit committee informed, and help the organization learn and improve. The

  • Back to school in the Covid-19 era with OECD’s Andreas Schleicher

    September 2, 2020 Published: OECD Back to school? Or not back to school? That is the question…. In the first half of 2020, 188 countries temporarily closedtheir schools to slow down the spread of the Covid-19 virus. Suddenly, morethan 1.5 billion young people were on their own or following classes online.Many school re-openings since then

  • Call for Participants in new Lab project: reporting on risks, uncertainties and scenarios

    10 September 2020 Published: FRC The FRC’s Financial Reporting Lab is inviting investors and companies to participate in a new project on corporate disclosures on risks, uncertainties and scenarios.   The context for the project Investors and other stakeholders are increasingly looking for information from companies about how they will evolve, adapt and respond to changes in

  • Small and medium-sized accounting practices (SMPs) are a powerful force for public and social good.

    September 8, 2020 Published: The Association of Chartered Certified Accountants (ACCA) In their support for the small and medium-sized enterprise (SME) sector (that represents about 90% of businesses and more than 50% of employment worldwide according to the World Bank) they are helping this vital part of the economy operate more effectively, powering economic growth,

  • What COVID-19 made clear: corporate governance needs to focus on the right risks

    September 8, 2020 Published: Accountancy Europe By Olivier Boutellis-Taft This is the second blog of our COVID-19 sustainable recovery series. Read our first blog 4 steps to a sustainable recovery from COVID-19 to find out what our CEO, Olivier Boutellis-Taft, envisages a sustainable recovery to look like. Is corporate governance just a set of rules that we

  • More flexibility for agreed-upon procedures

    September 1, 2020 Published: Journal of Accountancy   SSAE No. 19 makes changes to standards that may enhance practitioners’ ability to provide value to report users. Agreed-upon procedures provide practitioners with an important opportunity to use their skills and training to help clients with engagements that differ from both audits and consulting engagements. A carefully constructed agreed-upon procedures engagement

  • AICPA teams with GRI, SASB on sustainability assurance

    September 3, 2020 Published: AccountingToday The American Institute of CPAs has received an increasing number of questions on sustainability assurance engagements and has joined forces with the Global Reporting Initiative on a document to answer some of those questions, while continuing to work with other standard-setters in the environmental, social and governance reporting space. The

  • Voices: Professional skepticism: A critical element of the COVID-era audit

    September 3, 2020 Published: Accounting Today By: Bob Dohrer, Chief auditor, American Institute of CPAs The ways we work, communicate and connect have greatly evolved thanks to innovations that make it possible for organizations to operate in a more efficient and rapid manner. COVID-19 has pushed more organizations to adopt technology, presenting new challenges for

  • Cybersecurity Advisory. Where Did Our Data Go?

    July 22, 2020 Published: Go Beyond Disruption In the second of our new monthly Cybersecurity Advisory series, host Jerry Ravi of EisnerAmper LLP is joined by Daimon Geopfert of RSM, and Audrey Katcher of Rubin Brown LLP. They discuss data security and resilience, risk, and regulatory compliance in a changing data environment. These monthly advisories explore

  • New Illustrative Examples for ISA 540 (Revised) Implementation: Expected Credit Losses

    August 31, 2020 Published: IFAC The International Standard on Auditing (ISA) 540 (Revised) Implementation Working Group today published illustrative examples for auditing expected credit loss (ECL) accounting estimates. The examples illustrate how an auditor could address certain requirements of ISA 540 (Revised). They were developed to assist the auditor in understanding how ISA 540 (Revised) may

  • Audit Analytics: Transparency Reports across Europe

    August 26, 2020 Published: International Accounting Bulletin More than six months have passed since the Brydon Review announced its recommendation to create a more transparent audit profession. In the wake of recent scandals involving companies such as Thomas Cook and Patisserie Valerie, these changes may be long overdue. While audit firms are already investing significant

  • IASB completes response to IBOR reform with amendments to IFRS Standards

    August 27, 2020 Published: IFRS The International Accounting Standards Board (Board) has finalised its response to the ongoing reform of inter-bank offered rates (IBOR) and other interest rate benchmarks by issuing a package of amendments to IFRS Standards. The amendments are aimed at helping companies to provide investors with useful information about the effects of

  • SEC changes disclosure rules, redefines ‘accredited investors’

    August 26, 2020 Published: Journal of Accountancy The SEC voted Wednesday to change certain public company disclosures and make more investors eligible to participate in private capital markets as accredited investors. Public company disclosures of the description of business (Item 101), legal proceedings (Item 103), and risk factors (Item 105) will change after the SEC adopted amendments to

  • The rise of cybercrime in the accounting profession continues

    August 24, 2020 Published: AccountingToday The July 15 tax filing deadline is finally behind you. Now is the perfect time to address the growing number of cyberattacks still taking place in the accounting industry. Many accounting practices are reporting that IT vendors and employers rushed to provide access for remote employees without fully understanding how

  • Pandemic-related legal risks that you can’t afford to ignore

    July 20, 2020 Published: Journal of Accountancy Hosted by Neil Amato These days, it’s tough to know the best next steps for organizations that are reopening to customers or employees — or considering doing so. Lee Terry, who practices corporate and securities law for the Denver firm Davis Graham & Stubbs, has advised organizations and

  • Súper ricos: ¿se trata realmente de un impuesto de 2,5%?

    Súper ricos: ¿se trata realmente de un impuesto de 2,5%?

    FELIPE ESPINA SOCIO LÍDER DEL ÁREA DE TRIBUTACIÓN INTERNACIONAL DE EY CHILE El Diario Financiero Resulta interesante plantearse la pregunta del título frente a la moción parlamentaria de reforma constitucional que propone establecer un impuesto transitorio de 2,5%, aplicable a personas que detenten un patrimonio igual o superior a US$ 22 millones. Considerando un retorno

  • Climate-Related Disclosure is a Catalyst for Stronger Business Performance

    August 18, 2020 Published: Sustainability Accounting Standards Board (SASB) The following guest blog about sustainable business was written by Peggy Smyth, CFO at National Grid, US, and FSA Credential holder. The needs of both our customers and our investors are rapidly changing. They are more socially aware than ever and want to work with companies that

  • SEC Proposes Data Security Enhancements to the CAT NMS Plan

    August 21, 2020 Published: SEC The Securities and Exchange Commission today proposed amendments to the national market system plan governing the Consolidated Audit Trail (the “CAT NMS Plan”) to bolster the Consolidated Audit Trail’s (“CAT”) data security.  While the CAT NMS Plan currently sets forth a number of requirements regarding the security and confidentiality of

  • What is the due process and why does it matter?

    August 21, 2020 Published: IFRS The IFRS Foundation was established to develop a set of high-quality, understandable, enforceable and globally accepted accounting standards—IFRS Standards—and to promote and facilitate their adoption. These Standards bring transparency, efficiency and accountability to the world’s financial markets. How do we ensure that the Standards are of the highest possible quality?

  • Video interview tips for forensic accountants and auditors

    August 21, 2020 Published: Journal of Accountancy By Charles L. McGimsey, CPA/CFF, and Natalie S. Lewis, CPA/CFF Social distancing practices implemented to slow the spread of COVID-19 have required the use of remote interviews in many situations, including forensic accounting investigations and financial audits. Given the importance of being able to evaluate nonverbal cues and

  • Audit in Action during COVID-19

    August 17, 2020 Published: The Caq COVID-19 has impacted all of us on a human level, whether by loss or fear or profound change. That’s why the Center for Audit Quality’s Executive Director Julie Bell Lindsay has been so impressed by the public company auditing profession – auditors haven’t skipped a beat. The profession quickly

  • SMP Pacesetters Embracing Technology

    August 6, 2020 Published: IFAC In many countries Small and Medium Sized Enterprises (SMEs) are the growth engine of the economy.  In the dynamic world in which we live the needs of this sector in terms of business planning and supporting growth are increasingly served by the digitalized Small and Medium Sized accountancy practice –

  • FRC statement on Accounting for Lease Modifications (Amendment to IFRS 16 – Covid-19-Related Rent Concessions)

     August 18, 2020 Published: FRC The Financial Reporting Council (FRC) has today confirmed it will not pursue regulatory action where issuers take advantage of the provisions contained in the Accounting for Lease Modifications (Amendment to IFRS 16 – Covid-19-Related Rent Concessions) before adoption by the EU. IFRS 16 Leases contains accounting requirements for changes in lease payments, including

  • Auditors show resilience during pandemic, CAQ’s Lindsay says

    August 17, 2020 Published: Journal of Accountancy Public company auditors have responded quickly and effectively to the coronavirus pandemic to help preserve the public’s critically important confidence in capital markets. That’s the conclusion drawn by Center for Audit Quality (CAQ) Executive Director Julie Bell Lindsay, who said in a telephone interview that auditors have used

  • FASB addresses valuation of private company share-based awards

    August 17, 2020 Published: Journal of Accountancy FASB issued a proposal Monday that is designed to make it easier for private companies to determine the fair value of a share-option award on its grant date or modification date. The proposal was introduced by the Private Company Council (PCC), which identified determining the fair value in these circumstances

  • Review of the IFRS for SMEs Standard—what does alignment mean?

    August 14, 2020 Published: IFRS The International Accounting Standards Board (Board) published a Request for Information as part of the second comprehensive review of the IFRS for SMEs Standard. The objective of the Request for Information is to seek views on whether and how aligning the IFRS for SMEs Standard with the full IFRS Standards could better serve users of financial

  • IOSCO examines the evolution of liquidity provision in equity securities markets

    August 11, 2020 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today published a report that explores how liquidity provision has evolved in equity securities markets in recent years. The report, titled Liquidity Provision in the Secondary Markets for Equity Securities, identifies some of the key elements of market making programs that

  • 6 new business realities in the pandemic era

    August 13, 2020 Published: Journal of Accountancy Hosted by Neil Amato The changes brought about and accelerated by the COVID-19 pandemic are numerous. Our day-to-day lives have been altered, forcing rapid adaptation. A new report from the Association of International Certified Professional Accountants and EY Seren, explores the patterns of behavior emerging from this uncertain

  • Anti-Fraud in Action: Balancing Big Data and Data Ethics During COVID-19

    August 4, 2020 Published: The Caq The CAQ’s Margot Cella, Vice President, Research and Anti-Fraud Initiatives, interviews Azlo’s Senior Director of Compliance and Internal Control, Dana Lawrence, to explore the pervasiveness of big data and its data ethics and governance implications during the COVID-19 crisis.

  • Digitization and the global pandemic

    August 10, 2020 Published: ACCA This report examines the impact of COVID-19 in areas that relate to the digitisation agenda of organisations. This is an evolving picture and the perspectives draw upon first-hand accounts from professionals around the world, using ACCA’s framework for recovery. ACCA’s report, COVID-19 Global Survey: The Road to Recovery? sets out a three

  • COVID-19 pandemic reinforces benefits of outsourced accounting

    August 11, 2020 Published: AccountingToday By: Gregg Genovese It’s no secret that the rapid outbreak of COVID-19 throughout the world has had a drastic impact on the economy and overall business environment within the U.S. For many businesses, small and large, the measures taken to help stem the spread of the pandemic have led to shifting

  • 5 Things Internal Audit Must Tell the Audit Committee Now!

    August 3, 2020 Published: Internal Auditor By:Richard Chambers As we continue to navigate the treacherous risk landscape that includes an ongoing global pandemic, much is being said and written about whether internal auditors are stepping up for their organizations. I am certain we are contributing value during this time, but I also know it may

  • “Si el plebiscito se realiza de forma inclusiva y constructiva, no debería tener efecto negativo en la percepción empresarial”

    “Si el plebiscito se realiza de forma inclusiva y constructiva, no debería tener efecto negativo en la percepción empresarial”

    MACARENA NAVARRETE, SOCIA PRINCIPAL DE EY El Diario Financiero Una vez superada la actual crisis sanitaria, podrían asomarse nuevamente riesgos sociopolíticos como es el caso de un desarrollo conflictivo del plebiscito de octubre o de un eventual estallido social 2.0. Sobre los posibles efectos de estos factores en las expectativas y estrategias empresariales, se refirió

  • 4 steps to a sustainable recovery from Covid-19

    August 6, 2020 Published. Accountancy Europe By Olivier Boutellis-Taft The economy is in a bad shape. Our ecosystems and climate are in an even worse shape. During the global lockdowns we saw a massive drop in carbon emissions, but I fear that we will go back to normal, or perhaps even worse once the pandemic has

  • SEC Proposes to Improve the Retail Investor Experience through Modernized Fund Shareholder Reports and Disclosures

    August. 5, 2020 Published: SEC Amendments would update and tailor mutual fund and exchange-traded fund disclosures to retail investors’ needs The Securities and Exchange Commission today proposed comprehensive modifications to the mutual fund and exchange-traded fund disclosure framework to better serve the needs of retail investors. The proposed disclosure framework would feature concise and visually

  • Profession in Focus: Non-GAAP and COVID-19

    July 22, 2020 Published: The Caq On this edition of Profession in Focus, the CAQ’s Dennis McGowan, Senior Director, Professional Practice, sits down with Todd Castagno, Executive Director, Research, Morgan Stanley and Steven Jacobs, Partner, Americas Director, SEC Regulatory Matters and Capital Markets, EY to discuss non-GAAP considerations in the COVID-19 environment and share related

  • FASB simplifies accounting for convertible instruments, contracts in own equity

    August 5, 2020 Published: Journal of Accountancy FASB issued a new standard Wednesday that is designed to simplify financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. The board reduced the number of accounting models for convertible debt instruments and convertible preferred stock. This will result in fewer embedded conversion features being

  • Evaluating blockchain and internal control through a COSO lens

    August 4, 2020 Published: Journal of Accountancy Blockchain technology can be used to improve risk management and create better controls for organizations, according to a new paper released Tuesday by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). COSO is a voluntary private-sector organization that seeks to improve organizational performance and governance through

  • Blockchain and Internal Control: The COSO Perspective

    Blockchain and Internal Control: The COSO Perspective

    August 4, 2020 Published: COSO As blockchain becomes mainstream, it is appropriate to focus on how this technology intersects with an entity’s internal control. With careful implementation and integration, the distinctive capabilities of blockchain can be leveraged to create more robust controls for organizations. Blockchain-enhanced tools also have the potential to promote operational efficiency and

  • ACCA: Governments must take balance sheet approach to managing finances through Covid-19 crisis

    July 31, 2020 Published: The Accountant Government spending has rocketed over the last few months in order to mitigate some of the consequences of the Covid-19 pandemic, with the IMF calculating spending to be $9 trillion. The Association of Chartered Certified Accountants, the World Bank, and the International Federation of Accountants (IFAC) have expressed concern

  • FRC resolves record number of cases through constructive engagement

    31 July 2020 Published: FRC The Financial Reporting Council (FRC) has today published its second Annual Enforcement Review (AER). The report highlights driving audit quality improvements through securing cultural change by those responsible as a key priority for the Division with a greater use of constructive engagement and the wider deployment of tailored non-financial sanctions in cases

  • Applying the Code´s Conceptual Framework in Covid-19 Circumstances: Scenarios in Taxation and Valuation Services

    Applying the Code´s Conceptual Framework in Covid-19 Circumstances: Scenarios in Taxation and Valuation Services

    July 31, 2020 Published: IESBA This publication was developed by the Staff of the Australian Accounting Professional & Ethical Standards Board (APESB) under the auspices of a Working Group formed by the International Ethics Standards Board for Accountants (IESBA) and national ethics standard setters (NSS) from Australia, Canada, China, South Africa, the UK and the

  • Webinar Series: Practical Audit Quality Considerations

    Webinar Series: Practical Audit Quality Considerations

    Webinar 3 – Auditor Reporting in the Pandemic Environment & Looking Ahead: Summary of Key Takeaways July 28, 2020 Published: IFAC The focus on auditor’s reports has increased in the current environment as investors and other users of financial statements seek greater transparency from entities around the impacts of Covid-19 in the financial statements, as

  • PCAOB Posts Conversations with Audit Committee Chairs: COVID-19 and the Audit

    PCAOB Posts Conversations with Audit Committee Chairs: COVID-19 and the Audit

    July 31, 2020 Published: PCAOB As part of the Public Company Accounting Oversight Board’s (PCAOB) strategic goal of enhancing transparency and accessibility through proactive stakeholder engagement, the Board has committed to engaging more directly and more often with audit committees. In 2019, we reached out to nearly 400 audit committee chairs of U.S. issuers whose audits we

  • IAASB Auditor Reporting Post-Implementation Review: Stakeholder Survey

    Jul 27, 2020 Published: IAASB The International Auditing and Assurance Standard Board (IAASB) invites interested stakeholders to complete an online survey sharing their experience with, and providing feedback relating to, the Auditor Reporting Standards that were issued in 2015. The Survey also asks for input on your experiences with ISA 720 (Revised), The Auditor’s Responsibilities relating

  • Anti-fraud in Action: Insights from the SEC Coronavirus Steering Committee

    July 24, 2020 Published: The CAQ The CAQ’s Margot Cella, Vice President, Research and Anti-Fraud Initiatives, has a conversation with the SEC Division of Enforcement’s Associate Director, Carolyn Welshhans, to discuss the priorities of the SEC Coronavirus Steering Committee, how the Committee is responding to fraud during COVID-19, and insights into emerging fraud risks as

  • SEC Announces Creation of the Event and Emerging Risk Examination Team in the Office of Compliance Inspections and Examinations and the Appointment of Adam D. Storch as Associate Director

    July 28, 2020 Published: SEC The Securities and Exchange Commission today announced the creation of the Event and Emerging Risks Examination Team (EERT) in the Office of Compliance Inspections and Examinations (OCIE). The EERT will proactively engage with financial firms about emerging threats and current market events and quickly mobilize to provide expertise and resources to

  • GASB requests input on proposals to improve key components of Government Financial Reports

    July 24, 2020 Published: GASB The Governmental Accounting Standards Board (GASB) today issued for public feedback a proposed Statement that is designed to improve to key components of the blueprint for state and local government annual financial reports.   The Exposure Draft, Financial Reporting Model Improvements, proposes improvements that are designed to: ·         Enhance the effectiveness of financial reports

  • Understanding the Roots in Internal Audit’s Response to COVID-19

    July 27, 2020 Published: Internal Auditor By: Richard Chambers To say the effects of COVID-19 have been significant for organizations large and small is to state the obvious. Each day brings fresh insights about control weaknesses, costly failures, and new risks exposed by the pandemic and its many related affronts. It is also obvious by now

  • Understanding Cybersecurity and the External Audit in the COVID–19 Environment

    Understanding Cybersecurity and the External Audit in the COVID–19 Environment

    July 24, 2020 Published: The CAQ The COVID-19 pandemic and the related market conditions create many new uncertainties for auditors, audit committees, investors and management of public companies. As SEC Chair Jay Clayton recently recognized, the continuing operation of the US capital markets is an essential component of our national response to, and recovery from, COVID-19. COVID-19 continues to impact public company financial statements in different ways

  • FRC proposes amendments to UK accounting standards

    23 July 2020 Published: FRC The FRC has, today, issued two Exposure Drafts proposing amendments to UK and Ireland accounting standards. Both reflect topical issues. FRED 75 Draft amendments to FRS 104 – Going concern proposes to: a.    clarify the requirement to assess the going concern basis of accounting; and b.    require the disclosure of any related material uncertainties, when

  • ¿Impuesto o confiscación?

    ¿Impuesto o confiscación?

    El Diario Financiero FRANCISCO SELAMÉ SOCIO DE PWC CHILE Señora Directora: La Cámara de Diputados se encuentra analizando un nuevo proyecto de reforma constitucional, uno que introduce en una sola disposición transitoria un llamado impuesto al patrimonio. Si así se aprobara, nuestros legisladores nos sorprenderían ahora con el impuesto más breve de la historia. Pero

  • Profession in Focus: Going Concern and COVID-19

    July 16, 2020 Published: The CAQ On this edition of Profession in Focus, the CAQ’s Yuri Zwick, Professional Practice Fellow, sits down with Jackie Daylor, National Managing Partner of Audit Quality and Professional Practice at KPMG and Rich Davisson Assurance Partner and Director at RSM, to discuss going concern considerations in the COVID-19 environment and

  • IFAC Calls on the G20 to Stay Focused on the Future in the Global COVID-19 Response

    July 21, 2020 Published: IFAC The challenges raised by COVID-19 are unprecedented in the modern era; so too have been the responses from G20 governments. The short-term focus on the pandemic has been rightfully all encompassing. At the same time, we must not allow the immediate needs of the recovery to derail progress on other

  • Webinar Series: Practical Audit Quality Considerations

    Webinar Series: Practical Audit Quality Considerations

    Webinar 2 – Performing the Audit in the Pandemic Environment: Recording & Summary of Key Takeaways July 22, 2020 Published: IFAC The pandemic environment has led to measures such as social distancing which have changed the way that auditors and their clients perform their work. The environment is also significantly changing the economic realities for

  • Webinar Series: Practical Audit Quality Considerations

    Webinar Series: Practical Audit Quality Considerations

    Webinar 1 – Planning the Audit in the Pandemic Environment: Recording & Summary of Key Takeaways July 15, 2020 Published: IFAC The COVID-19 pandemic has far reaching implications, with many people still comprehending and adjusting both personally and professionally. For the audit profession, the increased complexities of financial statement reporting and related risks and uncertainties,

  • High-quality disclosures needed to reflect impact of Covid-19

    July 21, 2020 Published: FRC The Financial Reporting Council (FRC) has completed its first thematic review of company reporting since the onset of Covid-19 pandemic.   The review found that although companies provided sufficient information to enable a user to understand the impact Covid-19 had on their performance, position and future prospects, some – particularly interim reports – would

  • FRC publishes annual report following transformative year

    17 July 2020 Published: FRC The Financial Reporting Council (FRC) today publishes its annual report, setting out significant progress to implement the recommendations for change of the FRC itself and in the activities it regulates. Under new leadership with a mandate to transform into the Audit, Reporting, Governance Authority (ARGA), the FRC has brought forward many of the

  • The 10 elements of financial statements, according to FASB

    July 16, 2020 Published: Journal of Accountancy FASB issued a proposed new chapter to its Conceptual Framework on Thursday that defines 10 elements of financial statements and seeks feedback from stakeholders. The proposed chapter is titled Concepts Statement No. 8, Conceptual Framework for Financial Reporting: Chapter 4, Elements of Financial Statements. In the proposal, the 10 elements of financial statements

  • Auditor Reporting – COVID-19 Considerations

    Auditor Reporting – COVID-19 Considerations

    July 14, 2020 Published: The CAQ The COVID-19 pandemic and the related market conditions create many new uncertainties for auditors, audit committees, investors and management of public companies. As SEC Chair Jay Clayton recently recognized, the continuing operation of the US capital markets is an essential component of our national response to, and recovery from, COVID-19. COVID-19 continues to impact public company financial statements in different ways

  • COVID-19 Demands Audit Committee Effectiveness: 6 Recommendations

    July 13, 2020 Published: Internal Auditor By: Richard Chambers The challenges to business and society created by the biggest health crisis in a century have been manifold. Each day brings a new twist in how the COVID-19 pandemic impacts our safety, interactions, business, politics, and security. Yet, this relentless scourge may offer one significant benefit:

  • International Audit and Ethics Standards Boards Embrace Conclusion of Monitoring Group Review and Renewal of Commitment to Global Standards

    July 14, 2020 Published: IFAC The International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) today welcomed the Monitoring Group’s recently released Paper: Strengthening the International Audit and Ethics Standard-Setting System, aimed at enhancing governance arrangements of the two standard-setting boards.  The enhancements reflected in the Monitoring Group’s Paper will

  • How the new audit evidence standard can improve audit quality

    July 14, 2020 Published: Journal of Accountancy Hosted by Neil Amato The new principles-based standard on audit evidence, issued last week by the AICPA Auditing Standards Board, addresses issues such as emerging technology, professional skepticism, and expanding sources of information. Jay Brodish, CPA, a partner at PwC, and Bob Dohrer, CPA, CGMA, the chief auditor of the

  • Promoting Clarity and Compatibility in the Sustainability Landscape.

    GRI and SASB announce collaboration July 12, 2020 Published: Sustainability Accounting Standards Board (SASB) Amid rising global demand for clarity in the sustainability reporting ecosystem, the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI) are pleased to announce a collaborative workplan. SASB and GRI understand that the sustainability disclosure landscape can appear complicated.

  • Accounting estimates and disclosures addressed in new auditing standard

    July 10, 2020 Published: Journal of Accountancy By Ken Tysiac In a new standard issued Friday, the AICPA Auditing Standards Board provides requirements and guidance to auditors for auditing accounting estimates, which often is one of the most challenging areas a practitioner faces during an engagement. Statement on Auditing Standards (SAS) No. 143, Auditing Accounting Estimates

  • FRC strengthens auditing standard ISA 315

    July 9, 2020 Published: FRC The Financial Reporting Council (FRC) has today issued a revision of its standard for the identification and assessment of risks of material misstatement in an audit of financial statements. The revised standard (ISA (UK) 315 (Revised – July 2020) – Identifying and Assessing the Risks of Material Misstatement) adopts the revisions

  • Managing Fraud Risk: an ECI IMPACT Conference Panel

    July 1, 2020 Published: The Caq How can public companies mitigate fraud risk in times of uncertainty? The CAQ’s Margot Cella joins Holly Tucker, Partner at Deloitte Financial Advisory Services for a panel discussion at the 2020 ECI IMPACT Conference.

  • Organizations’ Audit Committees Must Rise To the Challenges of the ‘New Normal’

    July 8, 2020 Published: The Institute of Internal Auditors (IIA) IIA, IFAC Issue Joint Call to Action for Addressing Risks More Comprehensively As organizations confront the immediate and longer-term implications of COVID-19, The Institute of Internal Auditors (IIA) and the International Federation of Accountants (IFAC) today issued a call to action for audit committees to ensure

  • A 6-point security checkup for working from everywhere

    July 7, 2020 Published: Journal of Accountancy By Audrey Katcher, CPA/CITP, CGMA No one has ever seen a year like 2020. These are unprecedented times for all of us — individuals, families, and organizations alike. As we continue adapting to the changing conditions, it is important for organizations to review the actions they have taken

  • FRC principles for operational separation of audit practices

    July 6, 2020 Published: FRC Today the FRC has announced its principles for operational separation of the audit practices of the Big Four firms. The objectives of operational separation, which is world leading, are to ensure that audit practices are focused above all on delivery of high-quality audits in the public interest, and do not rely on persistent

  • CIMA: UK Government should concentrate on Four Key Areas for Covid-19 Recovery

    July 2, 2020  Published: The Accountant  The Chartered Institute of Management Accountants (CIMA) has published a set of recommendations designed to support the UK Government in helping the country recover from the Covid-19 pandemic. CIMA has called on the UK Government to concentrate on four key areas: Providing businesses and consumers with confidence to invest

  • Audit firms implement ‘additional measures’ to enhance their evaluation of going concern assessments

    July 2, 2020 Published: FRC Audit firms have introduced a range of additional measures to enhance their evaluation of companies’ going concern assessments, since the start of the Covid-19 emergency, according to a review initiated and undertaken by the Financial Reporting Council (FRC). The FRC’s review covered the going concern policies and procedures of the seven largest

  • Auditors can play key role in ESG information assurance

    July 1, 2020 Published: Journal of Accountancy The increasing attention paid to company disclosures on environmental, social, and governance (ESG) information in the current environment means auditors have a growing role to play related to these disclosures. A new Center for Audit Quality (CAQ) report, The Role of Auditors in Company-Prepared ESG Information: Present and Future, addresses

  • Profession in Focus: Audit Committee Considerations During COVID-19

    June 19, 2020 Published: The CAQ On this edition of Profession in Focus, the CAQ’s Vanessa Teitelbaum, Senior Director, Professional Practice, sits down with Brian Anderson, Corporate Director and CAQ Governing Board Member and Amy Rojik, Assurance Partner and Director at BDO’s Corporate Governance and Financial Reporting, to uncover what audit committee members should be focused

  • New Report Reveals How Auditors Enhance The Reliability of Company-Reported ESG Information

    New Report Reveals How Auditors Enhance The Reliability of Company-Reported ESG Information

    July 1, 2020 Published: The CAQ As investors increasingly make decisions based on company-reported environmental, social, and governance (ESG) information, audit firms can enhance the reliability of this reporting, according to the Center for Audit Quality (CAQ). In a new report, The Role of Auditors in Company-Prepared ESG Information: Present and Future, the CAQ outlines how investors

  • Combinations of businesses under common control—one size does not fit all

    June 29, 2020 Published: IFRS The International Accounting Standards Board (Board) is carrying out a research project to consider filling a gap in IFRS Standards by improving the comparability and transparency of reporting on combinations of businesses under common control. IFRS 3 Business Combinations covers how to account for mergers and acquisitions between unrelated parties but it

  • IOSCO publishes Good Practices on processes for deference

    June 26, 2020 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today published a series of eleven good practices on processes for deference to assist regulatory authorities in mitigating the risk of unintended, regulatory-driven market fragmentation and to strengthen international cooperation. Wholesale securities and derivatives markets are global in nature and

  • IAASB Publishes COVID-19 Related Guidance on Auditing Accounting Estimates and Related Disclosures

    IAASB Publishes COVID-19 Related Guidance on Auditing Accounting Estimates and Related Disclosures

    June 26, 2020 Published: IAASB Today the IAASB released COVID-19 pandemic-related guidance on auditing accounting estimates and related disclosures. This guidance may help auditors in the current uncertain and evolving environment. http://aechile.cl/wp-content/uploads/2020/06/IAASB-Staff-Alert-Auditing-Accounting-Estimates-final.pdf Descargar aquí: https://www.iaasb.org/news-events/2020-06/iaasb-publishes-covid-19-related-guidance-auditing-accounting-estimates-and-related-disclosures

  • Statement on the Continued Importance of High-Quality Financial Reporting for Investors in Light of COVID-19

    June 23, 2020 Published: SEC By: Sagar Teotia, Chief Accountant On April 3, 2020, the Office of the Chief Accountant (OCA) issued a statement regarding the importance of high-quality financial reporting in light of the significant impacts of COVID-19. At that time, in addition to facing a number of operational and other challenges, many public

  • Anti-Fraud in Action: A Focus on Ethical Culture and Diversity During Crisis

    June 19, 2020 Published: The CAQ Margot Cella, Vice President, Research and Anti-Fraud Initiatives at the CAQ sits down with Stephen Rivera, Vice President, Global Technical Accounting Advisory Services & Policy at Johnson & Johnson on this episode of Anti-Fraud in Action, to discuss ethical culture and diversity during a crisis. https://www.thecaq.org/anti-fraud-in-action-a-focus-on-ethical-culture-and-diversity-during-crisis/

  • New Internal Audit Foundation Report Challenges Internal Auditor Functions to Be Value Drivers

    June 24, 2020 Published: The Institute of Internal Auditors This new Internal Audit Foundation report, based on the findings of a global survey and in-depth interviews with world-class internal audit functions, addresses the question, “What is the added value of internal auditing?” It suggests concrete pointers on how to define and measure added value, and

  • SEC staff guidance addresses pandemic-related disclosures

    June 23, 2020 Published: Journal of Accountancy Public companies need to carefully consider their obligations in disclosing the coronavirus pandemic’s effect on their operations, liquidity, and capital resources, according to staff guidance issued Tuesday by the SEC Division of Corporation Finance. The division is monitoring how companies are disclosing the effects and risks related to the pandemic

  • How do multidisciplinary teams contribute to audit quality?

    How do multidisciplinary teams contribute to audit quality?

    June 24, 2020 Published: Accountancy Europe High-quality audits contribute to the extent to which we can trust financial information. As stakeholders demand more and more diverse corporate information, companies use experts, beyond accounting, for reporting this. Likewise, auditors depend on other experts, scientists, engineers, actuaries, to supplement their skills to provide the highest quality audit

  • Understanding the Auditing Requirements for Accounting Estimates and the Use of Specialists

    Understanding the Auditing Requirements for Accounting Estimates and the Use of Specialists

    June 22, 2020 Published: The CAQ Public companies are increasingly using complex accounting estimates in their financial statements and relying on specialists with new expertise to make those estimates. High-quality auditing coupled with the use of specialists promotes trust in capital markets by presenting a clearer picture of companies’ current and future financial outlooks. The

  • 4 key COVID-19 audit risks for 2020 year ends

    June 5, 2020 Published: Journal of Accountancy By Bob Dohrer, CPA, CGMA, and Carl Mayes, CPA Many auditors have begun to turn their sights to their next group of audits: clients with 2020 fiscal year ends. The World Health Organization declared a public health emergency on Jan. 30, 2020, meaning many of these clients will

  • Focus on the Auditor’s Risk Assessment

    Focus on the Auditor’s Risk Assessment

    June 8, 2020 Published: The CAQ The COVID-19 pandemic and the related market conditions create many new uncertainties for public companies, auditors, and audit committees. As SEC Chair Jay Clayton recently recognized, the continuing operation of the US capital markets is an essential component of the US’s response to, and recovery from, COVID-19. This resource

  • Policy measures to avoid corruption and bribery in the COVID-19 response and recovery

    Policy measures to avoid corruption and bribery in the COVID-19 response and recovery

    May 26, 2020 Published: OECD The  coronavirus  (COVID-19)  crisis  has  brought  about  unprecedented  challenges  of  human  suffering, uncertainty and major economic disruption on a global scale. This can create environments that are ripe for corruption and bribery. For this reason, state and private sector responses to this crisis should include mechanisms for preventing, detecting and

  • Lease accounting effective date deferred for federal entities

    June 19, 2020 Published: Journal of Accountancy Federal government entities will have extra time to implement a new lease accounting standard after the Federal Accounting Standards Advisory Board (FASAB) announced Friday that it is delaying the standard’s effective date. FASAB issued Statement of Federal Financial Accounting Standards (SFFAS) 58, Deferral of the Effective Date of SFFAS 54, Leases.

  • Goodwill Impairment Considerations in the COVID-19 Environment

    Goodwill Impairment Considerations in the COVID-19 Environment

    June 19, 2020 Published: The CAQ The COVID-19 pandemic and the related market conditions create many new uncertainties for auditors, audit committees, investors and management of public companies. As SEC Chair Jay Clayton recently recognized, the continuing operation of the US capital markets is an essential component of our national response to, and recovery from,

  • Heading off Paycheck Protection Program fraud

    June 19, 2020 Published: Journal of Accountancy By Kelly Hinchcliffe Accountants can play a role in making sure the money set aside to help small business goes to the right places. As the federal government distributes $659 billion in forgivable loans to small businesses as part of the Paycheck Protection Program (PPP), it’s important that

  • Europe and the coronavirus crisis: what’s next?

    June 12, 2020 Published: Accountancy Europe An update from the front line Our fourth coronavirus bonus episode looks at how a post Covid-19 Europe might look like in an interview with Eleni Kanelli, Head of Advocacy at Accountancy Europe. Eleni discusses with us her predictions for Europe following the recent EU recovery plan announcement and

  • 17 strategic questions to answer before reopening

    June 17, 2020 Published: Journal of Accountancy By Anita Dennis With regulations being relaxed in many states, organizations are turning their attention to how and whether to reopen their offices. Though health and safety questions are top of mind for many, strategic issues are also important to consider. In the midst of all the damage it has

  • Accountancy Europe leads the non-financial reporting debate

    June 17, 2020 Published: Accountancy Europe Accountancy Europe releases 3 publications to shape the debate on non-financial information (NFI) reporting. Accountants have the skills and knowledge to lead this discussion. Based on their expertise, Accountancy Europe urges more reliable EU NFI reporting, offers a view on NFI assurance, and progresses the debate on a global NFI standard setter. In our response to the

  • Impairment of assets in the context of COVID-19

    June 12, 2020 ICAEW’s Financial Reporting Faculty considers accounting requirements relating to the impairment of assets in the context of the COVID-19 pandemic in their latest short webcast. Under both UK and international accounting standards, the principle exists that assets should be stated at no more than their recoverable amount in an entity’s balance sheet,

  • Setting up for high-quality non-financial information assurance in Europe

    Setting up for high-quality non-financial information assurance in Europe

    June 12, 2020 Published: accountancy Europe Non-financial information (NFI) is vital for companies and stakeholders to make sound business decisions. It makes environmental, social and governance impacts transparent to support moving to more sustainable economies. As the importance of NFI is growing, stakeholders also need to know if the information can be trusted. Independent, external assurance enhances the reported NFI’s reliability, strengthens confidence in markets and contributes to the global sustainable finance objectives.

  • FASB addresses insurance, convertible instruments, gifts-in-kind

    June 10, 2020 Published: Journal of Accountancy By Ken Tysiac FASB voted Wednesday to propose delaying the effective date of its standard on long-duration insurance contracts by one year and to approve two new standards. The board will issue Accounting Standards Updates (ASUs) on: Improving convertible instruments and contracts in an entity’s own equity. Not-for-profit

  • New Auditing Documentary Premieres

    May 2020 Published: The CAQ The CAQ is supporting a new documentary, premiering June 5 on public television, about three young adults who discover how people of all backgrounds and passions forge their own career paths through the auditing profession. The CAQ’s support for the Making It Balance documentary is part of the Discover Audit initiative, which seeks to

  • Global economy faces a tightrope walk to recovery

    June 10, 2020 Published: OECD The Covid-19 pandemic has triggered the most severe recession in nearly a century and is causing enormous damage to people’s health, jobs and well-being, according to the OECD’s latest Economic Outlook. As restrictions begin to ease, the path to economic recovery remains highly uncertain and vulnerable to a second wave of

  • AICPA recommends changes to e-signature requirements

    June 8, 2020 Published: Journal of Accountancy By Sally P. Schreiber, J.D. The AICPA Tax Executive Committee (TEC) has sent the IRS a letter requesting the Service update and modernize its e-filing signature requirements in four areas in response to the COVD-19 pandemic but with the aim of adopting the changes permanently to make it easier for

  • Presentación “Divulgación de Criterios ESG – Importancia de Sistematizar Información con Perspectiva de Género” – Rosario Celedón

    Presentación “Divulgación de Criterios ESG – Importancia de Sistematizar Información con Perspectiva de Género” – Rosario Celedón

    9 de junio de 2020 Publicado por CMF Descarga directa desde la imágen: http://www.cmfchile.cl/portal/prensa/604/w3-article-29097.html

  • Reporting at the Speed of Risk: 4 Strategies for Success

    June 08, 2020 Published: Internal Auditor By: Richard Chambers News last week of improvement in the U.S. jobless situation brought a glimmer of hope that, perhaps, the very worst may be behind us. At least for now. But disruption continues to engulf our personal and professional lives, as the twin impacts of the coronavirus COVID-19

  • ISA 540 (Revised) Implementation: Illustrative Examples for Auditing Simple and Complex Accounting Estimates

    May 29, 2020 Published: IAASB The International Standard on Auditing (ISA) 540 (Revised) Implementation Working Group has prepared illustrative examples for auditing simple and complex accounting estimates. The attached examples are designed to illustrate how an auditor could address certain requirements of ISA 540 (Revised), and have been developed to assist the auditor in understanding

  • The IIA Releases New Practice Guide on Auditing Conduct Risk

    June 5, 2020 Published: The Institute of Internal Auditors Organizational culture ― and how an organization comports itself with regard to conduct ― drives how business is done. It also underlies the effectiveness of the control environment, which supports the achievement of an organization’s objectives. Poor culture and ineffective management of employee conduct has contributed

  • IFRS 9 and IFRS 7 for Investors—disclosures about Expected Credit Losses

    June 4, 2020 Published: IFRS In this webcast for investors, Sue Lloyd, Vice-Chair of the International Accounting Standards Board, and Sid Kumar, CFA, technical staff member responsible for investor engagement, outline the information that entities will provide about ECL in their financial statements and notes prepared using IFRS 9 Financial Instruments and IFRS 7 Financial

  • FASB offers limited effective date delays on revenue recognition and leases standards

    June 3, 2020 Published: FASB One-Year Delays Extended to Certain Companies and Organizations The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that grants a one-year effective date delay for certain companies and organizations applying the revenue recognition and leases guidance. Early application continues to be permitted. “The FASB issued the ASU

  • Risk Committee TORS published by the Chartered Governance Institute

    June 2, 2020 Published: The Accountant The Chartered Governance Institute has published new Terms of Reference for risk committees, which are intended as a guide for companies to adapt to their needs where the board decides it is necessary or desirable to have a separate risk committee Peter Swabey, Policy and Research Director at the Institute comments, “In recent years, the importance of

  • IOSCO encourages issuers’ fair disclosure about COVID-19 related impacts

    May 29, 2020 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today issued a public statement highlighting the importance to investors and other stakeholders of having timely and highquality information about the impact of COVID-19 on issuers´ operating performance, financial position and prospects. The pandemic and the uncertainty it has caused

  • A 5-step plan for adding new tech amid COVID-19

    June 1, 2020 Published: Journal of Accountancy By Amy Vetter, CPA/CITP, CGMA The coronavirus pandemic has changed the blueprint for seeking, choosing, and implementing The COVID-19 crisis has altered everyone’s lives, changing the way we do business now and for the foreseeable future. These changes have made technology even more important. With remote work now a necessity

  • CIMA launches free business recovery toolkit

    May 27, 2020 Published: The Accountant The Chartered Institute of Management Accountants (CIMA) has launched Reimagine business resilience in the Covid-19 World, a free resource to help organisations navigate the short- and long-term ramifications of the Covid-19 pandemic. The guide has drawn on the experience of CIMA members in business and finance, and the toolkit provides

  • The technology — and human — lessons of COVID-19

    May 22, 2020 Published: Journal of Accountancy The ninth annual JofA technology roundtable podcast was initially recorded in early March, just before the coronavirus pandemic started wreaking havoc on American lives and the economy. With the world at a dramatically different place than when we first recorded, the roundtable participants agreed to hold another call May 6

  • COSO provides new guidance on risk appetite

    May 26, 2020 Published: Journal of Accountancy Risk appetite plays an important role in organizational success and should be considered carefully by leaders as they make strategic decisions. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has published new guidance on risk appetite focusing on how organizations can promote risk appetite as a key factor

  • Implications of the COVID-19 outbreak on the half-yearly financial reports

    May 20, 2020 Published: European Securities and Markets Authority ESMA is issuing this Statement in order to promote transparency and consistent application of European requirements for the information provided in the half-yearly financial reports under the current circumstances related to the COVID-19 outbreak. ESMA acknowledges that the COVID-19 outbreak has posed significant challenges to business

  • PCAOB Posts Spotlight on Audits Involving Cryptoassets

    PCAOB Posts Spotlight on Audits Involving Cryptoassets

    May 26, 2020 Published: PCAOB PCAOB posted a Spotlight on Audits Involving Cryptoassets – Information for Auditors and Audit Committees. A key objective in the Board’s Strategic Plan is to monitor the development and implementation of emerging technologies to analyze their implications for the quality of audit services. PCAOB staff has observed that cryptoassets, including

  • New COSO Guidance: Risk Appetite – Critical to Success

    New COSO Guidance: Risk Appetite – Critical to Success

    May 20, 2020 Published: COSO In an effort to help boards, executives, and managers recognize how a better understanding and communication of risk appetite will help their organizations succeed, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) is releasing new guidance, “Risk Appetite–Critical to Success,” focusing on how organizations can promote risk appetite

  • Corona crisis: lessons for a more sustainable future

    May 26, 2020 Published: Accountancy Europe The COVID-19 crisis has shocked us all. While the outbreak’s origins are still being discussed, the health emergency and the resulting global economic crisis show that countries have to be better prepared. This new crisis does not happen in isolation; it emphasises the ongoing ones, such as on climate, inequality, and demographics.

  • Small businesses urged to stress test their finances

    May 22, 2020 Published: International Accounting Bulletin As ONS data reveals just under a quarter of all businesses are unsure about their cash position, Purbeck Insurance Services is urging small businesses impacted by COVID-19, to stress test their finances.   Purbeck has also launched a free online guide to the support packages and measures SMEs can consider

  • IAASB releases COVID-19 related Guidance for Auditor Reporting

    IAASB releases COVID-19 related Guidance for Auditor Reporting

    May 22, 2020 Published: IAASB The IAASB released COVID-19 Pandemic-related guidance for auditors to consider when issuing an auditor’s report on the completion of the audit of financial statements. Descargar PDF AQUÍ http://www.iaasb.org/news-events/2020-05/iaasb-releases-covid-19-related-guidance-auditor-reporting

  • Fostering a culture of openness around mental Health?

    May 22, 2020 Published: International Accounting Bulletin Author: Zoya Malik  For Mental Health Awareness Week, Naomi Thompson, Head of Organisational Development at Benenden Health, provides insight into how employers can create a culture of openness around mental health. As the COVID-19 crisis puts a strain on the nation’s mental health, employers must ensure they have

  • SEC Adopts Amendments to Improve Financial Disclosures about Acquisitions and Dispositions of Businesses

    May 21, 2020 Published: SEC The Securities and Exchange Commission today announced that it has voted to adopt amendments to its rules and forms to improve for investors the financial information about acquired or disposed businesses, facilitate more timely access to capital, and reduce the complexity and costs to prepare the disclosure. The amendments will update

  • Attracting young people to public accounting

    May 18, 2020 Published: Journal of Accountancy A strategic imperative for making public accounting a welcoming profession for young people can help a firm secure its future, according to Johanna Sweaney Salt, CPA, CGMA, a partner at Gray, Salt & Associates LLP in Claremont, Calif. https://www.journalofaccountancy.com/videos/attract-young-people-to-public-accounting.html

  • Tips for audit committees during the pandemic

    May 18, 2020 Published: Journal of Accountancy Audit committees have a critical role to play for companies in a business environment that has been severely disrupted by the coronavirus pandemic. In addition to their fiduciary responsibilities for overseeing the external auditor and financial statements, audit committees can contribute valuable oversight duties in areas such as

  • Presentación “Medidas y análisis de la Comisión para el Mercado Financiero ante la contingencia del COVID 19 en Chile”

    Presentación “Medidas y análisis de la Comisión para el Mercado Financiero ante la contingencia del COVID 19 en Chile”

    Joaquín Cortez 19 de mayo de 2020 Publicado por CMF   Descargar documento aquí

  • IAASB Publishes COVID-19 related Guidance on Audit Considerations for Subsequent Events

    IAASB Publishes COVID-19 related Guidance on Audit Considerations for Subsequent Events

    May 15, 2020 Published: IAASB IAASB released guidance on auditor considerations when undertaking procedures relating to subsequent events, in light of the changing environment due to the COVID-19 Pandemic. Descargar publicación: Aquí https://www.iaasb.org/news-events/2020-05/iaasb-publishes-covid-19-related-guidance-audit-considerations-subsequent-events

  • 90% of Anti-Fraud Professionals Have Seen an Increase in Consumer Scams Due to COVID-19

    April 26, 2020 Published: ACFE In a new survey conducted by the Association of Certified Fraud Examiners (ACFE) about the effect COVID-19 has on fraud, 90% of respondents reported that they have seen an increase in scams targeting consumers, with 51% believing the increase has been by a significant amount. Respondents reported seeing an immediate

  • Data Ethics and Governance with COVID-19 Considerations

    Data Ethics and Governance with COVID-19 Considerations

    May 12, 2020 Published: The Caq Data ethics and governance are key priorities for many companies collecting and using large amounts of data. In a recent report, the Institute of Internal Auditors (IIA), a founding partner organization in the Anti-Fraud Collaboration, explores the implications of data ethics and governance for mitigating fraud risk, protecting data

  • Voices: Coronavirus’s impact on Q1 reporting and financial closing

    May 13, 2020 Published: Accounting Today By Clancy Fossum, CEO, Embark The sky might not literally be falling, but it sure feels like it is. As the world grapples with the escalating impact of the coronavirus pandemic, a stark realization is now sweeping over accounting and finance teams — they’re the ones who have to figure out

  • Look Out for Coronavirus-Related Investment Scams – Investor Alert

    Feb. 4, 2020 Updated May 6, 2020 Published: SEC The SEC’s Office of Investor Education and Advocacy is issuing this Investor Alert to warn investors about investment frauds involving claims that a company’s products or services will be used to help stop the coronavirus outbreak. Fraudsters often use the latest news developments to lure investors

  • Webcast: Approach to the second comprehensive review

    May 14, 2020 Published: IFRS In this webcast, Michelle Sansom and Yousouf Hansye, both members of the IASB Technical Staff, look at how the Board approached the second comprehensive review. The Request for Information seeks views on whether and how to align the IFRS for SMEs Standard with full IFRS Standards. The webcast is the

  • Accountancy Europe supports new EU action against money laundering

    May 8, 2020 Published: Accountancy Europe Accountancy Europe supports increased action against money laundering in a smart and collaborative way. We encourage the European Commission’s Anti-Money Laundering (AML) Action Plan issued on 7 May 2020 as the first step towards legislative proposals expected in early-2021. We will contribute our feedback to the public consultation. With the ongoing coronavirus

  • Guidance for companies on Corporate Governance and Reporting (Including Interim Reports)

    May 12, 2020 Published: FRC Many companies are facing unprecedented uncertainty about their immediate prospects in an environment which may challenge or disrupt their usual management and governance processes. This uncertainty is likely to decrease over time as more information becomes available about COVID-19, the length and extent of social distancing restrictions in different countries,

  • PCAOB Posts Data and Technology Research Project Update Spotlight

    PCAOB Posts Data and Technology Research Project Update Spotlight

    May 12, 2020 Published: PCAOB Today the PCAOB posted an update on its Data and Technology Research Project. Advancements in technology are affecting the nature, timing, preparation, and use of financial information. In light of the increasing use of technology by auditors and preparers, the Board’s Strategic Plan highlights that we must anticipate and respond to these innovations

  • Auditing Accounting Estimates in the COVID-19 Environment

    Auditing Accounting Estimates in the COVID-19 Environment

    May 4, 2020 Published: The Caq The COVID-19 pandemic and the related market conditions create many new uncertainties for public companies, auditors, investors and audit committees. As SEC Chair Jay Clayton recently recognized, the continuing operation of the US capital markets is an essential component of our national response to, and recovery from, COVID-19. The complexities of auditing accounting estimates already are well documented, and in an

  • Effective dates extended for 3 AICPA ethics interpretations

    May 6, 2020 Published: Journal of Accountancy The effective dates of three AICPA ethics interpretations will be extended by one year because of the coronavirus pandemic after a vote Tuesday by the AICPA Professional Ethics Executive Committee (PEEC). Firms have told the AICPA that regardless of when the pandemic is declared over or social-distancing restrictions

  • Commission steps up fight against money laundering and terrorist financing

    May 7, 2020 Published: European Commission The European Commission has today put forward a comprehensive approach to further strengthen the EU’s fight against money laundering and terrorist financing. The Commission has published an ambitious and multifaceted Action Plan, which sets out concrete measures that the Commission will take over the next 12 months to better

  • OECD Angel Gurría: ‘Covid-19 recession not the Great Depression’

    April 19, 2020 Published: BBC Andrew Marr spoke to the Secretary-General of the OECD Angel Gurría

  • IFAC offers plan for transforming practices amid coronavirus

    May 4, 2020 Published: Accounting Today The International Federation of Accountants has published a roadmap for transforming small and medium-sized accounting practices in the midst of the novel coronavirus pandemic and moving them into the future. IFAC’s ‘‘Practice Transformation Action Plan – A Roadmap to the Future’’ focuses on four main areas for firms: embrace

  • SEC Provides Temporary, Conditional Relief to Allow Small Businesses to Pursue Expedited Crowdfunding Offerings

    May 4, 2020 Published: SEC The Securities and Exchange Commission today announced that it is providing temporary, conditional relief for established smaller companies affected by COVID-19 that may look to meet their urgent funding needs through a Regulation Crowdfunding offering. Today’s actions, which follow suggestions made by members of the SEC’s Small Business Capital Formation Advisory

  • COVID-19 and going concern: increased risk of material uncertainties

    May 1, 2020 Published: ICAEW In these unprecedented times, the audit of going concern assessments and reporting on material uncertainty related to going concerns are key for auditors. The Audit and Assurance Faculty has produced two guides on the topic. The first guide covers the assessment of going concern and the second the reporting of

  • Coronavirus’ impact on auditing for 2019 year-ends and beyond Analysis of guidance for European auditors

    April 30, 2020 Published: Accountancy Europe Measures taken to contain the coronavirus affect us all. This publication focuses on how this impacts businesses and the people that audit them. It aims to support European auditors in adapting their work to new circumstances in ongoing audits with 2019 year-ends and beyond. To this end we have

  • FASB Issues Staff Q&A Document on Hedge Accounting during COVID-19 Pandemic

    April 28, 2020 Published: FASB The Financial Accounting Standards Board (FASB) staff today issued a question-and-answer document (Q&A) that responds to frequently asked questions about the disruptive effects of COVID-19 on cash flow hedge accounting. FASB Accounting Standards Codification® Topic 815, Derivatives and Hedging, provides guidance on when to discontinue cash flow hedge accounting and when and how

  • Perspectives from audit leaders on the impact of COVID-19 on SOX.

    April 27, 2020 Published: The IIA Continuing The Conversation: Interview with Tom O’Reilly from AuditBoard Para ver video haga click en el siguiente vínculo: https://www.theiia.org/sites/auditchannel/Pages/Videos.aspx?v=409032388

  • IAASB proposes modernization of Group Audits Standards in support of Audit Quality

    April 27, 2020 Published: IAASB The International Auditing and Assurance Standards Board (IAASB) today released the exposure draft of proposed International Standard on Auditing (ISA) 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)s. Proposed ISA 600 (Revised) deals with special considerations for audits of group financial statements (group audits). Group audits

  • Fraud Report Affirms Internal Audit’s Value at Critical Time

    April 27, 2020 Published: Internal Auditor By: Richard Chambers, president and CEO of The IIA Each year, the Association of Certified Fraud Examiners (ACFE) publishes a “Report to the Nations,” which shares results of its annual Global Fraud Survey. The findings reflect the significant role that internal audit plays, and the value it adds, in

  • NON-Authoritative support material: Audit documentation when using automated tools and techniques

    April 23, 2020 Published: IAASB The Technology Working Group (TWG) of the International Auditing and Assurance Standards Board (IAASB) published non-authoritative support material related to the auditor’s documentation when using automated tools and techniques (ATT), such as data analytics, robotics automation processes or artificial intelligence applications.  The publication assists auditors in understanding how the use

  • FASB proposes effective date delays on time-sensitive standards

    April 22, 2020 Published: The Accountant The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU) that would grant a one-year effective date delay for certain stakeholders applying leases and revenue recognition. The leases effective date deferral would be limited to private companies, private not-for-profit organisations, and public not-for-profit organisations that

  • Reporting and auditing during the coronavirus pandemic

    An update from the front line April 23, 2020 Published: Accountancy Europe In this special coronavirus episode, we talk to Hilde Blomme, Deputy CEO of Accountancy Europe. Hilde discusses the broader impacts that the pandemic is having on financial reporting and auditing. She notes the ways in which the reporting will need to adapt and

  • Modified Audit Opinions during Covid-19 crisis

    21 April 2020 Published: FRC FRC publishes further guidance on modified auditors’ opinions and reports during Covid 19 crisis. Modifications of Independent Auditor’s Opinions and Reports Two key objectives of any auditor are to obtain sufficient, appropriate audit evidence to support their audit opinion, and to then report their opinion on the financial statements based

  • ASB delays effective dates of SASs No. 134–140

    April 20, 2020 Published: Journal of Accountancy The effective dates of seven private company auditing standards were delayed for one year as the result of a vote Monday by the AICPA Auditing Standards Board (ASB). Delaying the effective dates of Statements on Auditing Standards (SASs) No. 134–140 provides relief to audit firms amid the challenges

  • COVID-19 Managing Fraud Risk, Culture, and Skepticism during Covid-19

    COVID-19 Managing Fraud Risk, Culture, and Skepticism during Covid-19

    April 20, 2020 Published: The CAQ The COVID-19 pandemic has resulted in unprecedented social and economic paralysis. Most companies have transitioned to an entirely remote workforce, and while existing technologies have facilitated connectivity via cloud computing and video and teleconferencing services, working in this new environment still poses numerous challenges. It is hard to predict

  • COVID-19 Going Concern: Management and Auditor Responsibilities

    COVID-19 Going Concern: Management and Auditor Responsibilities

    April 16, 2020 Published: The CAQ The COVID-19 pandemic and the related market conditions create many new uncertainties for auditors, audit committees, investors and management of public companies. As SEC Chair Jay Clayton recently recognized, the continuing operation of the US capital markets is an essential component of our national response to, and recovery from,

  • PCAOB Posts Request for Comment, Seeks Stakeholder Input on Critical Audit Matters

    April 17, 2020 Published: PCAOB The PCAOB today posted to its website a Request for Comment from the Office of Economic and Risk Analysis, which seeks input from audit firms, preparers, audit committees, investors, and other financial statement users to inform our interim analysis of the Critical Audit Matter (CAM) requirements. We are committed to

  • IAASB´s New Strategy and Work Plan focuses on increased agility, enhanced coordination, and a priority on responding to emerging challenges

    April 15, 2020 Published: IAASB Today, the International Auditing and Assurance Standards Board (IAASB) published its Strategy for 2020‒2023 (the Strategy) and Work Plan for 2020‒2021 (the Work Plan). The strategy, developed through extensive external consultation over two years, looks to build sustained trust in financial and other reporting through high-quality audits, assurance, and related services

  • Accountants helping SMEs during coronavirus An update from the front line

    April 9, 2020 Published: Accountancy Europe In this special coronavirus episode, we talk to Accountancy Europe’s President Florin Toma. He works at an SME accountancy firm and is on the front line, helping SMEs survive the coronavirus crisis. He discusses how SMEs can protect themselves in the face of the global pandemic and the relationship

  • Tips for auditing with changed controls during the pandemic

    April 13, 2020 Published: Journal of Accountancy By Bob Dohrer, CPA, CGMA, with Ken Tysiac The coronavirus pandemic has raised a number of questions about how to properly audit financial statements when internal controls have changed due to dramatic changes in an entity’s business volume and activities. The auditing standards (GAAS) require the auditor to

  • 10-Q Considerations during COVID-19

    April 13, 2020 Published: The CAQ The COVID-19 pandemic and the related market conditions create many new uncertainties for public companies, auditors, and audit committees. As SEC Chair Jay Clayton recently recognized, the continuing operation of the US capital markets is an essential component of the US’s response to, and recovery from, COVID-19. This resource

  • Application of IFRS 16 in the light of the covid-19 uncertainty

    April 10, 2020 Published: IFRS A document responding to questions regarding the application of IFRS 16 Leases to rent concessions granted as a result of the covid-19 pandemic has been published. The document is prepared for educational purposes, highlighting requirements within IFRS 16 and other IFRS Standards that are relevant for companies considering how to account for

  • Application of IFRS 16 in the light of the covid-19 uncertainty

    April 10, 2020 Published: IFRS A document responding to questions regarding the application of IFRS 16 Leases to rent concessions granted as a result of the covid-19 pandemic has been published. Access IFRS 16 and covid-19. The document is prepared for educational purposes, highlighting requirements within IFRS 16 and other IFRS Standards that are relevant for companies considering

  • CAQ COVID-19 Resource Key Auditor and Audit Committee Considerations

    CAQ COVID-19 Resource Key Auditor and Audit Committee Considerations

    April 8, 2020 Published: The CAQ The COVID-19 pandemic and the related market conditions create many new uncertainties for public companies, auditors, and audit committees. As Securities and Exchange Commission (SEC) Chair Jay Clayton recently recognized, the continuing operation of the US capital markets is an essential component of the US’s response to, and recovery

  • FASB Issues Staff Q&A Document on Accounting for Leases during COVID-19 Pandemic

    April 10, 2020 Published: FASB The Financial Accounting Standards Board (FASB) staff today issued a question-and-answer document to address stakeholder questions on the application of the lease accounting guidance for lease concessions related to the effects of the COVID-19 pandemic. Many lessors are, or will be, providing lease concessions to tenants impacted by the economic disruptions caused

  • Presentación “La Comisión para el Mercado Financiero ante Contingencia del Covid-19”

    Presentación “La Comisión para el Mercado Financiero ante Contingencia del Covid-19”

    Presentación “La Comisión para el Mercado Financiero ante Contingencia del Covid-19”  7 de abril de 2020 Publicado por la CMF http://aechile.cl/wp-content/uploads/2020/04/CMF-ante-Contingencia-del-Covid-19-1.pdf

  • COVID-19 Bulletin March 2020

    BULLETIN: GUIDANCE FOR AUDITORS AND MATTERS TO CONSIDER WHERE ENGAGEMENTS ARE AFFECTED BY CORONAVIRUS (COVID-19) (Now updated to include Gathering Evidence through Remote Means –  9th April 2020 ) April 9, 2020 Published: FRC This Bulletin is intended to provide guidance to auditors, carrying out audit engagements that may be affected by Covid-19. It is driven by

  • Global Economic Conditions Survey: Economic Confidence Collapses to Record Low

    April 7, 2020 Published: The Accountant Economic confidence in Q1 has collapsed to a record low, according to a report published by the Association of Chartered Certified Accountants (ACCA) and Institute of Management Accountants (IMA). The report, Global Economic Conditions Survey (GECS), which has been published annually since 2009, showed that global confidence fell to its lowest

  • How CPAs can fight fraud in the COVID-19 pandemic

    April 6, 2020 Published: Journal of Accountancy Coronavirus is an opportunity for fraudsters to take advantage of fear and confusion. Elizabeth Woodward, CPA/CFF, and Howard Silverstone, CPA/CFF, discuss how accountants can identify and prevent coronavirus-related fraud. What you’ll learn from this episode: Why fraud thrives in times of crisis. Several common fraud schemes that become

  • ASB to consider one-year deferral of effective dates

    April 6, 2020 Published: Journal of Accountancy The effective dates for seven recently issued generally accepted auditing standards may be deferred by one year when the AICPA Auditing Standards Board (ASB) holds a special open meeting from 2 to 4 p.m. on April 20 to discuss relief due to the coronavirus pandemic. At the meeting,

  • CIMA calls on UK Government to provide further support to SMES

    April 2, 2020 Published: The Accountant The Chartered Institute of Management Accountants (CIMA) has called on the UK Government to provide more support for UK SMEs as they continue to face the challenges presented by the Covid-19 pandemic. CIMA wrote to UK Chancellor Rishi Sunak suggesting the adoption and implementation of six additional measures to

  • Presentación “Basilea III. CMF publica en consulta norma con requisitos y condiciones mínimas que deberán cumplir los instrumentos híbridos emitidos por empresas bancarias para la constitución de patrimonio efectivo”

    Presentación “Basilea III. CMF publica en consulta norma con requisitos y condiciones mínimas que deberán cumplir los instrumentos híbridos emitidos por empresas bancarias para la constitución de patrimonio efectivo”

    3 de abril de 2020 Publicado por CMF Descargar aquí

  • Presentación “Basilea III. CMF publica en consulta la normativa que determina la relación entre el capital básico y los activos totales”

    Presentación “Basilea III. CMF publica en consulta la normativa que determina la relación entre el capital básico y los activos totales”

    3 de abril de 2020 Publicado por CMF Descargar: aquí

  • PCAOB Staff Provides Reminders for Audits Nearing Completion in Light of COVID-19

    April 2, 2020 Published: PCAOB The Public Company Accounting Oversight Board (PCAOB) today released a staff Spotlight document, COVID-19: Reminders for Audits Nearing Completion, to provide important reminders to auditors of issuers and broker-dealers for audits nearing completion. “The COVID-19 crisis is having a significant impact on investors, issuers, and auditors alike,” said Chairman William D. Duhnke

  • PCAOB Staff Provides Reminders for Audits Nearing Completion in Light of COVID-19

    PCAOB Staff Provides Reminders for Audits Nearing Completion in Light of COVID-19

    April 2, 2020 Published: PCAOB The Public Company Accounting Oversight Board (PCAOB) today released a staff Spotlight document, COVID-19: Reminders for Audits Nearing Completion, to provide important reminders to auditors of issuers and broker-dealers for audits nearing completion. “The COVID-19 crisis is having a significant impact on investors, issuers, and auditors alike,” said Chairman William D. Duhnke

  • Addressing pandemic-related audit challenges

    Addressing pandemic-related audit challenges

    April 1, 2020 Published: Journal of Accountancy The coronavirus pandemic has brought about challenges for auditors the likes of which many of them have never seen. Practitioners are working at home in unprecedented numbers as offices close and government leaders issue shelter-at-home orders. Desperate clients are trying to keep their businesses solvent, pay their employees,

  • The 2020s: A decade of change

    March 30, 2020 Published: Journal of Accountancy The next decade is expected to bring huge technological advancements and important demographic changes to the CPA profession as well as the business world. As they look forward to the next 10 years, firm leaders predict that to be successful, CPAs will need to: – Be willing to

  • Addressing pandemic-related audit challenges

    April 1, 2020 Published: Journal of Accountancy The coronavirus pandemic has brought about challenges for auditors the likes of which many of them have never seen. Practitioners are working at home in unprecedented numbers as offices close and government leaders issue shelter-at-home orders. Desperate clients are trying to keep their businesses solvent, pay their employees,

  • Enterprise risk management: More critical than ever

    April 1, 2020 Published: Journal of Accountancy By Neil Amato The fast-moving, global reach of the coronavirus has illustrated that a forward-looking approach to risk management is more important than ever. While no one could have predicted the nature, severity, or timing of the virus, it’s clear that organizations should include such risk scenarios in

  • Global Knowledge Brief, Data Ethics – Where does internal audit fit?

    March 30, 2020 Published: The Institute of Internal Auditors Learn why all parties must expand their knowledge as the regulatory environment around data ethics evolves The Institute of Internal Auditors released a new Global Knowledge Brief, “Data Ethics – Where does internal audit fit?” This brief explores organizational conduct and the potential associated reputational and

  • Guidance for Auditors during the Coronavirus Pandemic

    Guidance for Auditors during the Coronavirus Pandemic

    March 27, 2020 Published: IAASB The COVID-19 pandemic is a global health and humanitarian crisis. Beyond the significant challenges that lay ahead in all facets of life, the pandemic has the potential to significantly impact the way that audits are undertaken. Audits should continue to comply with the required standards, which may necessitate different and

  • Coronavirus and financial reporting: Report addresses key issues

    Coronavirus and financial reporting: Report addresses key issues

    March 20, 2020 Published: Journal of Accountancy By Ken Tysiac As the coronavirus outbreak puts pressure on health care systems and wreaks havoc on businesses throughout the world, the duty of financial statement preparers and CPA practitioners remains the same. Regardless of the changing environment, preparers need to make sure the information their organizations present

  • COVID-19: 5 key steps for accountants to guide SMEs through the crisis

    March 27, 2020 Published: Accountancy Europe Accountants – many of whom are small practitioners themselves – are SMEs’ trusted advisors. The corona crisis is a critical time where SMEs need all the guidance they can get to navigate through the storm. We call on SME accountants and small accountancy practices to help struggling SMEs through

  • Application of IFRS 9 in the light of the coronavirus uncertainty

    March 27, 2020 Published: IFRS A document responding to questions regarding the application of IFRS 9 Financial Instruments during this period of enhanced economic uncertainty arising from the covid-19 pandemic has been published today. Access IFRS 9 and covid-19—accounting for expected credit losses. The document is prepared for educational purposes, highlighting requirements within the Standard that are relevant

  • Technological Resources: Using technology to enhance audit quality

    March 25, 2020 Published: FRC The Financial Reporting Council (FRC) has today issued a discussion paper on Technological Resources: Using technology to enhance audit quality. Building on the FRC’s recent thematic review, The use of technology in the audit of financial statements, the FRC is seeking further insight into the use of technology and its potential impact on

  • March 2020 IASB podcast available now

    March 24, 2020 Published: IFRS In this episode of our monthly IASB podcast, International Accounting Standards Board Vice-Chair Sue Lloyd talks through the projects discussed during the March 2020 Board meeting. Due to the coronavirus pandemic, this month’s meeting was held virtually and the agenda was reduced to three main topics: – IFRS 17 and the

  • ESMA Issues Guidance on Accounting Implications of COVID-19

    March 25, 2020 Published: European Securities and Markets Authority (ESMA) The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has issued a Public Statement on some accounting implications of the economic support and relief measures adopted by EU Member States in response to the COVID-19 outbreak.   The measures include moratoria on repayment of loans

  • Step change in use of technology to improve efficiency and quality of audits

    Step change in use of technology to improve efficiency and quality of audits

    March 25, 2020 Published: FRC The use of automated tools for audit such as data analytics has grown dramatically in the last three years and if used appropriately can improve audit quality. A new report from the Financial Reporting Council (FRC) highlights that audit firms have invested considerably in the infrastructure required to efficiently capture, collate and

  • Coronavirus and financial reporting: Report addresses key issues

    March 20, 2020 Published: Journal of Accountancy By Ken Tysiac As the coronavirus outbreak puts pressure on health care systems and wreaks havoc on businesses throughout the world, the duty of financial statement preparers and CPA practitioners remains the same. Regardless of the changing environment, preparers need to make sure the information their organizations present

  • Regulators clear way for certain loan modifications amid pandemic

    March 22, 2020 Published: Journal of Accountancy By Kim Nilsen Borrowers concerned about meeting loan obligations amid the disruption caused by the coronavirus pandemic got some relief Sunday from a host of regulators who pledged jointly to clear the way for critical loan modifications. A statement issued by several federal and state banking regulators spelled

  • IAASB consults on Extended External Reporting (EER) Assurance

    March 13, 2020 Published: IAASB Organizations are increasingly reporting about their broader performance or impact (“Extended External Reporting” or “EER”) either voluntarily or as required by law or regulation, and there is a growing demand for assurance engagements on such reporting. In response, the International Auditing and Assurance Standards Board (IAASB) has developed for feedback

  • Debrief: Discussion Paper: Business Combinations—Disclosures, Goodwill and Impairment

    March 19, 2020 Published: IFRS In this video, Chair of the International Accounting Standards Board Hans Hoogervorst gives a short summary of the consultation document published by the IASB on 19 March 2020. The document sets out possible improvements to the information companies report about acquisitions of businesses to help investors assess how successful those

  • IASB decides on new effective date for IFRS 17 of 1 January 2023

    March 17, 2020 Published: IFRS The International Accounting Standards Board (Board) has completed its discussions on the amendments to IFRS 17 Insurance Contracts that were proposed for public consultation in June 2019. It has today decided that the effective date of the Standard will be deferred to annual reporting periods beginning on or after 1

  • How the coronavirus may affect financial reporting and auditing

    March 17, 2020 Published: Journal of Accountancy By Joseph Radigan The coronavirus pandemic has the potential to create significant changes for CPAs who prepare company financial statements — and for auditors as well. In the face of disruptions to global supply chains and other business activity, the SEC and the PCAOB in mid-February issued limited

  • AICPA proposes guidance on insurance accounting

    March 16, 2020 Published: Accounting Today The American Institute of CPAs’s Financial Reporting Committee released working drafts Monday of two pieces of implementation guidance for the Financial Accounting Standards Board’s long-duration insurance contracts standard. The AICPA’s FinREC group has been developing guidance to help companies in various industries deal with some of FASB’s new standards

  • FRC guidance for auditors arising from the coronavirus pandemic

    March 16, 2020 Published: FRC The Financial Reporting Council (FRC) has today issued updated guidance for auditors which may be facing practical difficulties in carrying out audits as a result of the COVID-19 pandemic (coronavirus). Uncertainty about the immediate outlook for many companies has increased sharply. This has consequences for companies proposing to report results in the coming

  • SEC Takes Targeted Action to Assist Funds and Advisers, Permits Virtual Board Meetings and Provides Conditional Relief from Certain Filing Procedures

    March 13, 2020 Published: SEC SEC Is Closely Monitoring the Impact of the Coronavirus on Investors, Funds, and Advisers The Securities and Exchange Commission today announced regulatory relief for funds and investment advisers whose operations may be affected by the coronavirus.  The relief provided today covers in-person board meetings and certain filing and delivery requirements for certain investment funds and investment advisers.  The impacts

  • Tecnología y vigilancia epidemiológica

    Tecnología y vigilancia epidemiológica

    ANTONIO MARTÍNEZ SENIOR MANAGER DE DELOITTE- El Diario Financiero Según la Organización Mundial de la Saludos, el brote de coronavirus chino ha alcanzado el nivel de pandemia, con más de 100 mil casos confirmados en 94 países y casi 3.500 muertos. Las Naciones Unidas cifran el impacto económico mundial en más de 50.000 millones de

  • How technology will change staffing needs

    March 2, 2020 Published: Journal of Accountancy With the growth in emerging technologies, CPA firms will start hiring business analysts and data scientists, explains Donny Shimamoto, CPA/CITP, CGMA, founder and managing director of Intraprise TechKnowlogies LLC. https://www.journalofaccountancy.com/videos/technology-will-change-cpa-staffing-needs.html

  • SEC exempts certain companies from ICFR attestation requirement

    March 12, 2020 Published: Journal of Accountancy Smaller reporting companies with less than $100 million in revenue will no longer be required to obtain a separate attestation of their internal control over financial reporting (ICFR) from an outside auditor under amendments adopted Thursday by the SEC. Under the amendments, these companies will continue to be required to

  • Call to action in response to climate change

    March 6, 2020 Published: Accountancy Europe Accountancy Europe has been calling for the shift to a sustainable economy for many years. Our work in this area includes, contributing to the sustainable finance agenda, exploring green taxes, ending greenwashing with better non-financial reporting and shifting to sustainable corporate governance. We are pleased to join our voice

  • AU-C 800 series amended to conform with auditor reporting standard

    March 10, 2020 Published: Journal of Accountancy A new standard issued Tuesday by the AICPA Auditing Standards Board (ASB) is designed to align the AU-C 800 series in AICPA Professional Standards with the new standard on auditor reporting. Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, was

  • Assessing Corporate Culture: a proactive approach to deter misconduct

    Assessing Corporate Culture: a proactive approach to deter misconduct

    March 10, 2020 Published: The Caq When a corporate scandal occurs and stakeholders seek reasons and root causes, the trail often leads back to problems with the organization’s culture. But what if an organization could get ahead of those crises?  Many companies have begun to understand that tracking culture should be considered a fundamental component

  • Revisiting the Question “Should a CFO be an Accountant?”

    March 9, 2020 Published: IFAC By: Stathis Gould, Deputy Director, Professional Accountants in Business, IFAC The Chief Financial Officer (CFO) is an important role – and one that continues to expand and transform. As growing uncertainty and risk permeate every organization, and businesses begin to think about value beyond a shareholders’ perspective, the CFO role is an increasingly

  • Global Ethics Board releases report exploring the ethical implications of technology for accountants

    February 27, 2020 Published: IESBA The International Ethics Standards Board for Accountants (IESBA) today released its Phase One Report exploring the ethical implications of technology on the accounting, assurance, and finance functions. The report is the culmination of the first phase of fact-finding work the global ethics standard-setting board initiated in recognition of the pace and

  • IESBA Technology Working Group´s Phase 1 Report

    IESBA Technology Working Group´s Phase 1 Report

    February 27, 2020 Published: IESBA The International Ethics Standards Board for Accountants (IESBA) Technology Group Phase One Report explores the ethical implications of technology on the accounting, assurance, and finance functions. The Report is the culmination of work the global ethics standards setting board initiated in recognition of the pace and magnitude of change caused by

  • Webcast: Introducing the Request for Information: Comprehensive Review of the IFRS for SMEs Standard

    February 2020 Published: IFRS In this webcast, IASB Technical Staff members Yousouf Hansye and Nkumbulo Mabaso provide an overview of the IFRS for SMEs Standard and introduce the Request for Information published in January 2020. The Request for Information seeks views on whether and how to align the IFRS for SMEs Standard with full IFRS Standards. This webcast is

  • SEC Provides Conditional Regulatory Relief and Assistance for Companies Affected by the Coronavirus Disease 2019 (COVID-19)

    SEC is closely monitoring the impact of the coronavirus on investors and capital markets March 4, 2020 Published: SEC Today, the Securities and Exchange Commission announced that it is providing conditional regulatory relief for certain publicly traded company filing obligations under the federal securities laws. The impacts of the coronavirus may present challenges for certain companies

  • From risks to regulation: rethinking company categorisation

    March 2, 2020 Published: Accountancy Europe Quantitative criteria currently define how companies are categorised for regulatory purposes. Their turnover or number of employees often determine what legislation applies to them. With global megatrends disrupting business models and markets, this publication aims to open the debate on how entities should be categorised. It does so by

  • ACCA eyes global economic impact of coronavirus

    March 2, 2020 Published: Accounting Today The Association of Chartered Certified Accountants has released a paper examining the impact of the coronavirus, and how it is affecting economies around the world, including the U.S. In the policy brief released Monday, the ACCA noted that economic shocks such as the coronavirus, also known as COVID-19, tend to have

  • FRC calls for operational separation

    March 2, 2020 Published: International Accounting Bulletin The Financial Reporting Council (FRC) has written to the UK’s largest audit firms setting out the regulator’s expectations for operational separation to bring about audit quality improvements and audit market resilience. Everyone, not just in the UK but globally is affected in some way by the quality of

  • International Framework recommended as a key framework in call to action by A4S and Accounting Bodies internationally to tackle climate change

    February 26, 2020 Published: <IR> The International Integrated Reporting Council’s <IR> Framework has today, 26 February 2020, been recommended as a key framework for accountants globally to use as they respond to and account for climate change risks. The recommendation has come as part of a call to action signed by 14 accounting bodies and led by the

  • CDSB’s red lines and tracked changes to the EU Non- Financial Reporting Directive

    February 2020 Published: Climate Disclosure Standards Board (CDSB)

  • The Framework revision: Inspiring better reporting

    February 26, 2020 Published: <IR> The first ever revision of the International <IR> Framework is now underway. Since the <IR> Framework’s release in December 2013, the IIRC has focused on driving its widespread international adoption. Today, there is a strong and increasing momentum for integrated reporting and integrated thinking to become the norm within mainstream business practice. A March

  • Preparing for Changes to ISA 540 on Auditing Accounting Estimates

    February 24, 2020 Published: IFAC By: Louise Sharp  Auditing accounting estimates has never been easy. Estimates are difficult to measure, often involve management’s judgment and can be based on highly complex models. So, by their very nature, they pose huge challenges for auditors. Not only are they difficult to audit, but their importance to investors

  • New Tone at the Top Explores the Current State of Data Governance and More…

    February 13, 2020 Published: The Institute of Internal Auditors With more than 2.5 quintillion bites of data being produced globally every day, it is not hyperbole to say that data governance is the biggest change facing governance today. It is an issue that expands daily and how organizations choose to approach it will allow them

  • GASB proposes criteria for financial statement disclosures

    February 21, 2020 Published: Journal of Accountancy A proposed concepts statement issued Friday by GASB would establish new criteria for state and local governments to follow in developing their disclosures for notes to financial statements. The exposure draft, Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements: Notes to Financial Statements, describes the

  • FRC assesses company and auditor responses to climate change

    20 February 2020 Published: FRC The Financial Reporting Council (FRC) has announced a major review of how companies and auditors assess and report on the impact of climate change. The FRC will review the extent to which UK companies and auditors are responding to the impact of climate change on their business to ensure reporting

  • CDSB and CDP release handbook to meet challenges of environmental and climate reporting across the EU

    February 19, 2020 Published: CDSB The EU Environmental Reporting Handbook evaluates company disclosure in line with the Non-Financial Reporting Directive With the EU Green Deal aiming to increase environmental and climate disclosure, the Climate Disclosure Standards Board (CDSB) and CDP have today released an environmental reporting handbook to help companies improve their disclosure in line with the Non-Financial

  • IFRS 17 Insurance Contracts

    January 2020 Published: IFRS Darrel Scott, member of the International Accounting Standards Board, and Roberta Ravelli, member of the technical staff, report on the discussion at the January 2020 meeting of the Board about Amendments IFRS 17. For more information on the Amendments to IFRS 17 project, go to www.ifrs.org. https://www.youtube.com/watch?v=Kc0OvbvJn3E  

  • FRC advice to companies and auditors on coronavirus risk disclosures

    February 18, 2020 Published: FRC The Financial Reporting Council (FRC) has today published guidance for companies on disclosure of risks and other reporting consequences arising from the emergence and spread of Coronavirus (COVID-19). The regulator is also discussing with audit firms whether the virus affects their ability to review component audits in China and the consequences to

  • IOSCO publishes key considerations for regulating crypto-asset trading platforms

    February 12, 2020 Published: IOSCO The Board of the International Organization of Securities Commissions today published a report that describes the issues and risks associated with crypto-asset trading platforms (CTPs) and sets out key considerations to assist regulatory authorities in addressing these issues. The development of crypto-assets is an important area of interest for regulatory authorities around

  • White House proposes folding PCAOB into SEC by 2022

    February 13, 2020 Published: AccountingToday The White House’s latest budget blueprint proposes consolidating the functions and responsibilities of the Public Company Accounting Oversight Board into the Securities and Exchange Commission starting in 2022. The move would save a projected $57 million that year, and up to $580 million by 2030, but the impact on audit firms and

  • IFAC highlights factors behind high-quality audits

    February 12, 2020 Published: AccountingToday The International Federation of Accountants has released a set of recommendations for achieving high-quality audits as regulators around the world push for more thorough audits to avoid accounting scandals. In a POV piece released Wednesday, IFAC identified five essential factors for performing high-quality audits: the right process, the right people, the right

  • General Presentation and Disclosures

    February 10, 2020 Published: IFRS This is a recording of the live webinar introducing the Exposure Draft General Presentation and Disclosures, a consultation document of the Primary Financial Statements Project. For more information on the project, please go to www.ifrs.org.

  • Why the EU’s plan for a green economy needs non-financial reporting

    February 6, 2020 Published: Accountancy Europe By: Olivier Boutellis-Taft In the face of our social and environmental crisis, the European Commission calls on businesses to meet the UN’s Sustainable Development Goals (SDGs) and the Paris Climate Agreement. With its Non-Financial Reporting Directive (2014/95/EU), circular economy strategy, Sustainable Finance Action Plan, and European Green Deal, the EU has shown bold leadership. It should be encouraged to continue doing so, especially on a troubled

  • ARSC further converges SSARSs with international standards and aligns closer with GAAS

    February 11, 2020 Published: Journal of Accountancy By Jeff Drew The AICPA Accounting and Review Services Committee (ARSC) on Tuesday issued a new Statement on Standards for Accounting and Review Services (SSARS) that amends four sections of SSARS No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification, to more closely align them

  • FASB proposes improvements to accounting for contributed nonfinancial assets by not-for-profit organizations

    February 10, 2020 Published: FASB The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) intended to improve transparency around how not-for-profit organizations present and disclose contributed nonfinancial assets, also known as gifts-in-kind. Examples of contributed nonfinancial assets include fixed assets such as land, buildings, and equipment; the use of fixed assets

  • Call for Feedback: Systemic Risk

    February 7, 2020 Published: SASB The Sustainability Accounting Standards Board (SASB) is seeking technical feedback from corporate risk professionals and credit risk analysts on key issues in the Asset Management & Custody Activities industry. During its Dec. 4, 2019 meeting, the Standards Board approved a standard-setting project to re-evaluate the Systemic Risk Management topic and

  • IESBA proposes guidance to address the objectivity of engagement quality reviewers

    January 30, 2020 Published: IESBA The International Ethics Standards Board for Accountants (IESBA) today released for public comment the Exposure Draft, Proposed Revision to the Code Addressing the Objectivity of Engagement Quality Reviewers. The proposed limited-scope revision to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) dovetails with the International Auditing and Assurance

  • New GASB standard addresses lease accounting, OPEB, other issues

    February 5, 2020 Published: Journal of Accountancy Issues for state and local governments related to lease accounting, other post-employment benefits (OPEB), and other topics were addressed Wednesday in an omnibus standard issued by GASB. The new standard, GASB Statement No. 92, Omnibus 2020, addresses various issues that include: Modifying the effective date of Statement No. 87, Leases, as

  • Featured Video: Standards that work and high-quality implementation go hand-in-hand

    Published: FASB Russ Golden, Sue Cosper, and Shayne Kuhaneck look at how the FASB supports stakeholders applying new guidance.

  • FRC plan for greater regulatory oversight

    February 5, 2020 Published: FRC The Financial Reporting Council (FRC) has today announced a major shakeup of its oversight and supervisory functions to speed up the pace of Enforcement investigations. The regulator is also broadening its stated purpose which is to serve the public interest by setting high standards of corporate governance and by holding to

  • IOSCO publishes annual work program

    January 30, 2020 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today published its 2020 annual work program, to further its core objectives of protecting investors, maintaining fair, efficient and transparent markets and addressing systemic risks. The work program calls for IOSCO to continue its efforts on five specific priorities identified by

  • SEC proposes simplifying disclosure requirements

    January 31, 2020 Published: Journal of Accountancy The SEC voted to propose amendments designed to simplify and enhance certain company financial disclosures and issued guidance on key performance indicators and metrics in management’s discussion and analysis (MD&A). Item 301 (selected financial data) and Item 302 (supplementary financial data) would be eliminated from Regulation S-K under the proposal. Meanwhile, Item 303

  • Accountants can change the world

    February 23, 2010 Published: Accountancy Europe By: Alan Johnson, Deputy President of the International Federation of Accountants (IFAC) By 2050, there will be 9 billion people living on the planet and climate change will exacerbate all the challenges we face. As professional accountants, we must ensure we play our part in making economies sustainable. The profession

  • VIDEO – PCAOB stakeholder Liaison Discusses Commenting on the Board´s Quality Control Concept Release

    January 27, 2020 Published: PCAOB Today, the PCAOB released a video discussing how to comment on its concept release on a potential approach to revising quality control standards. Please take a few minutes to watch this short video of Erin Dwyer, the PCAOB’s Deputy Director of External Affairs and the Stakeholder Liaison, describing why our stakeholders might consider commenting

  • IASB mulls update to IFRS for SMEs

    January 28, 2020 Published: Accounting Today The International Accounting Standards Board is considering an update to IFRS for SMEs, its stripped down version of International Financial Reporting Standards for small and midsize entities, the second major update to the standards since it was introduced in 2009, to reflect the changes over the past decade in

  • Global Ethics Board proposes significant revisions to International Independence Standards

    Proposals Relating to Non-Assurance Services and Fees Further Reinforce Auditor Independence January 21, 2020 Published: IESBA The International Ethics Standards Board for Accountants® (IESBA®) today released two Exposure Drafts (EDs): ·         Proposed Revisions to the Non-Assurance Services Provisions of the Code ·         Proposed Revisions to the Fee-Related Provisions of the Code The EDs are aimed at strengthening the

  • Consultation on revised auditing standard for identifying and assessing risks of material misstatement

    January 28, 2020 Published: FRC The Financial Reporting Council (FRC) has today launched a consultation on the proposed revision of its UK standard (ISA (UK) 315 (Revised – June 2016) – Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment. The FRC’s changes reflect revisions made by the International Auditing and Assurance

  • Why audit firm leaders need to practice what they preach

    January 24, 2020 Published: Journal of Accountancy Firm leaders can improve audit quality by modeling the behavior they say they value, according to a new study performed with the backing of the AICPA Assurance Research Advisory Group. The researchers interviewed 24 firm leaders (mostly partners and managers) across 12 firms and surveyed 123 auditors on

  • IASB clarifies requirements for classifying liabilities as current or non-current

    January 23, 2020 Published: IFRS The International Accounting Standards Board (Board) has today issued narrow-scope amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current. The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position,

  • AICPA drafts guidance for insurance standard

    January 21, 2020 Published: AccountingToday The American Institute of CPAs’ Financial Reporting Executive Committee has proposed several working drafts of its guidance on the long-duration insurance accounting standard for insurance companies. The Financial Accounting Standards Board has a new accounting standard on long-duration insurance contracts that makes targeted improvements to the existing recognition, measurement, presentation

  • Featured Video: Improving Revenue and Expense Information

    January 2020 Published: GASB The GASB’s Paulina Haro talks about the Revenue and Expense Recognition Project: what it’s all about, what’s happening, and what’s ahead. Ir a ver el video https://www.gasb.org/home

  • How firms are delivering value with audit data analytics

    January 21, 2020 Published: Journal of Accountancy When Ed Wilkins, CPA, talks to audit committees about adding data analytics to the audit process, he explains to them that it usually takes three years for investment in a complex audit analytic to pay for itself. Audit analytics give practitioners the ability to examine an entire dataset

  • FASB clarifies the Interaction between the Accounting for Equity Securities, Equity Method Investments, and Certain Derivative Instruments

    January 16, 2020 Published: FASB The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that clarifies the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives.  The ASU is based on a consensus of the FASB’s Emerging Issues Task Force (EITF). In 2016, the FASB issued Accounting Standards Update

  • Presentación “Entregando Información Ambiental y Social al Mercado” – Mauricio Larraín

    Presentación “Entregando Información Ambiental y Social al Mercado” – Mauricio Larraín

    20 de enero de 2020 Publicado por la CMF Seminario organizado por la CMF, la Sofofa y el Centro de Gobierno Corporativo UC.

  • Investors call for improved workforce reporting

    January 20, 2020 Published: Financial Reporting Council Reporting on workforce-related issues needs to improve to meet investor needs and reflect modern-day workforces according to a new report from the Financial Reporting Council’s (FRC) Financial Reporting Lab (the Lab). Workforce-related matters such as working conditions, changing contractual arrangements and automation have all become areas of increasing investor focus

  • Call for improved UN Sustainable Development Goals disclosures

    January 17, 2020 Published: Integrated Reporting (IR) We have joined leading accounting bodies calling for corporate and asset owner action and improved reporting on the UN’s Sustainable Development Goals (SDG) in an attempt to hit goals set for 2030.  The recommendations are detailed in the report published today, Sustainable Development Goals Disclosure (SDGD) Recommendations, authored by

  • Tackling Fraud and Financial Crime in the Global Public Sector through Training and Education

    January 6, 2020 Published: IFAC By: Les Dobie, Head of Counter Fraud Training, CIPFA Fraud and financial crime will always exist. Where there’s money, there are also people working to exploit the financial system for their personal gain – and the public sector is no exception. Although there is still work to be done, western governments

  • A New Focus: Corporate Culture: How to Assess Culture and Why

    December 3, 2019 Published: The CAQ Leaders take seriously setting the right tone at the top of their organizations. Stakeholders who have a role in the financial reporting ecosystem may be focused on compliance violations or internal audit findings and may not be focused on what the results tell them about the organization’s culture of

  • Fraud and Emerging Tech: Robotic Process Automation

    January 12, 2020 Published:  Financial Executives International (FEI) by Morgan Hunsaker and Dillon Papenfuss Companies are rapidly progressing with RPA adoption to increase efficiency and automate low-value, repetitive tasks. Companies hoping to maximize their investment should consider RPA’s impact on fraud risk and the control environment, too. This paper is first in a series from the

  • Blockchain makes advances, but audit firms remain wary

    January 9, 2020 Published: AccountingToday Accounting firms are beginning to wade into the use of blockchain technology for audits, but with caution as the technology spreads beyond the cryptocurrency space where it’s been used for digital assets like Bitcoin. “I don’t know that blockchain is going to necessarily make things easier for auditors,” said Amy

  • The Chartered IIA launch New Internal Audit Code

    January 9, 2020 Published: The Accountant The Chartered Institute of Internal Auditors (Chartered IIA) has published a new code with the goal of increasing the effectiveness of internal audit functions. The Internal Audit Code of Practice aims to strengthen corporate governance following a number of high-profile company collapses which have been linked to governance deficiencies,

  • Voices: Changes to PCAOB quality control standards could lead to more exposure for audit firms

    January 09, 2020 Published: AccountingToday By: Jessica Pulliam and Charles Strecker Partner, Baker Botts LLP The Public Accounting Oversight Board issued a concept release last month proposing a significant overhaul to the quality control rules. The proposed changes could have the potential for expanding future enforcement proceedings, which have historically focused on a firm’s quality control efforts in narrow

  • International Code of Ethics for Professional Accountants

    Published: IESBA IESBA Chairman Dr. Stavros Thomadakis explains the practical significance of the revised and restructured Code, an enhanced platform for developing relevant ethics and independence standards that are globally operable in a world of changing technologies, business methods and public expectations. https://www.ethicsboard.org/international-code-ethics-professional-accountants

  • Improved governance and reporting required to promote sustainability and trust in business

    January 9, 2020 Published: FRC Companies need to improve their governance practices and reporting if they are to demonstrate their positive impact on the economy and wider society, according to a new report from the Financial Reporting Council (FRC). While changes to the 2018 UK Corporate Governance Code raised the bar considerably and have led to some high-quality

  • SEC Office of Compliance Inspections and Examinations Announces 2020 Examination Priorities

    January 7, 2020 Published: SEC The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) today announced its 2020 examination priorities. OCIE publishes its examination priorities annually to enhance the transparency of its examination program and to provide insights into its risk-based approach, including the areas it believes present potential risks to investors and

  • Accounting for cloud computing: What you need to know

    January 6, 2020 Published: Journal of Accountancy By Ellen Goldstein Many companies and accounting firms have been focusing on new standards on revenue recognition and accounting for leases, hedging, and credit losses. But another new FASB standard — on cloud computing costs associated with a service arrangement — became effective for public business entities in

  • What doesn’t kill auditors makes them stronger

    January 3, 2020 Published: Accounting Today It’s no secret that technology is poised to bring tremendous change to auditing; the question is, will those changes be positive or negative? To assess the state of the field, Accounting Today convened a virtual roundtable of experts and practitioners to share their thoughts on where things stand — and where

  • IESBA revises Part 4B of the International Code of Ethics

    Changes Align Part 4B to Assurance Terms and Concepts Used in ISAE 3000 (Revised) January03, 2020 Published: IESBA The International Ethics Standards Board for Accountants (IESBA) today released Revisions to Part 4B of the Code to Reflect Terms and Concepts Used in ISAE 3000 (Revised). Part 4B of the International Code of Ethics for Professional Accountants (including International Independence

  • Nuevo Código de Ética de IFAC, en Español

    Nuevo Código de Ética de IFAC, en Español

    Con fecha Junio de 2019, entró en vigencia el nuevo Código de ética, en su versión en inglés, emitido por el IESBA organismo sustentado por la Federación Internacional de Contadores (IFAC). El nuevo Código de Ética reúne todos los avances sustanciales en ética e independencia de los últimos 4 años en un solo documento que

  • Despedida José Monsalve

    Despedida José Monsalve

    Con fecha 20 de diciembre, se efectuó el almuerzo de despedida de José Monsalve en reconocimiento a su exitosa gestión al frente de la Asociación que culminó el pasado 5 de septiembre de 2019. Este evento fue organizado por el Directorio de la Asociación y fueron invitados los Country Managing Partners de todas las Firmas

  • Interpretation Committee Podcast Q4 2019

    December 20, 2019 Published: IFRS Vice-Chair of the Board and Chair of the Interpretations Committee Sue Lloyd joins Technical Staff member Patrina Buchanan to discuss relevant activities and developments between October and December 2019. They summarise one final agenda decision to do with lease term and useful life of leasehold improvements, and two tentative agenda

  • Final Reflections on Internal Audit’s Decade of Progress

    December 30, 2019 Published: The Institute of Internal Auditors In the past 10 years, many significant events have occurred that have dramatically altered the risk landscape that internal auditors must navigate. From strict new post-financial crisis regulations, to an explosion of cyberattacks, to the emergence of risks related to artificial intelligence, data ethics, and privacy,

  • SEC Proposes to Codify Certain Consultations and Modernize Auditor Independence Rules

    December 30, 2019 Published: SEC The Securities and Exchange Commission today announced that it is proposing amendments to codify certain staff consultations and modernize certain aspects of its auditor independence framework.  The proposed amendments would update select aspects of the nearly two-decade-old auditor independence rule set to more effectively structure the independence rules and analysis

  • Fighting Corruption Requires Accountants to Act: Here´s How

    December 9, 2019 Published: IFAC Corruption is taking a toll. The United Nations puts its annual cost at $3.6 trillion—about five percent of global GDP. That’s almost twice the GDP of Brazil. The consequences for economic growth and for the welfare of ordinary people are severe – and no country is immune. This is a global

  • IAASB revises standard for risk of material misstatement

    December 26, 2019 Published: AccountingToday The International Accounting and Assurance Standards Board has released a revised standard for identifying and assessing the risks of material misstatements. International Standard on Auditing (ISA) 315 (Revised 2019) is part of the IAASB’s work to improve audit quality globally. In finalizing the revisions, the IAASB concentrated on making the standard

  • How small firms should approach new technologies

    December 10, 2019 Published: Journal of Accountancy Small firms wishing to adopt new technologies should examine available services to determine which ones are the best fit for current systems, advises Daniel Moore, CPA. https://www.journalofaccountancy.com/videos/new-technologies-for-small-cpa-firms.html

  • IOSCO consults on measures to reduce conflict of interests in debt capital raising

    December 16, 2019 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) is requesting feedback on proposed guidance to help IOSCO members address potential conflicts of interest and associated conduct risks arising from the role of market intermediaries in the debt capital raising process. Conflicts of interest and associated conduct risks can

  • “Podríamos hablar de una crisis del modelo de democracia representativa”

    JAIME VARGAS, SOCIO LÍDER DE IMPUESTOS INTERNACIONALES DE EY COLOMBIA: El Diario Financiero El experto analizó las causas de las protestas de 2019 en América Latina y la respuesta de Colombia a la crisis, a través de la aprobación de la reforma tributaria.América Latina se dispone a cerrar un año convulsivo en materia social y

  • IASB proposes to require comparable profit subtotals and bring greater transparency to ‘non-GAAP’ measures

    December 17, 2019 Published: IFRS The International Accounting Standards Board (Board) has proposed improvements to the way information is communicated in the financial statements, with a focus on financial performance. Responding to investor demand, the proposals would require more comparable information in the statement of profit or loss and a more disciplined and transparent approach

  • New Tone at the Top Explores How to Measure Effective Governance and More

    December 13, 2019 Published: The Institute of Internal Auditors There is a significant disconnect between assessments of governance and true governance effectiveness. It’s time to assess why governance evaluations are often wrong and to what can be done to fix the problem. However, most companies still don’t measure their overall system of corporate governance because

  • FRC updates aid to Audit Committees in evaluating audit quality

    December 19, 2019 Published: Financial Reporting Council (FRC) The Financial Reporting Council (FRC) has issued an update of its Practice Aid to assist audit committees in evaluating audit quality in their assessment of the effectiveness of the external audit process. The update takes account of developments since the first edition was issued in 2015, including revisions of

  • FRC moves to strengthen auditor Independence and ban conflicts of interest

    December 17, 2019 Published: FRC – Changes deliver stronger UK ethical requirements the FRC committed to implement – Tougher ethical standards strengthening auditor independence, and preventing conflicts of interest – New standard bans auditors from providing recruitment and remuneration services To support the delivery of high-quality audit in the UK, the FRC has today issued a major

  • Accountancy Europe Digital Day 2019

    November 27, 2019 Published: Accountancy Europe Matthew Griffin, Founder and CEO at 311 Institute, answered to the following questions at our Digital Day 2019: How can sustainability be combined with digitalisation? What role do you see for accountants in making technological advances more green?

  • FRC updates aid to Audit Committees in evaluating audit quality

    FRC updates aid to Audit Committees in evaluating audit quality

    December 19, 2019 Published: Financial Reporting Council (FRC) The Financial Reporting Council (FRC) has issued an update of its Practice Aid to assist audit committees in evaluating audit quality in their assessment of the effectiveness of the external audit process. The update takes account of developments since the first edition was issued in 2015, including revisions of the

  • PCAOB Issues Quality Control Concept Release

    December 17, 2019 Published: PCAOB The Public Company Accounting Oversight Board today voted to issue a concept release on a potential approach to revising the PCAOB’s quality control standards. The release solicits public comment to inform the Board on the approach and what changes it might propose in the future to strengthen the PCAOB’s requirements for audit firms’ quality

  • PCAOB Posts Conversations with Audit Committee Chairs: What We Heard & FAQs

    PCAOB Posts Conversations with Audit Committee Chairs: What We Heard & FAQs

    December 18, 2019 Published: PCAOBThe PCAOB is committed to our strategic goal of enhancing transparency and accessibility through proactive stakeholder engagement. Over the past year, we have engaged more directly and more often with public company audit committees and had conversations with the audit committee chairs of almost all of the U.S. issuers whose audits we inspected.

  • How to handle accounting for digital assets

    December 16, 2019 Published: Journal of Accountancy In a business environment that’s changing rapidly, even the currency used to pay for transactions is evolving in ways that challenge accountants and auditors. The growing popularity of various forms of digital (or crypto) assets has required many CPAs to consider how to appropriately account for them under

  • IOSCO launches framework for monitoring leverage in funds that may pose stability risks

    December 13, 2019 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today unveiled a twostep framework designed to facilitate monitoring of leverage in investment funds that could potentially pose risks to financial stability. The framework, outlined in the report on Recommendations for a Framework Assessing Leverage in Investment Funds, comprises a two-step

  • How auditors can stay independent while advising on revenue recognition

    December 13, 2019 Published: Journal of Accountancy One of the most difficult challenges for some auditors as 2019 comes to an end is maintaining their independence amid the frustration and confusion of their clients over the implementation of FASB’s new revenue recognition standard. CPAs who see their clients struggling want to help, but if they

  • OnRisk 2020: A Guide to Understanding, Aligning and Optimizing Risk

    Change the Way You View and Understand Risk December 3, 2019 Published: The Institute of Internal Auditors OnRisk 2020: A Guide to Understanding, Aligning, and Optimizing Risk offers a clear-eyed, holistic view of risk like no other. This new IIA report is the first to bring together perspectives from the boardroom, C-suite, and internal audit. Ver

  • PCAOB’s 2020 inspection focus and audit quality tips revealed

    December 11, 2019 Published: Journal of Accountancy The PCAOB’s inspections of audit firms in 2020 will continue to focus on areas that have been challenging for firms in recent years, George Botic, CPA, the PCAOB’s director of Registration and Inspections, said Wednesday. During a presentation at the AICPA Conference on Current SEC and PCAOB Developments

  • PCAOB Posts Critical Audit Matters Spotlight

    December 10, 2019 Published: PCAOB The PCAOB today posted to its website a Critical Audit Matters (CAMs) Spotlight. Consistent with the Board’s strategic goal of providing more useful and timely information, we believe that sharing our initial observations from the experiences of the first adopters of CAM requirements could help auditors, companies, audit committees, and other

  • PCAOB Posts Critical Audit Matters Spotlight

    PCAOB Posts Critical Audit Matters Spotlight

    December 10, 2019 Published: PCAOB The new requirement for auditors to report critical audit matters (CAMs) is the most significant change to the auditor’s report in more than 70 years. To support the implementation of the new requirement, the Public Company Accounting Oversight Board (PCAOB) has conducted extensive outreach to audit firms and other stakeholders

  • ASB proposes conforming amendments, addresses practice issues

    December 10, 2019 Published: Journal of Accountancy The AICPA Auditing Standards Board (ASB) proposed amendments Tuesday that would conform sections of its codification to its recently issued standards on auditor reporting and the auditor’s responsibilities relating to other information included in annual reports. In the exposure draft, the ASB also proposed amending certain AU-C sections to address

  • New standard adds flexibility for agreed-upon procedures

    December 5, 2019 Published: Journal of Accountancy CPA practitioners will have more flexibility to perform agreed-upon procedures engagements under a new standard issued Thursday by the AICPA Auditing Standards Board. Statement on Standards for Attestation Engagements (SSAE) No. 19, Agreed-Upon Procedures Engagements, provides flexibility to CPAs by: – Removing the requirement that the practitioner request an assertion from

  • ASB aligns with other US standard setters on materiality

    December 5, 2019 Published: Journal of Accountancy The concept of materiality in the AICPA Professional Standards has been amended to match the description used by other standard setters and regulators in the United States. Under new standards issued Thursday by the AICPA Auditing Standards Board (ASB), the description of materiality used in the AICPA standards will substantially

  • How to build support for digital transformation

    November 25, 2019 Published: Journal of Accountancy CPAs are uniquely positioned in their organizations to lead, encourage, and catalyze digital transformation, says Dan Griffiths, CPA, CGMA, a partner with Tanner LLC in Salt Lake City. Ver video aquí https://www.journalofaccountancy.com/videos/build-support-for-digital-transformation.html

  • The Role of Auditors in Company-Prepared Information: Present and Future

    December 3, 2019 Published: TheCaq The pace of change in business is accelerating, and the volume of information available to investors and other stakeholders in the US financial reporting ecosystem continues to grow. Investors and others are using both audited financial statements and—increasingly—unaudited company-prepared information to make decisions. “Investors and other consumers of the financial

  • The Role of Auditors in Company-Prepared Information: Present and Future

    The Role of Auditors in Company-Prepared Information: Present and Future

    December 3, 2019 Published: TheCaq The pace of change in business is accelerating, and the volume of information available to investors and other stakeholders in the US financial reporting ecosystem continues to grow. Investors and others are using both audited financial statements and—increasingly—unaudited company-prepared information to make decisions. The Role of Auditors in Company-Prepared Information:

  • PCAOB plans further changes on inspections and quality control

    December 3, 2019 Published: Accounting Today Public Company Accounting Oversight Board Chairman William Duhnke said Tuesday the PCAOB with its reconstituted board is making changes in its inspections regime and quality control standards for auditing firms, while also doing more outreach to audit committees. “Currently, the PCAOB is in the middle of significant change,” he

  • Mark Carney appointed as un´s special envoy on climate action and finance

    December 2, 2019 Published: International Accounting Bulletin Bank of England Governor Mark Carney has been appointed as UN special envoy for climate action and finance. He will start his new position once his term at the Bank of England comes to an end. As special envoy, he will focus on the implementation of climate action,

  • SEC Proposes to Modernize Regulation of the Use of Derivatives by Registered Funds and Business Development Companies

    November 25, 2019 Published: SEC The Securities and Exchange Commission has voted to propose a new rule designed to enhance the regulation of the use of derivatives by registered investment companies, including mutual funds, exchange-traded funds (ETFs) and closed-end funds, as well as business development companies. The proposed rule would provide an updated and more comprehensive

  • Accountants Can Support Sustainable Corporate Governance

    November 20, 2019  Published: IFAC By: Olivier Boutellis-Taft  The time is now! World leaders, the US Business Roundtable, scientists, students and the new European Commission agree on the need for immediate action on sustainability. Making our economy sustainable is not about doing good: it is about staying in business and still having a liveable planet for

  • Tackling tax avoidance and evasion

    June 6, 2019 Published: OECD The fight against tax evasion and avoidance has been a major success story of the OECD and G20, leading to the implementation of global tax transparency standards and the Base Erosion and Profit Shifting package.

  • OECD launches automatic exchange of information programme

    November 26, 2019 Published: The Accountant The Organisation for Economic Co-operation and Development (OECD) and the United Nations Development Programme’s Tax Inspectors Without Borders initiative (TIWB) has launched a project on automatic exchange of information (AEOI). The TIWB initiative is to launch a number of pilot programmes in an effort to support developing countries’ efforts

  • FASB issues narrow-scope changes to credit losses standard

    November 26, 2019 Published: Journal of Accountancy FASB issued narrow-scope improvements Tuesday to its new accounting standard for credit losses. The new Accounting Standards Update (ASU), Codification Improvements to Topic 326, Financial Instruments — Credit Losses, addresses concerns voiced by accountants and other stakeholders regarding implementation of the new credit losses standard, ASU No. 2016-13, Financial Instruments — Credit Losses

  • Voices: Three ways to recruit top talent to your firm in 2020

    November 21, 2019 Published: Accounting Today By: Leah Machado The tight labor market is impacting every industry, including accounting. As the national rate of unemployment hovers near a 50-year low, firms of all sizes are struggling to find and retain quality employees. The 2019 “Paychex Pulse of HR Survey” found that talent is among the top factors impacting

  • Valuation in spotlight as SEC mulls expanding investment opportunities

    November 20, 2019 Published: Journal of Accountancy As the SEC explores new possibilities for “Main Street” investors to have access to offerings that are now considered exempt, private-equity firm financial statement auditors may find even more investors relying on their work. In June, the SEC issued a concept paper seeking comment on whether to make a broader

  • Preparing for the future: The Brave New World of Artificial Intelligence

    Published: OECD We need to anticipate the radical changes induced by globalisation, digitalisation and demographic shifts. For example, how can we build the skills of tomorrow’s workforce? How can we support risk-taking and entrepreneurship while safeguarding job quality, collective bargaining and social protection? How do we integrate the growing number of migrants to enhance solidarity,

  • ICAEW publishes guide to provide better understanding of assurance

    November 20, 2019 Published: The Accountant The Institute of Chartered Accountants in England and Wales (ICAEW) and the World Business Council for Sustainable Development (WBCSD) has published a guide to help businesses better understand how non-financial assurance works. The ICAEW and WBCSD have found that companies believe that the market place for assurance services on

  • PCAOB Approves 2020 Budget, Reaffirms Strategic Direction

    November 19, 2019 Published: PCAOB The Public Company Accounting Oversight Board today approved its fiscal year 2020 budget and five-year strategic plan in an open meeting. The Board’s strategic plan guides the PCAOB’s programs and operations and serves as the foundation for the budget. “We are proud of the progress we made to execute our strategic plan in year one,”

  • Strategic Plan 2019-2023

    Strategic Plan 2019-2023

    November 19, 2019 Published: PCAOB The PCAOB voted unanimously to adopt its 2019-2023 Strategic Plan. The plan reaffirms the five values and five core goals that the Board will advance to effectively fulfill its mission.  Key Factors Affecting the Strategic Outlook The key factors guiding the efforts include the following: First, the quality of audit services has

  • Presentación “Basilea III. CMF publica en consulta la Metodología para el cómputo del Capital Regulatorio”

    Presentación “Basilea III. CMF publica en consulta la Metodología para el cómputo del Capital Regulatorio”

    19 de noviembre de 2019 Descargar documento AQUÍ

  • An Overview of KAMs in the European Banking Sector

    November 15, 2019 Published: Accountancy Europe Source: Audit Analytics This article has been published by Audit Analytics. It is about the second annual survey we performed on the auditor’s reporting of key audit matters (KAMs) in the European banking sector since KAMs became required by EU law and international standards in 2017. One of the main goals of the

  • FASB officially delays 4 major standards

    November 15, 2019 Published: Journal of Accountancy On Friday, FASB issued two new Accounting Standards Updates (ASU) that delay many of the effective dates for new standards on leases, hedging, current expected credit losses (CECL), and long-duration insurance contracts. The updates came a month after FASB voted unanimously to delay certain effective dates for leases, hedging, and

  • Exploring Talent Management Challenges and Opportunities

    November 12, 2019 Published: The Institute of Internal Auditors Internal audit talent management has become increasingly complex in the world of rapidly developing technology and ever-dwindling budgets. Identifying the right mix of skill sets and finding top talent who possess them is only one part of the equation. Creating a culture and developing a recruitment

  • RAB Request for Proposals – Topics of Interest in 2020

    RAB Request for Proposals – Topics of Interest in 2020

    November 14, 2019 Published: The Caq Deadline: Monday, March 16, 2020; 12:00 Midnight PDT The CAQ’s Research Advisory Board (RAB) is interested in research questions that can substantively inform audit practice or address policy and regulatory issues that impact audit quality and the profession. Below are brief descriptions of suggested topics that are listed in the

  • Social media clip: Developments in Audit

    November 6, 2019 Pubished: FRC Following the publication of the Developments in Audit report, a social media clip has been produced to give the key highlights of the report. https://www.frc.org.uk/news/november-2019/social-media-clip-developments-in-audit-(1)

  • Accounting for Value Creation and Encouraging the Rise of the Chief Value Officer

    November 7, 2019 Published: IFAC By: Kevin Dancey, Charles Tilley Accounting is a time-tested discipline. It’s been around since Luca Pacioli invented double entry bookkeeping over five centuries ago. It is the means to capture the monetary value that has been realized through transactions. For the better half of the last millennia, accounting has been the language

  • Demand for sustainability assurance is growing

    November 12, 2019 Published: Journal of Accountancy The demand for sustainability assurance is likely to grow in the coming years, according to a new survey conducted by The Conference Board. Thirty-seven of the 57 large U.S. and European companies participating in the survey said they obtain assurance on at least some of their publicly reported

  • FASB proposes clarifications to certain areas of the derivatives and hedging standard

    November 12, 2019 Published: FASB The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) to clarify certain sections of its 2017 hedge accounting standard.  Stakeholders are asked to review and comment on the proposed ASU by January 13, 2020. “During our outreach to help stakeholders understand and implement the new hedging standard,

  • SEC Division of Enforcement Publishes Annual Report for Fiscal Year 2019

    November 6, 2019 Published: SEC The Securities and Exchange Commission’s Division of Enforcement today issued its annual report for fiscal year 2019. The report details the division’s efforts and initiatives on behalf of investors, highlights several significant actions, and presents the activities of the division from both a qualitative and quantitative perspective. “The results depicted in

  • Statement on IOSCO study of emerging global stablecoin proposals

    November 4, 2019 Published: IOSCO At its meeting on 30th October in Madrid, the Board of the International Organization of Securities Commissions (IOSCO) met, amongst other things, to consider the risks and benefits arising from ‘stablecoin’ initiatives with a potential global reach (‘global stablecoins’), and how securities market regulation may apply to such initiatives. This

  • IFAC seeks consistency, accountants’ engagement in corporate reporting

    November 7, 2019 Published: Journal of Accountancy As currently constructed, the corporate reporting system does not help organizations to communicate effectively or enable stakeholders to easily understand companies’ ability to create sustainable value over time, according to the International Federation of Accountants (IFAC). In a position paper published Thursday, IFAC stated that investors and other stakeholders are

  • Variable Interest Entities and Private Companies

    October 2019 Published: FASB This brief case study video examines a key issue for the private company community: the new path for private companies with variable interest entities. FEATURED VIDEO aquí https://www.fasb.org/home

  • Auditors need to improve their challenge of management urgently

    November 5, 2019 Published: FRC Audit quality is still not consistently reaching the necessary high standards expected, according to the Financial Reporting Council’s (FRC) Developments in Audit report, particularly when challenging management and performing routine procedures such as revenue recognition. High quality audit is essential to ensure confidence in financial reporting by UK companies. The FRC is working with

  • How audit committees can improve disclosure

    November 6, 2019 Published: Journal of Accountancy The percentage of audit committees providing public disclosure on many key metrics has increased in recent years, but opportunities for greater transparency remain, according to a yearly report published Wednesday by Audit Analytics and the Center for Audit Quality (CAQ), which is affiliated with the AICPA. An examination

  • 2019 Audit Committee Transparency Barometer

    2019 Audit Committee Transparency Barometer

    November 6, 2019 Published: TheCaq Although growth has been steady in the amount of information provided in audit committee disclosures, significant opportunities continue to exist to enhance transparency in this area, according to the 2019 edition of the Audit Committee Transparency Barometer. A report issued jointly by the CAQ and Audit Analytics, the Barometer tracks S&P Composite 1500

  • New Education Standards Focus on Enhancing Accountancy’s Technology and Skepticism Skills

    October 21, 2019 Published: IAESB The International Accounting Education Standards Board (IAESB) today released four revised International Education Standards (IESs) addressing learning and development for information and communications technologies (ICT) and professional skepticism. As market expectation increases for ICT skills and professional skepticism, these standards were developed to address the competencies, skills, and behaviors for

  • FRC sets out expectations for corporate reporting to improve trust in business

    30 October 2019 Published: FRC The Financial Reporting Council (FRC) has today called for improvements to corporate reporting in an open letter to all Audit Committee Chairs and Finance Directors. The letter reflects findings from the FRC’s Annual Review of Corporate Reporting 2018/19 (published today) and the scope for companies to improve their reporting to address matters of increasing

  • CIMA updates Code of Ethics

    October 28, 2019 Published: The Accountant The Chartered Institute of Management Accountants (CIMA) has updated its Code of Ethics with the aim of better helping finance professionals deal with ethics and independence challenges in a modern digital business world. The updated code will come into effect 1 January 2020. Key changes to the code include:

  • 2019 OECD SME and Entrepreneurship Outlook Highlights

    October 25, 2019 Published: IFAC By: Sandrine Kergroach  As the predominant form of business and employment, small and medium-sized enterprises (SMEs) are main drivers of productivity and key actors for building more inclusive and sustainable growth. Across the OECD, almost one out of three employees work in a micro firm with less than 10 employees and

  • Sustainable Finance Call to action

    Achieving high quality & consistent reporting October 22, 2019 Published: Accountancy Europe Today’s economy needs to undergo an urgent and radical transformation to achieve climate-neutrality and sustainability. To realise such a shift, we need high-quality data on environmental, social and governance (ESG) matters, as this data is the basis for sustainable decision-making. Companies are increasingly reporting on ESG matters. However, the relevance, quality and comparability of the reported information needs to improve in order to meet stakeholder expectations. Better non-financial information will improve the assessment of ESG risks and opportunities and will eventually lead

  • ASB addresses compliance with GAAS, PCAOB standards

    October 24, 2019 Published: Journal of Accountancy The AICPA Auditing Standards Board (ASB) issued a new interpretation Wednesday that provides guidance on how an auditor complies with AU-C Section 700A, Forming an Opinion and Reporting on Financial Statements, in the AICPA Professional Standards when the communication of critical audit matters as described in PCAOB standards is required. The

  • New technologies, ethics and accountability

    October 21, 2019 Published: ICAEW By: Kirstin Gillon, Technical Manager Tech Faculty This thought leadership report delves into the ethics of new technology. The seismic developments currently taking place in AI and algorithms are both exciting and morally concerning. What happens when machines do our thinking and decision-making for us? Where does the buck stop

  • UK´s FRC launches updated Stewardship Code

    October 24, 2019 Published: The Accountant The UK’s Financial Reporting Council has launched a revision to the UK Stewardship Code. The new code raises expectations for how money is invested on behalf of UK savers and pensioners. The Code establishes a benchmark for stewardship as the responsible allocation, management and oversight of capital to create

  • Lease accounting: Keep pushing ahead

    October 21, 2019 Published: Journal of Accountancy By Thomas Faineteau, CPA In February 2016, FASB issued new lease accounting requirements in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). Under its core principle, a lessee recognizes a right-of-use (ROU) asset and a lease liability on its balance sheet for most leases, including operating leases. This

  • UK´s FRC: Investors seek clearer Reporting on Climate – Related Issues

    October 22, 2019 Published: The Accountant Companies are falling short of investors’ expectations for clearer reporting on climate-related issues, according to the UK’s Financial Reporting Council’s (FRC) Financial Reporting Lab. The report, Climate-related corporate reporting, highlighted the gap between current reporting and investor expectations as economies increasingly transition towards low carbon futures. Climate-related reporting outlines what investors

  • Sustainability standards seen as too fragmented

    October 17, 2019 Publushed: Accounting Today Environmental, social and governance reporting is filled with competing sets of sustainability-related standards that are in need of simplification and consolidation, according to accounting standard-setters and experts. “What we need in the world of ESG is a convergence project,” said International Accounting Standards Board Chairman Hans Hoogervorst during an

  • Organizations increasingly vulnerable to fraud

    October 17, 2019 Publushed: Accounting Today Companies lack adequate anti-fraud staff and resources and are seen as more likely to fall prey to fraud than in the past, according to a new report. The report, released Thursday by the Association of Certified Fraud Examiners at a Fraud Risk Management Summit in New York, polled 886 ACFE

  • FASB votes to delay effective dates for 3 major standards

    October 16, 2019 Published: Journal of Accountancy Effective dates will be delayed for private companies and certain other entities for FASB’s standards on accounting for leases, credit losses (known as CECL), and hedging after a unanimous vote Wednesday by FASB. FASB directed its staff to draft an Accounting Standards Update (ASU) that will change the

  • SEC Educational Videos Aim to Help Investors Spot and Avoid Fraud

    October 11, 2019 Published: The SEC The SEC’s Office of Investor Education and Advocacy and Retail Strategy Task Force this week released new videos and Investor Alerts to help show investors what fraud looks like. Fraudsters will use every gimmick they can think of to get their hands on investors’ hard-earned money. These videos, along with our

  • Corporate Boards May Be Blind to Risks

    October 15, 2019 Published: The Institute of Internal Auditors (IIA) Unique Survey Finds Critical Gap Between What Boards Think Is Going On and What’s Really Happening Boards are significantly overconfident when it comes to addressing the thorniest issues facing organizations today. Board members have greater confidence in their organizations’ ability to manage key risks than members of

  • IFAC sees greater adoption of global accounting standards

    October 14, 2019 Published: Accounting Today The International Federation of Accountants issued a report Monday indicating strong support for international accounting and auditing standards, particularly in areas where IFAC member organizations are involved in the process from beginning to end. The report includes data from more than 170 professional accountancy organizations that make up IFAC’s

  • FRC reviews of disclosures relating to reporting requirements

    October 10, 2019 Published: FRC Companies have responded positively to newly introduced reporting requirements for Revenue Recognition and Financial Instruments but there is still considerable scope for them to improve the quality of their annual report disclosures. The findings relate to three thematic reviews conducted by the Financial Reporting Council (FRC) to analyse companies’ disclosures for the

  • International Standards: 2019 Global Status Report

    International Standards: 2019 Global Status Report

    Adoption is one journey, implementation another October 14, 2019 Published: IFAC There are no international laws requiring nations adopt and implement international standards that are fundamental to trust in markets, investments and economic growth. They are adopted because of their quality, legitimacy and impact have been demonstrated and focus on the public interest. They are

  • OECD leading multilateral efforts to address tax challenges from digitalisation of the economy

    October 9, 2019 Published: OECD The OECD Secretariat published a proposal to advance international negotiations to ensure large and highly profitable Multinational Enterprises, including digital companies, pay tax wherever they have significant consumer-facing activities and generate their profits. The new OECD proposal brings together common elements of three competing proposals from member countries, and is based on

  • To rebuild trust in auditors, we need the courage to speak up

    October 7, 2019 Published: Accountancy Europe Marie-Pauline Lauret, Global Head of Internal Audit of a large Dutch listed company, tells us about how auditors can help rebuild trust in the profession by speaking up and looking beyond the scope of their role. Auditors can change culture! Auditors have the power to change corporate culture from

  • What RPA is and how it works

    October 1, 2019 Published: Journal of Accountancy Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA, director of entrepreneurial advisory services at PKF Texas. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores. https://www.journalofaccountancy.com/videos/what-is-robotic-process-automation.html

  • Key audit matters in European Banking sector – update 2019

    Auditors identifying risks October 7, 2019 Published: Accountancy Europe Key audit matters (KAMs) are the most significant risks in the audit of financial statements. They have the biggest impact on overall strategy and the allocation of resources in an audit. KAMs are communicated by the auditor in their report. Reporting on KAMs opens the way

  • Cybersecurity, Resiliency, and the Role of Financial Regulators

    Cybersecurity, Resiliency, and the Role of Financial Regulators

    DATE:           Oct. 3, 2019 SPEAKER:   Kathleen M. Hamm, Board Member EVENT:         Program on International Financial Systems Technology and Capital Market Regulation Conference LOCATION: Tokyo, Japan I. Introduction Good morning. Thank you to Harvard Law School’s Program on International Financial Systems for inviting me to speak at this symposium on “Technology and Capital

  • 21% of JSE-Listed Companies have changed their auditors ahead of MAFR deadline

    October 8, 2019 Published: The Accountant With less than four years remaining until the effective date of Mandatory Audit Firm Rotation (MAFR) (1 April 2023) in South Africa, roughly 21% of the JSE Ltd main board listed companies have voluntarily rotated auditors since the Independent Regulatory Board for Auditors (IRBA) started tracking audit firm rotations

  • Critical audit matters: What firms are reporting

    October 4, 2019 Published: Journal of Accountancy By: Maria L. Murphy, CPA Some important themes are emerging in auditors’ reporting of critical audit matters, which are the key component of the biggest change to public company auditor reporting in 70 years. Goodwill and intangible assets, revenue, and income taxes were the most frequent topical areas reported

  • IOSCO publishes updates to peer reviews of regulation of MMFs and securitization

    October 2, 2019 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today published two update reports entitled Update to the IOSCO Peer Review of Regulation of Money Market Funds and Update to the IOSCO Peer Review of Implementation of Incentive Alignment Recommendations for Securitisation. These reports summarize IOSCO’s ongoing efforts to monitor implementation of

  • Profession in Focus: Communicating the Commitment to Audit Quality

    October 1, 2019 Published: The Caq This edition of Profession in Focus features Christopher Tower, National Assurance Managing Partner for Audit Quality and Professional Practice at BDO USA LLP. Tower provides an overview of the many ways that BDO communicates the firm’s strong commitment to audit quality, both externally and internally. He also provides insights

  • Research supports the FRC taking firmer action on regulation

    October 2, 2019 Published: The Accountant The UK’s Financial Reporting Council (FRC) citizens’ juries believe the FRC should take firmer action to hold companies to account, says new research. The citizens’ juries allowed participants to be presented with, and have time to discuss topics including corporate reporting, corporate governance, audit and the FRC’s work in

  • New TQAs discuss 2019 Compliance Supplement’s guidance for performing single audits

    September 24, 2019 Published: Journal of Accountancy By: Ken Tysiac New Technical Questions and Answers (TQAs) posted Tuesday by the AICPA provide nonauthoritative guidance related to single audits. The Office of Management and Budget’s 2019 Compliance Supplement contains new guidance for single audits, which are compliance audits performed under the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for

  • Alliance of accounting organisations finds multidisciplinary firm structure benefits audit quality

    September 27, 2019 Published: The Accountant A global alliance of accounting organisations has found firms that offer both audit and non-audit services are best positioned to deliver robust and reliable assurance. A report published by Chartered Accountants Australia and New Zealand (CA ANZ), the Association of Chartered Certified Accountants (ACCA) and the International Federation of

  • OECD: Use of Digital Technologies set to increase Tax compliance

    September 24, 2019 Published: The Accountant The recently published eighth edition of the OECD’s Tax Administration Series reveals how tax administrations are increasingly moving to e-administration and using a range of technology tools, data sources and analytics to increase tax compliance. According to the report, an increase in e-administration are creating more options for online filing of

  • Profession in Focus: The Strong State of Investor Confidence in 2019

    September 18, 2019 Published: The Caq On this edition of Profession in Focus, get insights from CAQ Executive Director Julie Bell Lindsay on the state of US investor confidence. Lindsay provides context on the importance of strong investor confidence for the capital markets, gives an overview of the CAQ’s annual Main Street Investor Survey, and

  • Voices: Operating vs. finance leases: The impact of the new standard

    September 24, 2019 Published: AccountingToday By: Kevin Rhode The clock is ticking on the countdown to the implementation of the new lease accounting standard for private companies. According to reports from the Securities and Exchange Commission and the U.S. Chamber of Commerce, U.S. companies currently have an estimated $2.8 trillion in operating lease obligations that are

  • Climate Action in a Climate Emergency

    September 19, 2019 Published: IFAC By: Kevin Dancey, Chief Executive Officer, IFAC Climate change is serious. The threat is immediate. There is no long-term planning horizon. It is one of those big, scary, multi-faceted societal problems that will require serious, coordinated vision and leadership to solve. This is not a problem we can wish away

  • 2019 Main Street Investor Survey

    2019 Main Street Investor Survey

    September 18, 2019 Published: The Caq The CAQ’s Main Street Investor Survey annually measures retail investor confidence in US capital markets, global capital markets, public companies, and audited financial information. In 2019, key findings from the survey include the following: ·         74% of US investors express confidence in US capital markets. ·         76% of US investors have confidence

  • Taxes on polluting fuels are too low to encourage a shift to low-carbon alternatives

    September 20, 2019 Published: OECD Taxing polluting sources of energy is an effective way to curb emissions that harm the planet and human health, and the income generated can be used to ease the low-carbon transition for vulnerable households. Yet 70% of energy-related CO2 emissions from advanced and emerging economies are entirely untaxed, offering little incentive

  • The IIA Releases New Practice Guide on Demonstrating the Core Principles for the Professional Practice of Internal Auditing

    September 19, 2019 Published: The Institute of Internal Auditors The IIA’s Core Principles for the Professional Practice of Internal Auditing are part of the IPPF’s Mandatory Guidance. The principles validate the effectiveness, credibility, and value of the internal audit activity within an organization’s governance structure.   This new practice guide explains the concepts embodied in the

  • Integrated thinking is a game changer for sustainable corporate governance

    September 12, 2019 Published: The International Integrated Reporting Council (IIRC) By: Olivier Boutellis-Taft, CEO, Accountancy Europe Since the industrial revolution, the market economy has propelled prosperity, well-being, life expectancy, cultural creativity and personal fulfilment. However, our economy is also aggravating natural resource depletion, deadly pollution, over-consumption and growing social concerns ranging from income inequality to climate migrations.

  • Cybersecurity Tops Business Risks, say Internal Auditors

    September 11, 2019 Published: International Accounting Bulletin A new survey has found the top three risks faced by businesses across Europe are: cybersecurity (78%), regulatory change (59%) and digitalisation (58%). The survey of 528 Chief Internal Auditors (125 from the UK and Ireland) is part of the Chartered IIA’s Risk in Focus 2020 report. The

  • Asamblea Anual 2019

    Asamblea Anual 2019

    Con fecha 5 de septiembre de 2019 se celebró Asamblea Anual de AEChile. Las materias tratadas, según lo dispuesto en los Estatutos de la Asociación, fueron las siguientes: A- Cuenta Anual del Presidente de la Asociación, resaltando los asuntos que deben ser abordados por el nuevo directorio;  B- El directorio aprobó los Estados Financieros al

  • Presentación “Chile Day 2019” – Joaquín Cortez

    Presentación “Chile Day 2019” – Joaquín Cortez

    10 de septiembre de 2019 Publicado por CMF Descargar presentación aquí

  • New video: the Joint Forum on Actuarial Regulation (JFAR)

    August 22, 2019 Published: Financial Reporting Council (FRC) What is the JFAR?Find out about what the Joint Forum on Actuarial Regulation (JFAR) do and more about its Risk Perspective updates through this short video. https://www.frc.org.uk/news/new-august-2019/new-video-the-joint-forum-on-actuarial-regulation

  • 5 Key Factors to Enhance Audit Committee Effectiveness

    September 9, 2019 Published: IFAC By:  Laura Leka , Technical Manager, Global Accountancy Profession Support, IFAC and Laurie Tugman, IFAC PAIB Committee Member Corporate failures and scandals across countries, including the recent collapses of Carillion, Patisserie Valerie and London Capital & Finance in the UK, failings in South Africa’s state-owned entities Transnet, Eskom, and South African Airways, and

  • More efforts needed to boost trust in business and finance

    September 9, 2019 Published: OECD Policy makers should step up their efforts to bolster public trust in finance to reduce the risks of contagion if economic growth and financial returns continue to fall, according to a new OECD report. The 2008 global financial crisis marked a turning point in the way governments considered the role

  • AICPA issues auditor practice aid on CECL standard

    September 9, 2019 Published: Accounting Today The American Institute of CPAs has released a practice aid to help auditors with the allowance for credit losses under the Financial Accounting Standards Board’s new standard for measuring credit losses on financial statements. The practice aid, Allowance for Credit Losses — Audit Considerations, focuses on loans measured at amortized

  • FASB proposes guidance to ease transition to new benchmark rates

    September 5, 2019 Published: Journal of Accountancy FASB is seeking feedback on a proposed Accounting Standards Update (ASU) designed to reduce the accounting costs and complexities related to the migration from interbank-offered interest rates to new reference rates. The proposed ASU, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,would establish

  • FRC publishes annual report as the transition to a new regulator progresses

    September 6, 2019 Published: FRC The Financial Reporting Council (FRC) has today published its annual report for 2018/19 setting out its progress against commitments to tackle poor-quality audit work, boost Enforcement resourcing and improve the quality of reporting.      During the year the FRC substantially revised the UK’s Corporate Governance Code and consulted on an overhaul of the

  • Exposure Draft 69, Public Sector Financial Instruments, Amendments to IPSAS 41, Financial Instruments

    August 27, 2019 Published: IFAC Exposure Draft 69, Public Sector Financial Instruments, Amendments to IPSAS 41, Financial Instruments provides guidance on how to account for a number of important categories of financial instruments that are unique to the public sector. The proposed new Standard will augment existing guidance in IPSAS 41, Financial Instruments, and improves that Standard’s requirements by

  • IFAC launches ‘Future-Fit’ series to address changing role of accountants

    September 5, 2019 Published: The Accountant With a changing and uncertain business environment, Chief Financial Officers (CFOs) and finance functions must evolve to sit at the heart of decision making within their organisations, according to a series launched by IFAC (the International Federation of Accountants). The series includes: – A vision for the CFO and

  • The Role of the Global Accountancy Profession in Addressing 21st Century Public Sector Challenges

    September 3, 2019 Published: IFAC The public sector is facing a multitude of challenges globally, from budgetary pressures and revenue limitations to intense scrutiny of public finances, all at the same time as rapidly increasing demand for high-quality public services. Around the world, common issues have emerged with many countries facing: – Increasingly less citizens

  • IFIAR comments on IAASB Exposure Drafts for ISQM 1, ISQM 2 & ISA 220

    July 1, 2019 Published: IFIAR The International Forum of Independent Audit Regulators (IFIAR) appreciates the opportunity to comment on the International Auditing and Assurance Standards Board (IAASB) exposure drafts for ISQM 1 (Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements), ISQM 2 (Engagement Quality Reviews)

  • The IIA Releases New Practice Guide on the Foundations of Internal Auditing in Financial Services Firms

    August 26, 2019 Published: The Institute of Internal Auditors The demand for internal auditors with financial services knowledge and experience is growing rapidly, propelled by regulatory pressures to appropriately staff internal audit programs with the right volume and caliber of resources. This has led many internal audit activities within the highly regulated financial services industry

  • UK NAO launches public consultation on new Draft Code of Audit Practice

    August 30, 2019 Published: The Accountant The UK National Audit Office (NAO) has launched a public consultation on its proposed update of the Code of Audit Practice ahead of it coming into effect in April 2020. The Code sets out what local auditors of relevant local public bodies (such as councils, police, fire and NHS

  • Strengthened Going Concern Standard for UK Auditors

    September 30, 2019 Published: The Accountant The UK’s Financial Reporting Council has issued a revised going concern standard in response to recent enforcement cases. It is also in response to recent corporate failures where the auditor’s report has failed to highlight concerns about the prospects of entities which collapsed shortly after. The revised standard, ISA

  • Webcast on Critical Audit Matters

    April 1, 2019 Published: The Caq Auditors conducting audits in accordance with PCAOB auditing standards will soon be required to communicate critical audit matters in their auditor’s reports. The requirement will be applied first to audits of large accelerated filers with periods ending on or after June 30, 2019. In this CAQ webcast—recorded in April

  • AICPA proposes changes to auditor reporting standards

    August 28, 2019 Published: AccountingToday The American Institute of CPAs’ Auditing Standards Board has proposed amendments to three sets of auditing standards for special-purpose, single and summary financial statements. For the exposure draft of the proposed Statement on Auditing Standards Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes from SAS No. 134, the board

  • Presentación “Información comercial, nuevas tecnologías y supervisión”

    Presentación “Información comercial, nuevas tecnologías y supervisión”

    21 de agosto de 2019 Publicado por: CMF Congreso Nacional de Crédito y Cobranza Christian Larraín, Vicepresidente Consejo de la Comisión para el Mercado Financiero Descargar PDF aquí

  • IRS program to prevent personal data loss is delayed

    August 26, 2019 Published: AccountingToday Taxpayers’ personal information and tax account data remain at risk of being leaked from the Internal Revenue Service’s computer networks despite progress on a data loss prevention program, according to a new report. The IRS began a program known as the Safeguarding Personally Identifiable Information Data Extracts Project, which is

  • AICPA issues forensic accounting standards

    By Jeff DrewJuly 10, 2019 The AICPA on Wednesday issued new professional standards for members who perform forensic accounting services engagements. The Statement on Standards for Forensic Services No. 1 (SSFS 1) provides authoritative guidance for AICPA members providing litigation and investigative services. Specifically, the statement defines litigation and investigation for accounting purposes, outlines key considerations for

  • PCAOB issues staff guidance on auditing estimates, specialists

    August 22, 2019 Published: Journal of Accountancy The PCAOB released four staff guidance documents Thursday that are designed to help auditors implement the board’s new standards and amendments on auditing accounting estimates and the auditor’s use of the work of specialists. The new standards will take effect for audits of financial statements for fiscal years

  • ASB addresses challenges in auditing accounting estimates

    August 22, 2019 Published: Journal of Accountancy A proposal issued Thursday by the AICPA Auditing Standards Board (ASB) is intended to provide auditors with enhanced guidance on auditing accounting estimates. The proposal is intended to address the challenges that auditors face when auditing accounting estimates by providing risk assessment requirements and further audit procedures that: Are more

  • PCAOB Staff Provides Guidance for New Requirements on Auditing Estimates & Auditor’s Use of the Work of Specialists

    PCAOB Staff Provides Guidance for New Requirements on Auditing Estimates & Auditor’s Use of the Work of Specialists

    August 22, 2019 Published: PCAOB The Public Company Accounting Oversight Board today released four staff guidance documents to raise awareness and assist auditors in advance of the effective date of new estimates and specialists audit requirements. The requirements are effective for audits of financial statements for fiscal years ending on or after December 15, 2020. 

  • Investor Relations: Get up to speed now on Critical Audit Matters

    Investor Relations: Get up to speed now on Critical Audit Matters

    July 9, 2019 Published: The Caq Starting in the summer of 2019, auditors will be required to communicate critical audit matters (CAMs) in their auditor’s reports. Investors with questions about CAMs may turn to a company’s investor relations (IR) group for answers. To help inform IR professionals as they prepare for those conversations, the CAQ

  • Featured Video: FASB Distinguishing Liabilities from Equity

    August 2019 Published: FASB FASB Member Gary Buesser and Project Manager Aarika Friend look at the FASB’s proposal to improve guidance for certain financial instruments with characteristics of liabilities and equity, including convertible instruments. https://www.fasb.org/home

  • FASB proposes delay to Insurance Standards on long-duration contracts

    August 22, 2019 Published: The Accountant The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU) that would grant all insurance companies that issue long-duration contracts, such as life insurance and annuities, additional time to apply a standard that addresses this area of financial reporting. On 15 August 2018, the FASB

  • New AICPA discussion paper tackles materiality

    August 21, 2019 Published: The Accountant A new discussion paper from the American Institute of CPAs (AICPA) discusses the challenges of determining materiality in an attestation engagement when subject matters cannot be quantitatively measured. Materiality Considerations for Attestation Engagements Involving Aspects of Subject Matters That Cannot Be Quantitatively Measured, developed by a Working Group of

  • How to effectively implement innovation

    August 19, 2019 Published: Journal of Accountancy Business Insider not too long ago published a list of some of the worst product launches in history. While it’s funny to recall that Coke once thought it was a good idea to abandon its classic formula, many of these stories are learning opportunities for today’s accounting firms planning their strategies

  • GASB issues lease accounting implementation guide

    August 15, 2019 Published: Journal of Accountancy GASB issued an implementation guide Thursday that contains questions and answers about the board’s new lease accounting standard for state and local governments. Implementation Guide No. 2019-3, Leases, provides guidance for preparers on how to apply the rules in GASB Statement No. 87, Leases, including: – Scope and applicability. –

  • IOSCO to launch 2019 World Investor Week to promote investor education

    August 14, 2019 Published: IOSCO The International Organization of Securities Commissions (IOSCO) is preparing to launch its third annual World Investor Week (WIW) from 30 September to 6 October 2019, after its successful organization in 2017 and 2018. WIW is a week-long, global campaign, which aims to promote investor education and investor protection, highlighting the

  • Non-Financial Reporting: «…it is about staying in business»

    August 14, 2019 Published: Accountancy Europe This interview was realised by Ivan Chaliy, Chief Editor of IFRS Practice Journal with Hilde Blomme, Accountancy Europe Deputy CEO.   Ivan Chaliy (IC): What do you think of the obliged regulation of forming a sustainability report? Hilde Blomme (HB):  Since 2018 large EU companies need to report such

  • Profession in Focus: Accelerated Filers, ICFR Audits, and Investor Protection

    August 1, 2019 Published: The Caq On this edition of Profession in Focus, get insights on regulatory developments and investor protection from Catherine Ide, CPA, Senior Managing Director of Professional Practice and Member Services at the CAQ. Ide explains the significance of companies’ filing statuses, particularly regarding requirements related to audits of internal control over

  • Auditors suffer when they issue negative opinions

    August 13, 2019 Published: International Accounting Bulletin Auditors get a bad reputation when they do their job properly according to new research. In a report being presented at the American Accounting Association’s annual meeting entitled Don’t Make Me Look Bad: How the Audit Market Penalizes Auditors for Doing Their Job, researchers found that flagging material weaknesses

  • Machine Learning: More Science Than Fiction

    August 12, 2019 Published: IFAC By: Narayanan Vaidyanathan, Head of Business Insights, ACCA Artificial intelligence (AI) is having an enormous impact on our consciousness. And machine learning (ML), which uses mathematical algorithms to crunch large data sets, is being increasingly explored for business applications in AI-led decision making. Following several years with the belief that AI

  • Eliminating biases that jeopardize audit quality

    August 1, 2019 Published: Journal of Accountancy By Billy E. Brewster, CPA, Ph.D.; Janet B. Butler, CPA (inactive)/CITP, CGMA, Ph.D.; and Ann L. Watkins, CPA, Ph.D. Certain cognitive biases pose threats to audit work, but it’s possible to recognize and overcome them. Auditing standards state that inquiry alone does not provide sufficient evidence regarding the

  • Companies find lease accounting more challenging than expected

    Both public and private companies are underestimating the challenges of transitioning to the new lease accounting standard, according to a new survey. The survey, by lease accounting technology company LeaseQuery, found that only 37 percent of companies in the early stages of implementation anticipate that their transition would be difficult. However, 67 percent of companies in

  • Global Accountancy Education: Preparing Future-Ready Accountants

    July 2, 2019 Published: IFAC To assist Professional Accountancy Organizations (PAOs) and other key stakeholders to prepare future-ready professional accountants, IFAC is establishing a comprehensive, integrated approach to respond to accountancy education challenges and opportunities posed by a rapidly changing environment. Accountancy education is a strategic priority for IFAC. Consequently, it is important that the

  • Voices Accounting in the fourth industrial revolution

    There seems to be much conversation recently around the notion that tax, bookkeeping and accounting jobs are going away over the next five to 10 years — eclipsed by the advancement of technology. Artificial intelligence, machine learning and blockchain are seen as emerging technologies that will lead to the automation and ultimate elimination of your

  • Better business decisions with assurance on non-financial information by Olivier Boutellis-Taft and Mario Abela

    People need to be able to rely on corporate information to make important decisions surrounding investing, buying products or signing employment contracts. Non-financial corporate information (NFI), such as environmental or social impacts, is essential to get the full picture of a company’s performance. Financial information alone cannot provide this anymore. Ultimately, integrating NFI leads to longer

  • Voices The human-technology balance that accounting needs

    Advances in technology are rewriting the rules for how business is done across all industries. In particular, the buzzwords of machine learning and artificial intelligence have sparked concern throughout the accounting profession. We’ve constantly seen predictions from multiple sources (like this study from McKinsey) that suggest as many as 800 million jobs will be lost worldwide

  • Voices GAAP vs. IFRS for property, plant and equipment

    In the area of fixed assets and the resultant depreciation there are some major differences between the GAAP rules codified in ASC Topic 360 and the IFRS rules in IAS 16. In GAAP there is only one way to initially record a fixed asset and that is the cost method. The cost method involves recording

  • IESBA proposes changes to code of ethics for accountants

    The International Ethics Standards Board for Accountants proposed some changes Wednesday to the International Code of Ethics for Professional Accountants to improve the mindset expected of accountants. The exposure draft, Proposed Revisions to Promote the Role and Mindset Expected of Professional Accountants, comes in response to calls from different stakeholders asking the Ethics Board to explore

  • Profession in Focus: Critical Audit Matters, Investors and Investor Relations

    July 15, 2019 Published: The CAQ On this edition of Profession in Focus, get insights on critical audit matters (CAMs), from Dennis McGowan, CPA, Technical Director of Professional Practice at the CAQ. McGowan provides an overview of the CAMs requirement, when it becomes effective, why investor relations professionals should anticipate CAMs questions, and what kinds

  • Voices The economic case for ESG disclosure

    Tim Mohin is chief executive of the Global Reporting Initiative (GRI), an independent international organization that helps businesses and other organizations understand and communicate their sustainability impacts. When it comes to corporate transparency, the United States is at a crossroads. To one side is maintaining the status quo, with a patchy reporting landscape for environmental,

  • AICPA weighs in with IRS on excise taxes for donor-advised funds

    The American Institute of CPAs sent a set of recommendations to the Internal Revenue Service on the application of excise taxes to donor-advised funds. DAFs have become an increasingly prevalent way for philanthropists to give funds to charities, as an alternative to private foundations. Donors can claim tax deductions the following year, but recommend specific

  • Better business decisions with assurance on non-financial information

    by Olivier Boutellis-Taft and Mario Abela People need to be able to rely on corporate information to make important decisions surrounding investing, buying products or signing employment contracts. Non-financial corporate information (NFI), such as environmental or social impacts, is essential to get the full picture of a company’s performance. Financial information alone cannot provide this

  • Protecting clients: Manufacturers are high-risk for data breaches

    Cybersecurity is top of mind today for accountants, the industry having faced several high-profile attacks this year. But accounting professionals also have to keep in mind the vulnerability of their clients, and different types of clients face different levels of risk. One of the most highly sought after prizes for malicious hackers, after money, is

  • Overview of Exposure Draft Amendments to IFRS 17

    July 4, 2019 Published: IFRS A recorded webinar is available providing an overview of the Exposure Draft Amendments to IFRS 17, published by the International Accounting Standards Board on 26 June 2019. The presenters are Laura Kennedy and Roberta Ravelli, Technical Staff at the IFRS Foundation. This recording took place to provide national standard-setters with an overview of

  • AICPA issues forensic accounting standards

    By Jeff DrewJuly 10, 2019 The AICPA on Wednesday issued new professional standards for members who perform forensic accounting services engagements. The Statement on Standards for Forensic Services No. 1 (SSFS 1) provides authoritative guidance for AICPA members providing litigation and investigative services. Specifically, the statement defines litigation and investigation for accounting purposes, outlines key considerations for

  • MAZARS welcomes consultation on CMA proposals

    July 19, 2019 Published: International Accounting Bulletin Marking the launch of the eight-week consultation period for the Competition & Markets Authority (CMA) proposals on statutory audit, Mazars says it supports the Department for Business, Energy & Industrial Strategy’s conclusion that the CMA had produced ‘a thorough and effective range of measures to create a genuinely

  • Closing the expectation gap in audit

    May 9, 2019 Published: ACCA Everyone closely connected to the audit profession, from regulators to the general public, will need to work together in order to close the expectation gap. Key messages: – The public sees audit as part of the solution for preventing company failure. – The public demands more responsibilities for auditors in

  • Statement on IOSCO Liquidity Management Recommendations for Investment Funds

    July 18, 2019 Published: IOSCO By: Ashley Alder, IOSCO Board Chair Liquidity problems which have recently affected some investment funds have been the subject of extensive media coverage. The Bank of England published a Financial Stability Report of the Financial Policy Committee (FPC), a committee of the Bank of England, earlier this month, which discusses

  • IASB proposes amendments to accounting for Deferred Tax

    July 17, 2019 Published: IFRS The International Accounting Standards Board (Board) has today published for public comment proposed changes to the IFRS Standard for income tax, IAS 12. The amendments clarify how companies account for deferred tax on leases and decommissioning obligations. IAS 12 specifies how a company accounts for income tax, including deferred tax,

  • Draft Code on Internal Audit aims to reduce risk of major UK Corporate collapses

    July 15, 2019 Published: International Accounting Bulletin A draft code to strengthen corporate governance and help reduce the risk of major corporate collapses in the UK by boosting the status, standards, scope and skills of internal audit has been launched by the Chartered Institute of Internal Auditors. The institute is now seeking feedback and is

  • FRC consults on enhanced Ethical and Auditing Standards

    July 15, 2019 Published: The Accountant The Financial Reporting Council (FRC) has issued a consultation proposing changes to the UK’s Ethical and Auditing Standards. The FRC proposes to set more stringent ethical rules for auditors, in response to findings from recent audit enforcement cases and from audit inspections. In response to feedback from investors, the

  • ASB addresses ERISA plan auditor reporting, other information in annual reports

    July 10, 2019 Published: Journal of Accountancy By Ken Tysiac In separate standards issued Wednesday, the AICPA Auditing Standards Board (ASB): – Changed requirements for auditor reporting and performance on ERISA (Employee Retirement Income Security Act) plan financial statements. – Amended rules for the purpose of improving transparency regarding auditors’ responsibilities related to other information

  • Borrowing costs and revenue recognition

    June 24, 2019 Published: IFRS The IFRS Interpretations Committee (Committee) recently published an agenda decision on ‘over time transfer of a constructed good’. The agenda decision responds to a question received about the application of IAS 23 Borrowing Costs to the construction of a multi-unit housing development. The agenda decision explains why the Committee concluded that, in the specific

  • PCAOB Posts CAM Resources for Investors and Audit Committees

    PCAOB Posts CAM Resources for Investors and Audit Committees

    July 11, 2019 Published: PCAOB Today the PCAOB released two new resources on critical audit matters (CAMs), one specifically for investors and the other for audit committees. These resources advance the Board’s strategic priority of cultivating effective communications with stakeholders, as well as providing timely, relevant, and useful information to them. The Board is committed

  • AICPA issues forensic accounting standards

    July 10, 2019 Published: Journal of Accountancy By Jeff Drew  The AICPA on Wednesday issued new professional standards for members who perform forensic accounting services engagements. The Statement on Standards for Forensic Services No. 1 (SSFS 1) provides authoritative guidance for AICPA members providing litigation and investigative services. Specifically, the statement defines litigation and investigation for accounting

  • No-Deal BREXIT Contingency measures in EU Budget

    July 9, 2019 Published: International Accounting Bulletin The European Council has adopted contingency measures on the implementation and financing of the 2019 EU budget in the event of a no-deal Brexit. The aim of the measures is to mitigate the impact of a no-deal scenario for funding in a wide range of areas such as

  • FASB seeks Stakeholders input on certain identifiable Intangible Assets and the subsequent accounting for Goodwill

    July 9, 2019 Published: FASB The Financial Accounting Standards Board (FASB) today issued an Invitation to Comment (ITC) seeking stakeholder input on the accounting for certain identifiable intangible assets acquired in a business combination and subsequent accounting for goodwill. Stakeholders are asked to comment on the ITC by October 7, 2019. Private companies and not-for-profit organizations currently have

  • FRC revises practice notes on Financial Sector Audits

    July 4, 2019 Published: The Accountant The Financial reporting Council (FRC) has issued a revision of Practice Note 19: The audit of banks and building societies in the United Kingdom. Such Practice Notes are aimed at helping practitioners to comply with the requirements of UK auditing standards, providing additional contextual material. The Practice Note has been

  • Auditing Accounting Estimates, Including Fair Value Measurements

    July 2, 2019 Published: PCAOB What was changed? The new standard replaces three existing standards by establishing a single standard that sets forth a uniform, risk-based approach. It emphasizes that auditors need to apply professional skepticism, including addressing potential management bias, when auditing accounting estimates. The new standard also provides more direction on addressing certain

  • Auditor´s Use of the Work of Specialists

    July 2, 2019 Published: PCAOB What was changed? Published: PCAOB The amendments adopted by the Board strengthen the requirements for evaluating the work of a company’s specialist, whether employed or engaged by the company. They are designed to increase audit attention in areas where a specialist is used and to align the applicable requirements with the

  • The PCAOB´s Chief Auditor Megan Zietsman Talks abaut CAM Resources

    June 28, 2019 Published: PCAOB Auditors will soon be required to communicate critical audit matters (CAMs) in the auditor’s report. The Board is committed to supporting effective implementation of CAMs through providing proactive, timely, and useful information to auditors and other interested parties.

  • Financial Regulators welcome UK Government´s Green Finance Strategy

    July 2, 2019 Published: International Accounting Bulletin The Financial Reporting Council (FRC) has issued a joint statement with other financial regulators, including the Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA) and the Pensions Regulator (TPR) in response to the UK government’s Green Finance Strategy. The statement notes that the boards of UK companies have

  • Financial / Non- Financial Reporting Frameworks share common principles

    July 2, 2019 Published: The Accountant The world’s leading financial and non-financial corporate reporting frameworks have the same common foundations, based on the key objectives of transparency and accountability, according to a position paper published by the framework providers. The position paper sets out the seven key principles report preparers should follow for achieving such

  • Get private companies ready for the new revenue standar

    June 27, 2019 Published: Journal of Accountancy Auditors of private companies are reviewing clients’ efforts to prepare for filing financial statements under the new revenue recognition standard in early 2020. In the five years since FASB adopted its landmark guidance in Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606), companies large and

  • IASB consults on amendments to aid implementation of IFRS 17

    June 26, 2019 Published: IFRS The International Accounting Standards Board (Board) has today proposed amendments to the insurance contracts Standard, IFRS 17, for public consultation. The aim of the amendments is to continue supporting implementation by reducing the costs of implementing the Standard and making it easier for companies to explain their results when they

  • The Global Accountancy Profession’s Call to Action for G20 Leaders

    Jun 20, 2019 Published: IFAC Counting on Society 5.0 At a time of economic and political uncertainty, IFAC’s recommendations focus on actions that will strengthen the economy, ensure progress toward the Sustainable Development Goals, and create a fair and empowered digital economy. G20 countries play a crucial role in fostering institutions and governance models that can anticipate,

  • CPAs discuss hot topics in financial planning, tax, and technology

    June 24, 2019 Published: Journal of Accountancy Featuring Mike Landsberg, CPA/PFS; Sarah Lane, CPA/PFS; David Oransky, CPA/PFS; Brooke Salvini, CPA/PFS; and David Stolz, CPA/PFS The three estate planning documents everyone should have. https://www.journalofaccountancy.com/videos/pfp-tax-practice-management-2018-engage.html

  • Companies starting to use AI technology to fight fraud

    June 24 2019 Published: Accounting Today Companies are beginning to employ advanced technologies such as artificial intelligence and machine learning to uncover fraud, according to a new report. The report, from the Association of Certified Fraud Examiners and analytical technology provider SAS, found that 13 percent of organizations currently use AI or machine learning to

  • Better business decisions with assurance on non-financial information

    Junio 20, 2019 Published: Accountancy Europe by Olivier Boutellis-Taft and Mario Abela People need to be able to rely on corporate information to make important decisions surrounding investing, buying products or signing employment contracts. Non-financial corporate information (NFI), such as environmental or social impacts, is essential to get the full picture of a company’s performance.

  • Audit evidence standard would be updated under proposal

    June 20, 2019 Published: Journal of Accountancy Issues such as the use of emerging technologies and the application of professional skepticism are addressed in a new audit evidence standard proposed Thursday by the AICPA Auditing Standards Board (ASB). Proposed Statement on Auditing Standards (SAS), Audit Evidence, addresses the evolving nature of business and audit services as well as

  • European Commission publishes Climate-Related Guidelines

    June 20, 2019 Published: International Accounting Bulletin The European Commission has published new guidelines on corporate climate-related information reporting, as part of its Sustainable Finance Action Plan. The guidelines will provide companies with practical recommendations on how to better report the impact that their activities are having on the climate as well as the impact

  • I am the Future of Work

    June 2019 Published: OECD The OECD is launching the I am the Future of Work campaign. From students to CEOs, everyone is shaping the future of work and their voices should be at the heart of the debate. The campaign highlights what the future of work means for people and the urgency to build a future that

  • Convergence with international standards sought for SSARSs (Statements on Standards for Accounting and Review Services)

    June 19, 2019 Published: Journal of Accountancy In an effort to promote convergence with international standards, the AICPA Accounting and Review Services Committee (ARSC) on Wednesday proposed changes to standards for review services. ARSC believes that it is important for the Statements on Standards for Accounting and Review Services (SSARSs) to be as closely converged

  • Sustainable finance: Commission published guidelines to improve how firms report climate-related information and welcomes three new important reports on climate finance by leading experts

    Sustainable finance: Commission published guidelines to improve how firms report climate-related information and welcomes three new important reports on climate finance by leading experts

    June 17, 2019 Published: The European Commission The European Commission has today published new guidelines on corporate climate-related information reporting, as part of its Sustainable Finance Action Plan. These guidelines will provide companies with practical recommendations on how to better report the impact that their activities are having on the climate as well as the impact of

  • SEC Adopts Amendments to Improve the Application of the Auditor Independence Rules to Loan Provision

    June 18, 2019 Published: SEC The Securities and Exchange Commission adopted amendments to the auditor independence rules relating to the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain shareholders of an audit client.  The Commission has become aware of circumstances where the

  • GASB Issues Implementation Guide on Fiduciary Activities

    June 17, 2019 Published: GASB The Governmental Accounting Standards Board (GASB) has issued a new Implementation Guide that contains questions and answers about the GASB’s recently issued standards on accounting and financial reporting for fiduciary activities. Implementation Guide No. 2019-2, Fiduciary Activities, answers many questions about how to apply the provisions of GASB Statement No. 84, Fiduciary Activities.

  • IOSCO urges authorities to use existing standards to address cyber risk

    IOSCO urges authorities to use existing standards to address cyber risk

    June 18, 2019 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today issued a final report that provides an overview of three internationally recognized cyber standards and frameworks used by IOSCO members. It also identifies potential gaps in the application of these standards and seeks to promote sound cyber practices across

  • IIA Sets Exposure Period For Proposed Updates to ‘Three Lines of Defense’

    June 17, 2019 Published: IIA The Institute of Internal Auditors (IIA) announced today that it is seeking public comment June 20–Sept. 19 on proposed updates to the Three Lines of Defense, a widely accepted and used model that addresses the many issues around organizational risk management and control. The Three Lines of Defense describes the

  • ASB proposes guidance on PPPs and APAs

    June 13, 2019 Published: Journal of Accountancy GASB proposed new guidance that it said is intended to improve accounting and financial reporting for public-private and public-public partnership arrangements (both referred to as PPPs) and availability payment arrangements (APAs). GASB said in a press release that the proposal would define a PPP as an arrangement in

  • Why should I care about accountants?

    May 2, 2019 Published: Accountancy Europe See what accountants do and how they can contribute to solving some of our major social and environmental challenges.

  • UK Government urged to introduce new audit regulator legislation before year-end

    June 12, 2019 Published: International Accounting Bulletin The Chartered Institute of Internal Auditors has urged the government to introduce legislation to establish a new audit regulator before the end of 2019 ‘under the swiftest possible parliamentary timetable’. The aim is to ensure the UK has a regulator that is best in class for corporate governance and help

  • Professional Ethics Executive Committee (PEEC) updates 2 ethics interpretations

    June 12, 2019 Published: Journal of Accountancy The AICPA Professional Ethics Executive Committee (PEEC) has issued revised ethics interpretations addressing state and local government client affiliates and provision of information system services to attest clients. If you audit reports on the financial statements of state or local governments, you must consider your independence responsibilities when

  • How to motivate and retain your talent

    June 10, 2019 Published: Journal of Accountancy By Dawn Wotapka  When it comes time to grow their business and bolster their reputation, accounting firms often turn to recruiters to attract dazzling — and, likely, expensive — new talent. Perhaps a better strategy is to develop existing employees, according to Philip Palaveev, the founder and CEO of

  • Emerging Market regulators issue recommendations related to sustainable finance

    June 5, 2019 Published: IOSCO Securities regulators from growth and emerging markets today published a report that sets forth recommendations related to the development of sustainable finance in emerging markets and the role of securities regulators in this area. IOSCO´s Growth and Emerging Market Committee (GEMC) today published the report Sustainable finance in emerging markets and

  • ASB seeks alignment of materiality definitions

    June 5, 2019 Published: Journal of Accountancy The AICPA Auditing Standards Board (ASB) is proposing changes to the definition of materiality in its standards for auditors and attestation engagements to eliminate inconsistencies with the definition used by other U.S. regulatory bodies. Currently, the ASB’s description of the concept of materiality is consistent with the definition

  • Cyber Security and the Accounting Profession

    Published: AICPA Sue Coffey, CPA, CGMA, Executive Vice President – Public Practice, AICPA  Amy Pawlicki, Directtor – Business Reporting, Assurance & Advisory Services – AICPA  Ir al video: https://www.aicpa.org/press.html

  • Changes in Use of Data and Technology in the Conduct of Audits

    June, 5, 2019 Published: PCAOB Advancements in technology are affecting the nature, timing, preparation, and use of financial information. Auditors are expanding their use of data analytics and emerging technology-based tools to plan and perform audits. Innovations in these technologies have the potential to improve the efficiency and effectiveness of both the audit and the

  • IOSCO examines regulatory-driven market fragmentation and considers how to enhance cross-border cooperation

    June 4, 2019 Published: IOSCO The Board of the International Organization of Securities Commissions today published a report that examines instances of regulatory-driven fragmentation in wholesale securities and derivatives markets and considers what actions regulators can take to minimize its adverse effects. The report, titled Market Fragmentation and Cross-border Regulation, focuses on market fragmentation that arises

  • European Banking Authority’s (EBA) Annual Report updates on IFRS 9 progress

    June 3, 2019 Published: The Accountant The European Banking Authority’s (EBA), the EU regulatory agency for banks, has published its latest annual report. Included in the report is an update on the implementation of International Financial Reporting Standard (IFRS) 9, which addresses the accounting of financial instruments. In December 2018, the annual report notes the

  • Auditor Communications with Audit Committees Concerning Independence

    May 31, 2019 Published: PCAOB PCAOB Rule 3526, Communication with Audit Committees Concerning Independence provides, among other things, that a registered public accounting firm must, at least annually with respect to each of its audit clients: (1) describe in writing to the audit committee all relationships between the audit firm and the audit client that, as of the

  • PCAOB Posts Staff Guidance on Communications with Audit Committees Concerning Independence

    PCAOB Posts Staff Guidance on Communications with Audit Committees Concerning Independence

    May 31, 2019 Published: PCAOB The PCAOB posted to its website today staff guidance on PCAOB Rule 3526, Communication with Audit Committees Concerning Independence.  The guidance provides background on Rule 3526 and technical guidance for auditors on the independence-related communications required by the rule.  The overview document below summarizes the staff guidance for audit committees, investors,

  • IASB proposes to update Conceptual Framework reference in IFRS 3

    May 30, 2019 Published: IFRS The International Accounting Standards Board (Board) has today published for public consultation proposed narrow-scope amendments to IFRS 3 Business Combinations. The amendments would update a reference to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations. IFRS 3 specifies how a company should account for the assets and liabilities it acquires

  • IOSCO requests feedback on key considerations for regulating crypto-asset trading platforms

    May 28, 2019 Published: IOSCO The Board of the International Organization of Securities Commissions is seeking comments on a consultation paper that describes the issues associated with crypto-asset trading platforms (CTPs) and sets forth key considerations to assist regulatory authorities in addressing these issues. The development of crypto-assets is an important area of interest for

  • Future Trends of Digital Transformation

    May 22-23, 2019 Published: OECD Government leaders and ministers are now meeting at the 2019 Ministerial Council Meeting, chaired by the Slovak Republic, to discuss policy challenges, how to harness the full potential of digitalisation and address its disruptive effects for the benefit of our economies, societies, the environment, and people’s lives. https://www.oecd.org/mcm/

  • Hong Kong´s FRC and Chin´s Ministry of Finance sign MoU on Cooperation of Audit Regulation

    May 28, 2019 Published: The Accountant Hong Kong’s Financial Reporting Council (FRC) and the Supervision and Evaluation Bureau (SEB) of China’s Ministry of Finance (MOF) have signed a memorandum of understanding (MoU) to promote cross-boundary cooperation. The MoU aims to enhance the quality and reliability of listed entities’ audits in order to protect the interests

  • The new trend in town? Corporate tax transparency

    May 27, 2019 Published: Accountancy Europe Our policy Manager on tax issues, Johan Barros has interviewed Lis Cunha, ActionAid’s EU Policy Officer on Tax Justice and Corporate Accountability. She speaks about the good work being done voluntarily by companies and what needs to happen at EU level for mandatory requirements on tax transparency. What do you see happening

  • GASB proposes Guidance on Cloud Computing and similar subscription-based IT Arrangements

    May 21, 2019 Published: GASB The Governmental Accounting Standards Board (GASB) has proposed new guidance on the accounting and financial reporting for subscription-based information technology arrangements (SBITAs), which have become increasingly prevalent among state and local governments over the past several years. The Exposure Draft, Subscription-Based Information Technology Arrangements, effectively would apply many of the provisions of Statement No.

  • Dealing with Ethical Dilemmas with Confidence

    May 21, 2019 Published: IFAC By: Erica Steenwijk, Policy Advisor, Netherlands Institute of Chartered Accountants and Stathis Gould, Deputy Director, Professional Accountants in Business, IFAC Being a professional accountant requires much more than professional competence in technical matters. The actions or inactions of accountants, whether they are working in business, advisory or audit, influence decisions and

  • PCAOB Posts Staff Guidance: A Deeper Dive on the Communication of CAMs

    PCAOB Posts Staff Guidance: A Deeper Dive on the Communication of CAMs

    May 22, 2019 Published: PCAOB May 22, 2019 Published: PCAOB The PCAOB posted to its website a staff guidance document, A Deeper Dive on the Communication of CAMs, developed to support implementation of the new critical audit matter requirements. This document was informed by discussions with auditors regarding their experiences conducting dry runs of CAMs with

  • For some risks, ROI doesn’t measure up

    Published: Journal of Accountancy Investing in certain emerging technologies may never provide a quantified return on investment, but they are risks you can’t afford not to take, according to Ed Kless, senior director of partner development and strategy at Sage Accountant Solutions. https://www.journalofaccountancy.com/videos/roi-emerging-technologies.html

  • PCAOB Posts Staff Guidance: A Deeper Dive on the Communication of CAMs

    May 22, 2019 Published: PCAOB The PCAOB posted to its website a staff guidance document, A Deeper Dive on the Communication of CAMs, developed to support implementation of the new critical audit matter requirements. This document was informed by discussions with auditors regarding their experiences conducting dry runs of CAMs with their audit clients, the staff’s

  • Trends in Disclosing Non-Financial Information

    May 17, 2019 Published: IFAC by Antoni Gómez, Chairman of Auren & IFAC SMP Committee Member Is financial information the most relevant information to stakeholders? Certainty not always. Companies and other organizations disclose information to a wide range of stakeholders and, for many of them, non-financial information is of more interest than financial information. Transparency is

  • Los aspectos clave de un programa de ética empresarial

    Mayo 16, 2019 Publicado por: diario_responsable España A las organizaciones empresariales ya no se las valora y evalúa únicamente por sus resultados económico-financieros. Existen otros factores, como el respeto a la legalidad vigente (fraude y corrupción), la sostenibilidad (medio ambiente) y la existencia de una cultura ética sin acosos laborales, tráfico de influencias, disparidad de

  • Cybercrime Threatens Trust in Business – How Accountants Can Help

    May 16, 2019 Published: IFAC by Sylvia Tsen, Executive Director, Knowledge, Operations and Technology, IFAC and Stathis Gould, Deputy Director, Professional Accountants in Business, IFAC Cybercrime threatens trust and transparency in business and governments on a daily basis. As a customer, taxpayer, supplier or other stakeholder, we ask ourselves whether we can trust an organization

  • Insights for Audit Committees: Implementation of Critical Audit Matters

    May 8, 2019 Published: The Caq In this May 2019 episode of “Inside America’s Boardrooms,” get insights on critical audit matters (CAMs) from Catherine Ide, CAQ Managing Director of Professional Practice and Member Services. Ide outlines questions that audit committees should ask regarding the identification and communication of CAMs in the auditor’s report. https://www.thecaq.org/insights-for-audit-committees-implementation-of-critical-audit-matters/

  • 4 key steps for auditors in assessing technology risks

    May 16, 2019 Published: Journal of Accountancy Emerging technology has brought a seemingly endless set of new risks to the clients that engage CPAs to perform audits. Unauthorized personnel can wreak havoc, data can get lost or become inaccessible, and third-party providers can be unreliable. Meanwhile, avoiding all these risks by avoiding the latest technology

  • Emerging Technologies, Risk, and the Auditor’s Focus: a resource for auditors, audit committees, and management

    Emerging Technologies, Risk, and the Auditor’s Focus: a resource for auditors, audit committees, and management

    May 16, 2019 Published: The Caq Emerging Technologies, Risk, and the Auditor’s Focus explores financial reporting implications of the evolving use of technology such as artificial intelligence, the internet of things, and smart contracts. As the resource highlights, a solid understanding of the benefits and risks of these technologies is necessary for auditors, audit committees, and

  • How a lease with an attest client affects independence

    May 14, 2019 Published: Journal of Accountancy By Catherine R. Allen, CPA  Suppose you audit a company that leases apartments and office space to individuals and companies. Should you be allowed to lease your apartment from your client? Should your firm be allowed to lease office space from the client? Recently, the AICPA revised its

  • GDPR one year on: its impact on auditors and accountants?

    May 13, 2019 Published: Accountancy Europe by Julia Bodnarova Keeping our personal information private is a concern for us all. It’s been one year since the EU’s General Data Protection Regulation (GDPR) required all organisations processing data to review and adapt their documents and procedures. What the GDPR means in practice has been the topic of

  • ACCA Study reveals 55% of public misunderstand audit

    May 10, 2019 Published: The Accountant A research study conducted by the Association of Chartered Certified Accountants (ACCA) has revealed that 55% of the public believe auditors could prevent company failures. In addition 34% of the respondents said they expected auditors to always detect and report any fraud and 70% believed audit should evolve to

  • Guide to help smaller listed companies improve financial reporting

    Guide to help smaller listed companies improve financial reporting

    13 May 2019 Published: Financial Reporting Council (FRC) A new guide to help smaller listed and AIM quoted companies improve their financial reporting has been published by the FRC and ICAEW. The guide addresses issues raised by the FRC about the quality of financial reporting in this sector, and provides practical tips and questions for

  • SEC addresses ICFR attestation for smaller companies  

    May 9, 2019 Published: Journal of Accountancy Fewer public companies would be required to obtain an attestation of their internal control over financial reporting (ICFR) from an independent outside auditor under amendments the SEC voted to propose Thursday. The amendments as proposed are designed to reduce costs for certain lower-revenue companies by changing the types

  • Guide to Internal Control over Financial Reporting

    Guide to Internal Control over Financial Reporting

    May 9, 2019 Published: The Caq Released in 2013 and updated in 2019, this guide provides the public with an easy-to-digest overview of internal control over financial reporting (ICFR), focusing on key ICFR concepts such as the control environment, control activities, reasonable assurance, and the hierarchy of ICFR deficiencies. The guide also educates on the

  • Credit losses standard tips for audit committees

    May 7, 2019 Published: Journal of Accountancy FASB’s new credit losses standard presents new challenges for company financial reporting teams, especially in financial services. The new standard requires a new current expected credit loss (CECL) model and is designed to enable financial reporting of credit losses that financial institutions are expecting. A new Center for Audit

  • Better word choice may help accountants ask deeper questions

    May 6, 2019 Published: Journal of Accountancy Accountants who hone the skill of careful questioning will better serve their clients’ needs, according to Ed Kless, senior director of partner development and strategy, Sage Accountant Solutions. https://www.journalofaccountancy.com/videos/word-choice-for-accountants.html

  • PCAOB Posts Staff Preview of 2018 Inspection Observations

    May 6, 2019 Published: PCAOB The PCAOB posted to its website the Staff Preview of 2018 Inspections Observations. This staff preview includes, for the first time, good practices regarding efforts to improve audit quality. It also addresses areas of common deficiencies, observations on technology, and implementation of new accounting and auditing standards and rules. The preview

  • SEC proposes changes to disclosures on acquisitions and disposals

    May 3, 2019 Published: Journal of Accountancy The SEC on Friday proposed rules changes designed to provide investors improved information about acquired and disposed businesses while reducing the cost and complexity to businesses preparing disclosures. Currently, Rule 3-05 of Regulation S-X requires SEC registrants that acquire a significant business other than a real estate operation

  • Preparing for the New Credit Losses Standard: A Tool for Audit Committees

    Preparing for the New Credit Losses Standard: A Tool for Audit Committees

    May 7, 2019 Published: The Caq Preparing for the New Credit Losses Standard: A Tool for Audit Committees is designed to help audit committees exercise their oversight responsibilities as companies implement a new credit losses accounting standard that begins to take effect in January 2020. The tool includes an overview of the new standard and offers

  • PCAOB Posts Staff Preview of 2018 Inspection Observations

    PCAOB Posts Staff Preview of 2018 Inspection Observations

    May 6, 2019 Published: PCAOB The PCAOB posted to its website the Staff Preview of 2018 Inspections Observations. This staff preview includes, for the first time, good practices regarding efforts to improve audit quality. It also addresses areas of common deficiencies, observations on technology, and implementation of new accounting and auditing standards and rules. The preview

  • Interest Rate Benchmarks Reform prompts potential changes to IFRS

    May 3, 2019 Published: The Accountant The International Accounting Standards Board (IASB) has proposed changes to financial instruments standards IAS 39 and IFRS 9 in response to the reform of interest rate benchmarks such as interbank offer rates (IBORs). The IASB has proposed to amend IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition

  • PCAOB board member wants auditors to be more vigilant about cybersecurity

    May 2, 2019 Published: AccountingToday The Public Company Accounting Oversight Board may begin asking auditors to vouch for cybersecurity controls at the companies they audit. PCAOB board member Kathleen Hamm called recently for more auditors to get involved in performing cybersecurity risk assessments after high-profile data breaches in recent years at all too many companies.

  • Signs of a bad workplace culture

    April 29, 2019 Published: Journal of Accountancy Wesley Middleton, CPA, managing partner (Houston) for Baker Tilly, explains how bad culture leads to employee turnover and dissatisfaction. Eventually profitability suffers, too.  Ver Video Aquí https://www.journalofaccountancy.com/videos/signs-of-bad-workplace-culture.html

  • SEC, PCAOB actions against accountants declined steeply in 2018

    May 01, 2019 Published: AccountingToday By: Danielle Lee The U.S. Securities and Exchange Commission and Public Company Accounting Oversight Board finalized 45 enforcement actions involving accountants in 2018, marking a significant decline from the 75 finalized actions involving accountants in 2017, according to a new Cornerstone Research report released Wednesday. According to the report, “Regulatory Actions

  • Study on EU statutory audit reform Impact on costs, concentration and competition

    Impact on costs, concentration and competition April 30, 2019 Published: Accountancy Europe On 24 April 2019, Professor Marleen Willekens presented to & discussed with the Board of Accountancy Europe as well as with the Chairs and members of working groups the findings of her team’s recent study on the early effects of the Audit Reform. The study

  • Improving Audit Quality Using an Individual Recognition and Accountability Framework

    April 29, 2019 Published: IFAC By: CPA Australia, Chartered Accountants ANZ About this guide This guide has been developed by CPA Australia on behalf of the Australian Auditing and Accounting Public Policy Committee (APPC), which comprises representatives of BDO, Deloitte, EY, Grant Thornton, KPMG, PwC, Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia

  • Improving Audit Quality Using an Individual Recognition and Accountability Framework

    Improving Audit Quality Using an Individual Recognition and Accountability Framework

    April 29, 2019 Published: IFAC By: CPA Australia, Chartered Accountants ANZ About this guide This guide has been developed by CPA Australia on behalf of the Australian Auditing and Accounting Public Policy Committee (APPC), which comprises representatives of BDO, Deloitte, EY, Grant Thornton, KPMG, PwC, Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia

  • FASB makes minor adjustments to financial instruments rules

    April 25, 2019 Published: Journal of Accountancy FASB issued clarifications and minor improvements Thursday to its recently issued accounting standards for credit losses, hedging, and recognition and measurement. The numerous amendments are included in Accounting Standards Update No. 2019-04, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825,

  • Presentación de la Cuenta Pública 2018

    Presentación de la Cuenta Pública 2018

    Abril 23, 2019 Publicado por la SBIF Cuenta Pública de la Gestión 2018 de la SBIF, presentada por el Superintendente Mario Farren R. Descargar pdf (27 mb)

  • Evolution in Auditing

    April 9, 2019 Published: The Caq How will public company auditing evolve over the next five years? What will be the impact of artificial intelligence and other technology developments? In this April 2019 video from the CAQ, audit committee chairs at leading companies share their perspective.   Evolution in Auditing

  • Voices: 3 ways accountants can implement AI today

    April 24, 2019 Published: Accounting Today By: Hendrik Vordenbauenmen Artificial intelligence is poised to transform the finance and accounting industries with advancements that eliminate tedious tasks and free up time for financial staff to prioritize higher impact responsibilities. Yet a majority of businesses (80 percent) still haven’t employed AI in their workforce due to uncertainties around the

  • Lease Accounting: Getting ready for a new approach

    April 18, 2019 Published: The Accountant It is all go in the financial reporting world. With three key new IFRS standards taking effect in 2018/2019, companies need to get in shape to embrace the changes and provide stakeholders with the key information and explanations needed to understand the – sometimes huge – impact they will

  • China needs further reforms to make growth sustainable, greener and more inclusive

    April 16, 2019 Published: OECD The Chinese economy continues to slow as it rebalances, with headwinds including trade frictions and the weakening global economy undermining exports and creating new uncertainties. Policy should focus on long-term strategies to move the economy towards greater domestic consumption and services, enhancing economic efficiency and ensuring that future growth is

  • From Algorithms to Deep Learning, What You Need to Know About AI

    April 12, 2019 Published: IFAC By: Yasmine Hakimpour, CPA, CA, Principal, Audit & Assurance, Research, Guidance & Support Group, CPA Canada Artificial Intelligence (AI) is everywhere, and news articles and broadcasts, blog posts and podcasts constantly remind us how AI is “upgrading” just about everything. But what exactly is AI?  CPA Canada in collaboration with the American Institute

  • U.K. regulators recommend shake-up in audit market

    April 18, 2019 Published: AccountingToday The United Kingdom’s Competition and Markets Authority has released the final version of a long-awaited report on changes in the audit market, recommending separation of audit from consulting services, mandatory “joint audits” to enable firms outside the Big Four to develop the capacity needed to review the U.K.’s largest companies, and the

  • Yellow Book revisions update independence guidance

    April 17, 2019 Published: Journal of Accountancy By Catherine R. Allen, CPA, and Nancy Miller, CPA Auditors performing engagements under generally accepted government auditing standards (GAGAS) are subject to new rules reinforcing the principles of transparency and accountability under revisions published by the U.S. Government Accountability Office (GAO) in July 2018. The revised standards (also

  • Evaluating the External Auditor

    April 10, 2019 Published: The Caq In this April 2019 episode of “Inside America’s Boardrooms,” the CAQ’s Erin Dwyer provides an overview of the updated External Auditor Assessment Tool: A Reference for US Audit Committees. https://www.thecaq.org/evaluating-the-external-auditor/

  • Technology and the Profession–A Guide to ICAEW’s Work

    April 15, 2019 Published: IFAC By: David Lyford-Smith Since the 1990s, ICAEW has had an IT Faculty – a group of technology and accounting experts who are the “Voice of IT for ICAEW”.  The group helps produce guidance and thought leadership relating to the place of technology in the accountancy profession, researches the effects of

  • The GDPR’s transparency obligations are difficult but not impossible

    April 11, 2019 Published: ICAEW The EU GDPR is one the most significant changes in privacy in the past two decades, and companies need to fully understand its implications according to ICAEW. In its new guide, Data Protection and Transparency, ICAEW explains the transparency principle of the GDPR and gives essential guidance on how to comply

  • Ways to keep your talented CPAs

    April 8, 2019 Published: Journal of Accountancy By: Sarah Ovaska-Few Flexible scheduling can ward off burnout and help retain staff. Holding on to good people is a challenge, especially in the accounting profession, where the demand for skilled CPAs is high. To help with that, many firms have policies on the books allowing employees to

  • Los beneficios de NIIF 16 en el real estate

    Los beneficios de NIIF 16 en el real estate

    NICOLÁS HERRERA SOCIO FINANZAS CORPORATIVAS & TRANSACCIONES BDO El Diario Financiero Se discute mucho acerca de los efectos que traerá la norma IFRS 16 en los estados financieros de las empresas, en especial aquel punto que define que un contrato de arriendo será considerado un pasivo y no un gasto. Múltiples análisis iniciales de esta

  • How success relies on workplace culture

    April 8, 2019 Published: Journal of Accountancy In a profession with high turnover, a positive workplace culture can lead to good employee retention and ultimately a great client experience, says Wesley Middleton, CPA, managing partner (Houston) for Baker Tilly.  Ver video   https://www.journalofaccountancy.com/videos/success-relies-on-workplace-culture.html

  • Voices: A revolution for accounting firms who are ready for change

    April 10 2019 Published: AccountingToday   There is a revolution underway in major accounting firms, at least for the ones who take up the challenge to meet the shifts occurring beneath their feet. For decades, the profession has operated on a foundation of expanding billable hours for increasingly complex yet still largely compliance-focused work. And

  • Global Ethics Board Sets Out Top Priorities, Publishes Ambitious 5-Year Strategy & Work Plan

    April 9, 2019 Published: IFAC- IESBA The International Ethics Standards Board for Accountants (IESBA) today released its Strategy and Work Plan, 2019-2023. Titled Elevating Ethics in a Dynamic and Uncertain World, the publication describes the board’s strategy and priorities toward the setting of high-quality, future-ready ethics standards for professional accountants that are widely adopted around the world. Building

  • Artificial intelligence

    April 8, 2019 Published: European Commission Commission takes forward its work on ethics guidelines The Commission presented today next steps for building trust in artificial intelligence by taking forward the work of the High-Level Expert Group. Building on the work of the group of independent experts appointed in June 2018, the Commission launched a pilot phase to

  • New Tone at the Top Highlights Ways Board Members Can Help Deliver All Pertinent Risk Information to the Board

    April 5, 2019 Published: The Institute of Internal Auditors When management is prepared to provide whatever information is requested, board effectiveness will improve and shareholders will benefit in the long run. According to recent surveys, a majority of directors indicate that the quality of management reporting to the board needs to improve, suggesting that boards

  • Presentación “Convergencia a estándares internacionales: Oportunidades y desafíos en la implementación de IFRS 17 y 9 en Chile” – Daniel García

    Presentación “Convergencia a estándares internacionales: Oportunidades y desafíos en la implementación de IFRS 17 y 9 en Chile” – Daniel García

    3 de abril de 2019 Publicado: CMF Del seminario: XX Conferencia sobre Regulación y Supervisión de Seguros en América Latina IAIS-ASSAL, Santa Cruz, Bolivia (02/04/2019)   Descargar pdf – 807 kb.  

  • Lease accounting tips for public and private companies

    April 4, 2019 Published: Journal of Accountancy By Ken Tysiac Many public companies are not finished implementing FASB’s new lease accounting standard, and one-third of private companies say they are unprepared to comply with the new standard, according to a new survey. After filing earnings reports for the first quarter of 2019, 25% of public

  • How Digital Technology Is Transforming Cost Management

    March 29, 2019 Published: Wharton University of Pennsylvania  Wharton’s Christopher Ittner discusses how companies can leverage digital technologies for cost management in a proactive way.   http://knowledge.wharton.upenn.edu/article/cost-management-in-the-digital-age/?utm_source=kw_newsletter&utm_medium=email&utm_campaign=2019-04-02

  • CAQ updates auditor assessment tool

    April 3, 2019 Published: AccountingToday The Center for Audit Quality has released an updated version of its External Auditor Assessment Tool for audit committees to address recent changes in accounting standards and potential areas of risk. The document leverages the CAQ’s 2019 Audit Quality Disclosure Framework, and includes some new material about improving the audit committee members’

  • Position Paper Clarifies Internal Audit Roles In Fraud Prevention and Response

    April 3, 2019 Published: The Institute of Internal Auditors (IIA) By: Lake Mary The Institute of Internal Auditors (IIA) announced today the release of a new Position Paper, “Fraud and Internal Audit: Assurance Over Fraud Controls Fundamental to Success.” The new paper describes specific internal audit responsibilities regarding fraud prevention and detection. Internal auditors must have

  • Independent Regulatory Board for Auditors (IRBA): 17% of JSE- listed Companies rotate auditors in advance of MAFR

    April 1, 2019 Published: The Accountant Roughly 17% of Johannesburg Stock Exchange (JSE) main board listed companies have already voluntarily rotated auditors—four years early from the effective date of Mandatory Audit Firm Rotation (MAFR), according to the South African Independent Regulatory Board for Auditors (IRBA). The 64 companies that have rotated in the past two

  • External Auditor Assessment Tool: A Reference for US Audit Committees

    External Auditor Assessment Tool: A Reference for US Audit Committees

    April 2, 2019 Published: The Caq The External Auditor Assessment Tool is designed to assist audit committees in carrying out their responsibilities of appointing, overseeing, and determining compensation for the external auditor. The tool contains sample questions to help committees in four specific areas: – quality of services and sufficiency of resources provided by the engagement team;

  • Lease accounting: A private company perspective

    March 29, 2019 Published: Journal of Accountancy By Stephen G. Austin, CPA; Michael G. Fraunces, J.D.; and Alisia Scudder, CPA By now, most public companies in the United States have adopted the new lease accounting standards as required on Jan. 1, 2019. Companies with noncalendar fiscal year ends will adopt the new standards sometime over

  • Presentación “Regulación para Fintech: Una visión desde el regulador del mercado de valores” – Kevin Cowan

    Presentación “Regulación para Fintech: Una visión desde el regulador del mercado de valores” – Kevin Cowan

    26 de marzo de 2019

  • IOSCO publishes first annual work program to enhance the efficacy of its work

    March 5, 2019 Published: IOSCO The Board of the International Organization of Securities Commissions today published its first annual work program, to enhance the effectiveness of IOSCO and the impact of its policy work on global securities markets. The Board agreed on five priority issues for its work in 2019, based on the conclusions of the

  • Presentación “La CMF” – Joaquín Cortez (27 de marzo de 2019) Del seminario: CFA Society Chile

    Presentación “La CMF” – Joaquín Cortez (27 de marzo de 2019) Del seminario: CFA Society Chile

    Descargar Presentación   

  • Supervisor Bancario y Procedimientos Sancionatorios

    Supervisor Bancario y Procedimientos Sancionatorios

    Presentación “Supervisor Bancario y Procedimientos Sancionatorios” – José Antonio Gaspar 27 de marzo de 2019 Descargar Aquí   

  • Define, then hire your ideal employee

    March 25, 2019 Published: Journal of Accountancy Successful hiring includes defining your ideal employee and communicating why your firm is a great place to work, says Sarah Dobek, president and founder of Inovautus Consulting. https://www.journalofaccountancy.com/videos/define-an-ideal-employee.html

  • The benefits of a digitally fit risk function

    March 27, 2019 Published: Journal of Accountancy By Neil Amato Risk functions that are up to speed with organizations’ digital initiatives are better able to manage risks in a transformative time. If people ignore their body’s signals and regularly fail to get proper rest, nutrition, and activity, they can become sluggish, get sick — or

  • AICPA issues guidance on prior-period audits

    March 26, 2019 Published: Journal of Accountancy A newly revised AICPA Technical Question and Answer (TQA) provides nonauthoritative guidance for performing an audit and reporting on an entity’s prior-period financial statements. For such audits, TQA 8100.03 states that the auditor should use, in their entirety, the auditing standards and form of the auditor’s report that are in

  • Firms defend Quarterly Reporting despite Trump’s urging of the SEC to investigate benefits of Semi-Annual Reports

    March 26, 2019 Published: The Accountant A number of firms have defended the benefits of quarterly reporting, following a tweet by President Trump in August which called the US’ Securities and Exchange Commission (SEC) to investigate the benefits of moving from quarterly reporting to semi-annual reporting. Following the initial tweet by Trump, which claimed semi-annual

  • The importance of conducting an annual fraud checkup

    March 21, 2019 Published: Accounting Today By: Kelly J. Todd The Centers for Disease Control and Prevention recommend annual checkups for individuals of all ages. Why? Because “regular health exams and tests can help find problems before they start.” Not only is this true for our personal health, but also for the health of companies.

  • PCAOB inspections to focus on Technological developments in 2019

    March 22, 2019 Published: The Accountant The Public Company Accounting Oversight Board (PCAOB) 2019 inspections are to focus on technological developments affecting audits. This will cover the use of audit software tools and also the audit response to risks associated with cybersecurity incidents, digital assets, and distributed ledgers. The PCAOB’s Inspection Outlook for Audit Committees

  • 3 keys to productivity

    March 11, 2019 Published: Journal of Accountancy Kevin Gienger, CPA, managing partner at Boldt Carlisle + Smith, offers strategies for working less and accomplishing more. https://www.journalofaccountancy.com/videos/keys-to-productivity-kevin-gienger.html

  • Cinco países de América Latina concentran la actividad fintech de la región

    20 de Marzo de 2019 Publicado: Inversor Latam El BID señaló que América Latina y el Caribe tienen una elevada tasa de exclusión financiera. Unos 210 millones de personas, equivalentes al 46% de la población adulta, no tienen una cuenta bancaria. Según estudio del Banco Interamericano de Desarrollo (BID), hay cinco países de América Latina que concentran el

  • ASB changes align GAAS with PCAOB standards

    March 1, 2019 Published: Journal of Accountancy The AICPA’s Auditing Standards Board (ASB) voted to issue a new auditing standard, Omnibus Statement on Auditing Standards — 2019, that will more closely align standards for auditors of nonpublic clients to the auditing standards of the PCAOB, in order to enhance audit quality in an effective and efficient manner. The

  • PCAOB Staff Provides Guidance in Advance of CAM Effective Dates

    March 18, 2019 Published: PCAOB The Public Company Accounting Oversight Board today released three staff guidance documents developed to support implementation of the new critical audit matter (CAM) requirements.  Auditors will soon be required to communicate CAMs in the auditor’s report under the standard, AS 3101, The Auditor’s Report on an Audit of Financial Statements When

  • First-year challenges of TCJA implementation require broader penalty relief

    March 15, 2019 Published: Journal of Accountancy By Melanie Lauridsen As the first filing season that implements the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, moves forward, many taxpayers are becoming frustrated to learn that their refunds are smaller or they owe money for the first time. The substantial uncertainty

  • Presentación “Modernización de la Ley de Bancos: Desafíos y Nueva Institucionalidad” – Rosario Celedón

    Presentación “Modernización de la Ley de Bancos: Desafíos y Nueva Institucionalidad” – Rosario Celedón

    14 de marzo de 2019 Publicado: CMF Del seminario: Seminario “Modernización de la Ley de Bancos: Desafíos y Nueva Institucionalidad” – Centro de Derecho Regulatorio y Empresa, Universidad del Desarrollo. (872 kb) Descargar Presentación http://www.cmfchile.cl/portal/prensa/604/w3-article-26022.html

  • PCAOB offers audit committees a preview of 2019 staff inspections

    March 14 2019 Published: AccountingToday The Public Company Accounting Oversight Board is giving corporate audit committees an overview of some of the key areas its inspection team will be looking at during upcoming audit firm inspections. The PCAOB has been undergoing dramatic changes in the past year, with an all-new board and senior staff, plus

  • PCAOB Posts 2019 Staff Inspections Outlook for Audit Committees

    PCAOB Posts 2019 Staff Inspections Outlook for Audit Committees

    March 14, 2019 Published: PCAOB The PCAOB posted to its website the 2019 Staff Inspection Outlook for Audit Committees.  The Board’s new strategic plan anticipated enhanced external engagement and more proactive communication with stakeholders, including audit committees, to inform them about the PCAOB’s core activities—including inspections—and to maintain an ongoing dialogue with them. 2019-Staff-Inspections-Outlook-Audit-CommitteesInspections-Outlook-for-2019  Descargar    

  • Voices 3 technologies transforming accounting, finance and tax

    March 13, 2019 Published: AccountingToday The data is clear: when considering technology within an organization, the question is no longer whether to invest — it’s how. According to KPMG’s 2018 U.S. CEO Outlook, CEOs are thinking a lot about technology and data and analytics (D&A) for their organizations. Ninety-eight percent of CEOs view technology disruption

  • Five Necessary Elements to Build a Fintech Hub

    March 4, 2019 Published: IFAC The Institute of Chartered Accountants in England and Wales and the Institute of Singapore Chartered Accountants have been looking at Fintech to understand what underpins innovation. Kirstin Gillon, Technical Manager, IT Faculty at ICAEW, discusses the latest research and highlights five key elements that underpin success: talent, capital, customers, regulation

  • For internal auditors, innovation is a work in progress

    March 12, 2019 Published: AccountingToday More than three-quarters of internal audit groups (76 percent) are undertaking some form of innovation, according to a new survey by the consulting firm Protiviti, but only 31 percent have a roadmap for it in place. That means while the internal auditors are positioning themselves for the future, they still

  • UK´s FRC to be replaced

    March 12, 2019 Published: The Accountant The UK Government has backed the Kingman review, and will replace the Financial Reporting Council (FRC) with the Audit, Reporting and Governance Authority (ARGA). The Government is in the process of appointing new leadership at the FRC which will eventually transition into ARGA. The FRC’s CEO Stephen Haddrill announced

  • How SMEs Can Supercharge Their Growth Potential

    March 4, 2019 Published: IFAC Much has been written in recent years about a discernible shift in focus among business leaders and policymakers toward achieving SME growth. In particular, there has been a shift in focus away from how entrepreneurs start and run businesses to how they can grow them over time. Some of the

  • Las FinTech llegaron para quedarse: inversión en el sector aumentó 55% en 2018 en Chile

    Las FinTech llegaron para quedarse: inversión en el sector aumentó 55% en 2018 en Chile

    La Tercera – Pulso Según KPMG, el monto alcanzó los US$70 millones. A nivel global llegó a US$111.800 millones, doblando la cifra del año anterior. DESDE hace algunos años las denominadas firmas financieras tecnológicas (FinTech) comenzaron a irrumpir en forma silenciosa en Chile y en el último tiempo lo han hecho cada vez con más

  • Accounting watchdog group objects to GASB proposal

    March 08 2019 Published: AccountingToday Truth in Accounting, a government watchdog group, is objecting to a proposed overhaul by the Governmental Accounting Standards Board in the financial reporting model for state and local governments and voiced its displeasure at a GASB hearing this week. GASB issued a Preliminary Views on Project No. 3-25 last September with the

  • Sikka: Audit outsourcing detrimental to quality

    March 06, 2019 Published: The Accountant At the official launch of the UK Labour Party’s report, Reforming the Auditing Industry, concerns were expressed over the amount of audit work that is outsourced by the Big Four and the affect it may have on audit quality. Prem Sikka, lead author of the report, noted that sources from

  • Experto dice que ya existe una indemnización a todo evento, pero casi no se usa

    Febrero 28, 2019 Medio: Pulso TV Esta modalidad está disponible en la legislación actual y permite una cobertura a todo evento para los trabajadores que llevan más de seis años en una empresa. El debate sobre la indemnización por años de servicio ha sido arduo en las últimas semanas, luego de que surgiera una propuesta

  • FRC issues Position Paper: next steps for development of Ethical and Auditing Standards

    March 05, 2019 Published: Financial Reporting Council (FRC) The FRC has issued a position paper which sets out how Ethical and Auditing Standards will be developed to respond better to the needs of users of audited financial information, following the recent call for feedback. The paper sets out the issues that will be developed to support a public

  • FRC consults on stronger Going Concern standard for auditors

    March 4, 2019 Published: Financial Reporting Council (FRC) The Financial Reporting Council (FRC) proposes to increase the work required of auditors when assessing whether an entity is a going concern. The consultation on important revisions to International Standard on Auditing (ISA) (UK) 570 Going Concern  follows concerns about the quality and rigour of audit and well-publicised corporate failures

  • Consultation Paper, Extended External Reporting (EER) Assurance

    February 28, 2019 Published: IAASB The IAASB is consulting on its progress in developing draft guidance in the first phase of its EER Assurance project. Public input is requested by June 21, 2019. EER encapsulates many different forms of reporting, including, but not limited to, integrated reporting, sustainability reporting and other reporting by entities about environmental,

  • Professional Ethics Executive Committee (PEEC) issues new and revised interpretations

    March 1, 2019 Published: Journal of Accountancy Confidential client information and independence were addressed. The AICPA Professional Ethics Executive Committee has adopted revised interpretations of the “Independence Rule” related to leases and client affiliates and a new interpretation under the “Confidential Client Information Rule” of the AICPA Code of Professional Conduct. The revised “Leases” interpretation (ET §1.260.040) states that self-interest,

  • Building a Future-Ready PAO (Professional Accountancy Organizations

    February 14, 2019 Published: IFAC By: Joseph Bryson and Manuel Arias In November 2018, over 100 participants from 70 jurisdictions gathered at an IFAC workshop during the World Congress of Accountants in Sydney, Australia, to discuss the accountancy profession’s relevance in an ever-changing and challenging environment and professional accountancy organizations (PAOs) roles. These are the key workshop

  • Accounting Technicians – Exploring Opportunities for the Profession

    February 26, 2019 Published: IFAC By: Confederation of Asian and Pacific Accountants (CAPA) Whatever their stage of economic development, all countries, across all sectors, have a workforce supporting the preparation of financial information at an operational level. Timely, credible and reliable financial information is fundamental to successful investment, to effective governance and to the quality

  • Auditors, bitcoin and the need for mutual trust

    February 25, 2019 Published: Accountancy Europe Embracing digitalisation will strengthen your business and grow your analytical skills. But it will also mean managing an ethical and regulatory maze, according to Olaf Riedel, Partner for Digital at Ernst & Young. He has no doubt about the potential benefits on the horizon: “Do I see opportunities coming

  • PCAOB Announces New Office of Enterprise Risk Management, Names Chief Risk Officer

    February 25, 2019 Published: PCAOB The Public Company Accounting Oversight Board announced it has created a new Office of Enterprise Risk Management to implement the Board’s strategic objective of implementing an Enterprise Risk Management (ERM) program for the organization. The Office of Enterprise Risk Management will be led by Sue Lee who has been named

  • Changes in financing liabilities – what does good disclosure look like?

    Changes in financing liabilities – what does good disclosure look like?

    February 21, 2019 Published: IFRS The International Accounting Standards Board (Board) issued an amendment to IAS 7 Statement of Cash Flows that became effective in 2017. The amendment requires companies to provide disclosures about changes in liabilities arising from financing activities. Nick Anderson, a member of the Board and former buy-side investor, discusses the objectives of the new disclosure

  • IFAC and AAT Accounting Technician Framework identifies digital skills as essential

    February 25, 2019 Published: The Accountant By: Mishelle Thurai  Digital skills have been highlighted as one of the key skills and attitudes required for an accounting technician. The International Federation of Accountants (IFAC) have released a framework for professional accountancy organisations outlining the skills and attitudes for accounting technicians. Digital skills involves the accounting technician

  • European Federation of Accountants and Auditors (EFAA) event reveals limited support for Reporting of NFI by SMES

    February 22, 2019 Published: The Accountant At a roundtable held by the European Federation of Accountants and Auditors for SMEs (EFAA) the shared view was that making the reporting of non-financial information (NFI) by SMEs mandatory would not be effective in stimulating SMEs and driving their role for a sustainable economy. Three policy considerations were

  • Focus on Professional Skepticism

    Focus on Professional Skepticism

    February 22, 2019 Published: IAASB -IFAC This communiqué is part of a series from the IAASB Professional Skepticism Working Group, providing updates on the IAASB’s efforts to appropriately reflect professional skepticism in its standards, together with other relevant news and information.   Descargar- Professional skepticism lies at the heart of a quality audit-342 KB  

  • COSO and Crowe offer guidance on internal controls for health providers

    February 20, 2019 Published: Accounting Today   The Committee of Sponsoring Organizations of the Treadway Commission, or COSO, is teaming up with Top 10 Firm Crowe LLP and CommonSpirit Health to issue new guidance for health care providers on internal controls amid heightened regulatory scrutiny of the health care sector. The publication, “2013 COSO Integrated

  • IFRS 15 Revenue from Contracts with Customers for investors

    February 14, 2019 Published: IFRS Many companies will shortly publish full-year IFRS 15 revenue and disclosures for the first time. Now is, therefore, a good time to take a look at what that means. In this webcast for investors, Nick Anderson, member of the International Accounting Standards Board, and investor engagement member Sid Kumar, CFA,

  • Three Imperatives for Taxing the Digital Economy

    February 15, 2019 Published: IFAC By: Kevin Dancey, Chief Executive Officer, IFAC The digital revolution is transforming economies, business models, and the lives of all citizens. It is dramatically impacting every aspect of economies, including the tax base and governments’ ability to raise revenues. And tax policy is at the top of the agenda in

  • FASB addresses deferred revenue in business combinations

    February 14, 2019 Published: Journal of Accountancy The recognition and measurement of deferred revenue in business combinations would change under a new proposal issued Thursday by FASB. FASB issued a proposed Accounting Standards Update (ASU) and an Invitation to Comment, and is seeking comments on both documents by April 30. The board is addressing diversity

  • Chile – OECD Anti-Bribery Convention

    Chile – OECD Anti-Bribery Convention

    Con fecha 20 de diciembre de 2018, AEChile fue invitada por el Ministerio de Relaciones Exteriores a participar a la entrega de los resultados de la fase 4 de la Anti-Bribery Convention de la OECD sobre Chile, sobre el tema específico de DETECTION OF THE FOREIGN BRIBERY OFFENCE. En capitulo A.7. Detection through Accounting and

  • TRAS PROPUESTA PRESENTADA POR LA CMF EY y KPMG demandan mayor profundidad y urgencia en regulación a las FinTech

    TRAS PROPUESTA PRESENTADA POR LA CMF EY y KPMG demandan mayor profundidad y urgencia en regulación a las FinTech

    El Diario Financiero Las consultoras creen que el Ejecutivo no solo debe quedarse con el ámbito del crowdfunding, sino incluso abarcar a los criptoactivos. A una semana que la Comisión para el Mercado Financiero (CMF) diera a conocer los lineamientos de su propuesta para regular a las plataformas de crowdfunding y a otros actores de

  • ¿Hay interés por repatriar capitales y hacer retiros del FUT histórico?

    ¿Hay interés por repatriar capitales y hacer retiros del FUT histórico?

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  • European single electronic format (ESEF) Digitalising EU listed companies’ financial information

    February 18, 2019 Published: Accountancy Europe From 1 January 2020 on, EU law requires listed companies to report their financial statements in the European Single Electronic Format (ESEF). This harmonised format makes reports machine-readable. With ESEF, the European Commission aims to facilitate access, analysis and comparability of financial statements and make reporting easier. This eventually

  • EU and global securities regulators welcome agreement on data transfer

    February 15, 2019 Published: IOSCO The International Organization of Securities Commissions (IOSCO) and the European Securities and Markets Authority (ESMA) welcome theOpinion of the European Data Protection Board (EDPB) on their administrative arrangement for the transfer of personal data between European Economic Area (EEA) Financial Supervisory Authorities and non-EEA Financial Supervisory Authorities. Under the European General

  • How to hire an ethical hacker

    February 4, 2019 Published: Journal of Accountancy Rob Goldberg, a principal at Deloitte, offers advice on why companies should hire an ethical hacker and how such a hacker can bolster cybersecurity. https://www.journalofaccountancy.com/videos/ethical-hackers.html

  • IMA releases management accounting competency framework

    February 13, 2019 Published: The Accountant By: Mishelle Thurai The Institute of Management Accountants (IMA) has released its updated Management Accounting Competency Framework. The Framework identifies six domains of core knowledge, skills, and abilities that finance and accounting professionals, many of which have been included in the Certified Management Accountant (CMA) credential curriculum. Some of the

  • Global Consultation on Quality Management for Firms and Engagements Now Open

    February 08, 2019 Published: IFAC The International Auditing and Assurance Standards Board (IAASB) seeks public comment by July 1, 2019 on three interrelated standards that address quality management. The proposals bring important changes to the way professional accountancy firms are expected to manage quality—for audits, reviews, and other assurance and related services engagements. The proposed standards include a new

  • Finding value in revenue recognition implementation

    February 11, 2019 Published: Journal of Accountancy By: Ken Tysiac The challenges associated with FASB’s new revenue recognition standard have been substantial for many companies, but at least they’re gaining valuable data and process improvements as a result of the implementation. Getting the required data for the new financial disclosures under the standard was challenging

  • ACCA slams CMA´s audit reform proposals

    February 8, 2019 Published. The Accountant By: Joe Pickard The Association of Chartered Certified Accountants (ACCA) has criticised the UK’s Competition and Markets Authority’s (CMA) proposals for a reform of the statutory audit market. In its response to the study, the ACCA said: “While we support the CMA’s study of the statutory audit market, we

  • Voices How AI is transforming the jobs of accountants

    February 08 2019 Published: AccountingToday By: Aman Mann Artificial intelligence has become a buzz-phrase of sorts in recent years, and while it’s become hard to separate the hype from its practical potential, AI is rooted in a very realistic notion. Put simply, AI is one of the most advanced concepts in intelligent systems and decision-making

  • El reporte de información no financiera: nuevo paso en favor de la transparencia

    Enero 29, 2019 Publicado: elEconomista Por: Antoni Gómez El pasado 28 de diciembre, el Gobierno aprobó una modificación legal por la que se establece la obligatoriedad para una serie de empresas de publicar un estado de información no financiera relevante en relación a sus actividades. Esta ley responde a la aplicación en España de la

  • Critical Audit Matters: Audit Committee Perspectives

    February 5, 2019 Published: The Caq A 2017 standard from the Public Company Accounting Oversight Board established that auditors of large accelerated filers would be required to communicate critical audit matters (CAMs) in their auditor’s reports for fiscal years ending on or after June 30, 2019. In this video, audit committee chairs at leading companies

  • Consultation into improvements to the reporting of intangibles launched

    February 6, 2019 Published: Financial Reporting Council (FRC) Possible improvements to the reporting of factors that are important to a business’ generation of value are discussed in a consultation launched by the Financial Reporting Council (FRC) today. There are frequent calls to reform the accounting for intangible assets, partly in response to the move to a knowledge-based

  • Encouraging New Data on Accrual Adoption but Further Progress Needed

    February 4, 2019 Published: IFAC By: Steven Cain, Technical Manager, Policy and Technical Team, CIPFA In early November 2018 the Chartered Institute of Public Finance and Accountancy and IFAC launched a joint report on developments in the International Public Sector Financial Accountability Index, tracking progress in the adoption of accrual accounting by national and federal governments around the world.

  • Employee benefit plan auditing rules to change

    February 1, 2019 Published: Journal of Accountancy A new standard includes a revised report format for ERISA engagements. Reporting and performance requirements for practitioners auditing employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) will change under a new standard that the AICPA Auditing Standards Board (ASB) has voted to issue. Statement

  • Impacto del escenario político en actividad empresarial: fuerte caída en valoración positiva

    El Diario Financiero Un retroceso de 38 puntos en doce meses y de 25 puntos en el segundo semestre arrojó Encuesta de Expectativas Empresariales EYDiario Financiero. Un importante deterioro en la valoración del impacto del escenario político del país en la actividad del sector privado, constató la última edición de la Encuesta de Expectativas Empresariales

  • FASB alters transition requirements, scope of credit losses standard

    February 1, 2019 Published: Journal of Accountancy Implementation dates now will be aligned. FASB amended its standard on accounting for credit losses, changing the transition requirements and clarifying the scope of the standard. The credit losses standard was issued in 2016 and requires more timely reporting of credit losses on loans and other financial instruments. The

  • Feature: Materiality modernised

    January 28, 2019 Published: IFRS By Gary Kabureck, Member, International Accounting Standards Board ‘Financial statements need to communicate better’… was the essence of a pointed message the International Accounting Standards Board (Board) heard in early 2013. In response, our chair Hans Hoogervorst committed us to address, and resolve, what is colloquially referred to as ‘the disclosure

  • Digitalisation: reporting is an art, not a science

    January 22, 2019 Published: Accountancy Europe We interviewed Arjan Brouwer, member of our Corporate Reporting Policy Group who discusses the opportunities that technology brings to the future of corporate reporting. For Arjan, human input is essential. To illustrate his thoughts, he brings up the example of how artificial intelligence is able to create completely new

  • IES 7, Continuing Professional Development (Revised)

    January 28, 2019 Published: IFAC The revised International Education Standard (IES) 7, Continuing Professional Development, clarifies the principles and requirements for how professional accountancy organizations measure, monitor, and enforce their continuing professional development systems. It makes it clear that all professional accountants must develop and maintain professional competence to perform their role. The revised IES 7 places

  • Buildings Will Drive Transition to Circular Economy: New Methods of Valuation and Financing Are Key

    January 28, 2019 Published: IFAC By: Aglaia Fischer, Project Manager Circular Finance at Circle Economy & Sustainable Finance Lab, Lucas Geusebroek, Project Lead Circular Economy, Royal NBA A new report, Building Value, A Pathway to Circular Construction Finance, highlights the radical potential for valuing and financing circular buildings to accelerate the circular economy. The report includes tools

  • Voices: A realist’s predictions for the accounting profession in 2019

    January 23 2019 Published: AcountingToday By: Mike Whitmire I’m an accountant. Like most of you, I’m also a realist. I’m tired of “doom and gloom” predictions about the profession. I’m also sick of overly rosy and optimistic pictures of what’s to come for accountants and auditors — painted by non-accountants who have no idea what they’re

  • G20 Report highlights a high level of distrust in NGO Tax Systems

    January 24, 2019 Published; The Accountant The G20 Public Trust in Tax Report shows there is a high level of distrust among the public in politicians and non-government organisations in regards to tax systems. The report from the Association of Chartered Certified Accountants (ACCA), Chartered Accountants Australia and New Zealand (CA ANZ), and the International

  • Americans’ personal financial satisfaction dips in fourth quarter

    January 24, 2019 Published: Journal of Accountancy By Samiha Khanna  In the last quarter of 2018, the AICPA’s Personal Financial Satisfaction Index (PFSi) took a downward turn for the first time in two years. The PFSi dropped by 1.4 points (4.4%), largely due to a downturn in the stock market. However, the PFSi is still

  • Tech Trends 2019 – Beyond the digital frontier

    January 16, 2019 By: Deloitte The most promising technology trends of tomorrow are grounded in nine powerful macro forces that form the backbone of technology innovation today. Understanding how they function, together and separately, is key. Ver  Video       https://www2.deloitte.com/insights/us/en/multimedia/videos/tech-trends-2019.html

  • Reporting of Non-Financial Information by SMEs in Europe

    January 22, 2019 Published: IFAC By: Paul Thompson There are growing pressures for businesses to explain how their activities impact the environment and society at large. In Europe, and indeed in many if not most other regions, small and medium-sized enterprises (SMEs) account for the majority of private sector GDP, employment, and environmental and social

  • CPA Canada study of the impact of adopting the new revenue standard

    January 21, 2019 Published: CPA Learn about the key findings from Chartered Professional Accountants of Canada (CPA Canada)’s study of the financial impact of the adoption of the new revenue standard by listed companies. Canadian public companies with calendar year ends began applying a new accounting standard for revenue recognition in the first quarter of

  • Comment on the proposed general improvements to the IFRS Taxonomy 2018 by Monday 4 February

    January 16, 2018 Published: IFRS In December 2018, the IFRS Foundation published IFRS Taxonomy 2018—Proposed Update 2 General Improvements for public consultation. The proposed changes aim to improve the quality of tagged data and to make the IFRS Taxonomy easier to use. The proposed update: – introduces implementation notes that explain how to use specific IFRS Taxonomy elements and

  • Tech Trends 2019 – Beyond the digital frontier

    Tech Trends 2019 – Beyond the digital frontier

    January 18, 2019 By: Deloitte Emerging technology trends can seem both elusive and ephemeral, but some become integral to business and IT strategies—and form the backbone of tomorrow’s technology innovation. The eight chapters of Tech Trends 2019 look to guide CIOs through today’s most promising trends, with an eye toward innovation and growth and a

  • IAASA warns UK auditors of impacts of No-Deal Brexit

    January 17, 2019 Published: The Accountant By: Joe Pickard The Irish Auditing and Accounting Supervisory Authority (IAASA) has written to the leading UK audit firms to give advice on preparations for a no-deal Brexit scenario. The IAASA has stated that in the event of a no-deal exit from the EU, UK audit firms will have

  • Propuestas a modernización tributaria

    14 de enero 2019 Publicado por CNN Chile Entrevista a Cristian Vargas, Socio de Tax Legal de BDO Chile http://data.nexnews.cl/news/2019/01/14/19391700.mp4  

  • IOSCO issues good practices to assist audit committees in supporting audit quality

    The Board of the International Organization of Securities Commissions (IOSCO) published today the IOSCO Report on Good Practices for Audit Committees in Supporting Audit Quality, which seeks to assist audit committees in promoting and supporting audit quality. The quality of a company’s financial report, supported by an independent external audit, is key to market confidence

  • IOSCO issues good practices to assist audit committees in supporting audit quality

    IOSCO issues good practices to assist audit committees in supporting audit quality

    January 17, 2019 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) published today the IOSCO Report on Good Practices for Audit Committees in Supporting Audit Quality, which seeks to assist audit committees in promoting and supporting audit quality. The quality of a company’s financial report, supported by an independent external audit,

  • Corporate Tax remains a key source of revenue for developing countries

    January 15, 2019 Published: The Accountant By Mishelle Thurai Despite falling rates worldwide, corporate tax remains a key source of income especially for governments in developing countries. Corporate Tax Statistics, a report from the Organisation for Economic Co-operation and Development (OECD), revealed in Egypt, Kazakhstan, Malaysia, Papua New Guinea and the Philippines, Corporate Income Tax

  • Presentación “Diseño Institucional y Proceso Sancionatorio” – Andrés Montés

    Presentación “Diseño Institucional y Proceso Sancionatorio” – Andrés Montés

    10 de enero de 2019 Publicado por CMF Del seminario: Seminario Internacional Fondecyt sobre Abusos de Mercado de Valores – Facultad de Derecho de la Universidad Diego Portales, (8-10 de enero de 2019) Descargar pdf 1.3 MB

  • Future Implementation Support for International Standards on Auditing (ISAs)

    January 15, 2019 Published: IFAC By: Christopher Arnold and Dawn McGeachy As part of the IFAC’s commitment to support the implementation and adoption of international standards, we are exploring if new or additional initiatives could better assist small and medium-sized practices (SMPs) in efficiently and effectively implementing the International Standards on Auditing (ISAs). In particular, we are

  • The EC´s Technical Expert Group on Sustainable Finance publishes First Report

    January 14, 2019 Published: The Accountant The Technical Expert Group on Sustainable Finance set up by the European Commission (EC) has published its first report on companies’ disclosure of climate-related information. The report contains proposals for disclosing not just how climate change might influence the performance of a company, but also the impact of the

  • Delivery of last pending proposals, a common Destiny of unity, the hour of European Democracy

    January 9, 2019 Published: European Commission In its first weekly meeting of 2019 Commission discusses the main political challenges ahead The College of Commissioners held today the first weekly meeting of 2019 which was devoted to discussing the challenges of this new year. Commissioners used the opportunity to take stock and discuss the year ahead,

  • Implementing New Technology Requires Strategic Thinking

    January 7, 2019 Published: IFAC Making technology work starts with thinking strategically about technology—not how to bolt new tech on. Technology needs to be built in. When implementing your technology strategy, consider how your firms and teams currently work and defining your technological requirements, according to Mark Edmondson, President and CEO of Inflo. The key is to

  • From Risk to Opportunity – Accountants Need to Lead Enterprise Risk Management

    January 7, 2019 Published: IFAC By:  Stathis Gould and Stuart Chaplin IFAC’s report, Enabling the Accountant’s Role in Effective Enterprise Risk Management, highlights both the importance of Enterprise Risk Management (ERM), and the contribution of accountants, CFOs and finance functions in leading ERM practice. We believe that professional accountants have an opportunity to enable more effective

  • Enabling the Accountant’s Role in Effective Enterprise Risk Management

    Enabling the Accountant’s Role in Effective Enterprise Risk Management

    January 7, 2019 Published: IFAC Enterprise risk management (ERM) needs to be part of the professional accountant mindset and makeup. This report explores the contribution of professional accountants to effective ERM in their roles as chief financial officers (CFO) and within finance functions. To add value, accountants must be seen as risk experts who are

  • Volunteering for a more human approach

    January 7, 2019 Published: Accountancy Europe Auditors face increasing pressure to evaluate more than just the financial results of a company. For 40 years, one audit firm in the Netherlands has been committed to helping the community for a more human approach to the profession. Marcel Karman and Arjan Buteijn of Dubois & Co, share

  • New Standard on leases now effective

    New Standard on leases now effective

    January 8, 2019 Published: IFRS IFRS 16 Leases was issued in January 2016 and is effective for annual reporting periods starting on or after 1 January 2019. It replaces IAS 17 Leases and related Interpretations. IFRS 16 changes the accounting substantially for lessees. The new Standard eliminates a lessee’s classification of leases as either operating leases or finance leases.

  • Los cambios tecnológicos que traerá la nueva Ley de Datos al mercado financiero

    Los cambios tecnológicos que traerá la nueva Ley de Datos al mercado financiero

    INICIATIVA SE DISCUTE EN LA CÁMARA ALTA El Diario Financiero Las big four-Deloitte, PwC, EY y KPMG entregan su análisis de la iniciativa que pondrá al país a la par de mercados desarrollados. Si bien aún se encuentra en discusión el proyecto que regula la protección y el tratamiento de los datos personales y crea

  • A new framework for audit quality disclosures

    January 8, 2019 Published: Journal of Accountancy In their continuing pursuit of the highest possible quality in their work, many audit firms produce annual transparency or audit quality reports to inform the public about their efforts. To help audit firms develop those disclosures, the Center for Audit Quality (CAQ) has developed a new Audit Quality Disclosure

  • Audit Quality Disclosure Framework

    Audit Quality Disclosure Framework

    January 8, 2019 Published: The Caq The Audit Quality Disclosure Framework can aid audit firms of all sizes as they develop or consider developing their transparency or audit quality reports. Developed in consultation with a range of CAQ member firms, the Framework adheres to three key principles: – The Framework is voluntary and illustrative, as opposed to

  • Changes related to peer review proposed for UAA

    January 4, 2019 Published: Journal of Accountancy The National Association of State Boards of Accountancy (NASBA) is proposing changes to the Uniform Accountancy Act (UAA) Model Rules related to peer review programs. The UAA is a nonbinding model designed to provide best practices for state laws and regulations related to the accounting profession. Typically, when

  • FASB proposes alternative to accounting for Goodwill and certain identifiable intangible assets for non-for-profits

    January 3, 2018 Published: The Accountant The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU), which would reduce the cost and complexity of accounting for goodwill and measuring certain intangible assets for not-for-profit organisations. Stakeholders have been encouraged to review and provide input on the proposed ASU by February 18

  • What’s coming in 2019

    December 2018 Published: FASB Private Company Council (PCC) Chair Candy Wright talks about key issues the council addressed at the Q4 meeting in Norwalk and looks ahead at what’s coming in 2019. https://www.fasb.org/home

  • ASB changes align GAAS with PCAOB standards

    January 3, 2019 Published: Journal of Accountancy The AICPA’s Auditing Standards Board (ASB) voted to issue a new auditing standard, Omnibus Statement on Auditing Standards — 2019,that will more closely align standards for auditors of nonpublic clients to the auditing standards of the PCAOB, in order to enhance audit quality in an effective and efficient manner. The

  • ICYMI: Top Trends on Gateway in 2018

    December 18, 2018 Published: IFAC By: Bhumi Jariwala, Editor, IFAC Global Knowledge Gataway For the accountancy profession, 2018 was a future-focused year. The need to embrace rapidly emerging technologies, attract and retain top talent, enhance audit quality, leadership in ethics and demonstrating how the accountancy profession is playing a wider role in society were among the key

  • PCAOB posted an annotated example of an auditor’s report for the audit of a broker or dealer

    December 17, 2018 The following is an example of an unqualified auditor’s report under AS 3101* on the financial statements of a broker or dealer reporting under Rule 17a-5 of the Securities Exchange Act of 1934. The example includes an unqualified auditor’s report on the supplemental information and assumes no explanatory or emphasis paragraphs. New

  • Investors favor SOX 404(b) audit rule, says study

    December 27, 2018 Published: AccountingToday Section 404(b) of the Sarbanes-Oxley Act of 2002, which requires public companies to undergo annual audits of the adequacy of their internal controls over financial reporting, appears to be supported by investors who want newly acquired companies to be audited as well, according to a new study. The study, by

  • Blockchain as a Tool to Achieve the SDGs

    December 17, 2018 Published: IFAC Blockchain can be a powerful enabler for sustainability according to Amir Dossal, President & CEO, Global Partnerships Forum; Co-founder & Executive Vice-Chair, Blockchain Commission for Sustainable Development; and former Executive Director at the United Nations Office for Partnerships. Amir addresses how blockchain offers rapid solutions, transparency and accountability while also

  • UK Gov. launches new review into audit profession

    December 18, 2018 Published: The Accountant Donald Brydon, the outgoing chair of the London Stock Exchange Group, has been appointed to lead a new independent review of the quality and effectiveness of the UK audit market, the so-called ‘Brydon Review’. The independent review was launched the same day the Kingman Review published its findings that

  • Reforma tributaria en etapa clave: auditoras aterrizan los posibles cambios al proyecto

    Reforma tributaria en etapa clave: auditoras aterrizan los posibles cambios al proyecto

    El Diario Financiero Hace más de cuatro meses que el proyecto de modernización tributaria ingresó a trámite a la comisión de Hacienda de la Cámara de Diputados. Período en el que el debate ha sido intenso, a pesar de las intermitencias producto del trámite del Presupuesto 2019. La integración, la recaudación derivada de la boleta

  • How audit committees can oversee FASB standard adoption

    December 20, 2018 Published: Journal of Accountancy The abundance of game-changing new accounting standards issued by FASB has given audit committees a lot to consider as 2018 concludes. New standards for revenue recognition, lease accounting, and accounting for credit losses have demanded intense focus from company finance departments. Audit committees are charged with oversight and

  • 6 tips for developing critical audit matter disclosures

    December 21, 2018 Published: Journal of Accountancy A new standard for public company auditing is bringing the stress that accompanies any significant change, but it also is giving auditors the opportunity to communicate more about the audit. New PCAOB rules for the auditor’s report require auditors to disclose “critical audit matters” that are encountered in

  • PCAOB Adopts New Estimates Standard and Amendments Related to Using the Work of Specialists

    December 20, 2018 Published: PCAOB The Public Company Accounting Oversight Board today adopted a new standard to enhance the requirements that apply when auditing accounting estimates, including fair value measurements.  The Board also adopted amendments to its auditing standardsto strengthen requirements that apply when auditors use the work of specialists in an audit. The new estimates standard replaces

  • Post-Implementation Review of AS 1220, Engagement Quality Review

    December 19, 2018 Published: PCAOB PCAOB staff have completed a post-implementation review of AS 1220, Engagement Quality Review. The review of AS 1220 is the PCAOB’s first post-implementation review. The review includes key findings, messages for auditors and audit committees, and enhancements to achieve more effective reviews. To perform the review the staff analyzed information collected through the

  • IFRS 17: Insurance Contracts

    December 14, 2018 Published: IFRS Darrel Scott, member of the International Accounting Standards Board, and Roberta Ravelli, technical staff, report on the discussion at the December 2018 meeting of the Board about IFRS 17 Insurance Contracts. https://www.youtube.com/watch?v=T_wHY7wl-0o&feature=youtu.be  

  • Post-Implementation Review of AS 1220, Engagement Quality Review

    Post-Implementation Review of AS 1220, Engagement Quality Review

    December 19, 2018 Published: PCAOB The PCAOB staff have completed a post-implementation review of AS 1220, Engagement Quality Review. The review of AS 1220 is the PCAOB’s first post-implementation review. The review includes key findings, messages for auditors and audit committees, and enhancements to achieve more effective reviews. Further details regarding the review of AS 1220, including technical details

  • GAAP, SEC taxonomies for 2019 are available

    December 18, 2018 Published: Journal of Accountancy The 2019 GAAP Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy are available on FASB’s website, the board announced Tuesday. FASB expects the taxonomies to be accepted as final by the SEC early in 2019. The 2019 GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements. The

  • 2018 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements

    December 17, 2018 Published: IFAC – IAASBCurrent Edition The latest edition of the handbook includes: – ISA 250 (Revised), Consideration of Laws and Regulations in an Audit of Financial Statementsand amendments to other International Standards in response to the new requirements addressing non-compliance with laws and regulations (NOCLAR) in the IESBA International Code of Ethics for Professional

  • PCAOB to consider rules on auditing estimates, use of specialists

    December 11, 2018 Published: Journal of Accountancy The PCAOB will consider whether to adopt new public company auditing rules for auditing accounting estimates and use of the work of specialists during a public meeting scheduled for Dec. 20. The subjective nature of estimates and fair value measurements make these issues challenging for auditors. The PCAOB

  • FRC issues revised auditing standard and consults on guidance for quality bank audits

    12 December 2018 Published: FRC The Financial Reporting Council (FRC) has issued an International Standard on Auditing Accounting Estimates and Related Disclosures, covering the audit of expected credit losses in banks and which reflects the increased importance and complexity of estimates in financial statements. The FRC strongly supported the development on this standard. The FRC is

  • Signs on the Road to Change for Accountants in Business in a Digital Age

    December 11, 2018 Published: IFAC By: Larry White, Executive Director, Resource Consumption Accounting Institute   Professional accountants working in business and the public sector constitute the overwhelming majority of the profession working within and beyond finance teams. The future attractiveness of the profession is very much dependent on the value these accountants create to secure

  • Public Sector Accounting for Cryptocurrencies

    November 30, 2018 Published: IFAC Cryptocurrency presents a new type of value and payment method that is undeniably different from traditional currency. So how should cryptocurrencies be classified in financial statements under the existing standards for the public sector? According to Frans van Schaik, the Global Leader Public Sector Accounting and Auditing at Deloitte, they

  • How audit committees can address emerging technologies

    December 12, 2018 Published: Journal of Accountancy Emerging technologies present big opportunities for efficiencies and strategic advantages for companies, but they also pose substantial challenges for audit committees. Artificial intelligence and robotic process automation can change the way companies do business and increase efficiency and the quality of financial reporting. But the technologies also pose

  • Emerging Technologies: An Oversight Tool for Audit Committees

    Emerging Technologies: An Oversight Tool for Audit Committees

    December 12, 2018 Published: The Caq Emerging Technologies: An Oversight Tool for Audit Committees provides a framework and questions that audit committees may ask management and auditors to help inform their oversight of financial reporting as emerging technologies take hold. Leveraging the work of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), the CAQ’s

  • SEC urges consistency in non-GAAP reporting

    December 10, 2018 Published: Journal of Accountancy SEC Chairman Jay Clayton and Chief Accountant Wes Bricker urged CPAs on Monday to deliver consistency in the non-GAAP information they report to investors. “There has to be a similar consistency in the reporting of non-GAAP numbers and key performance indicators (KPIs) as we expect in GAAP numbers,”

  • What ‘dry runs’ reveal about critical audit matters

    December 10, 2018 Published: Journal of Accountancy New PCAOB rules on the content of the auditor’s report are providing audit practitioners with an opportunity to communicate more and different information on an engagement than ever before. But auditors are still performing “dry runs” to practice how and what to communicate as they prepare to implement

  • Encuentro CMF – Auditores Externos

    Encuentro CMF – Auditores Externos

    Descargar: Discurso Jose Monsalve_Encuentro CMF – Auditores Externos   Descargar: Discurso Encuentro Auditores Externos 2018 – Joaquín Cortez  

  • Critical Audit Matters: Lessons Learned, Questions to Consider, and an Illustrative Example

    Critical Audit Matters: Lessons Learned, Questions to Consider, and an Illustrative Example

    December 10, 2018 Published: The Caq A 2017 standard from the Public Company Accounting Oversight Board established that auditors of large accelerated filers would be required to communicate critical audit matters (CAMs) in their auditor’s reports for fiscal years ending on or after June 30, 2019. Continuing the public company auditing profession’s longstanding and constructive

  • What PCAOB inspectors will look for in 2019

    December 7, 2018 Published: Journal of Accountancy Systems of quality control, independence issues, and recurring deficiencies will be among the main areas of focus during PCAOB inspections of registered audit firms during 2019. The PCAOB Division of Registration and Inspections staff on Thursday provided an outlook on the objectives and potential focus areas for its 2019 inspections

  • Technology Will Transform Audit

    November 30, 2018 Published: IFAC While traditional audit and assurance services will remain essential, new accounting technologies are likely to significantly impact the way auditors execute engagements and client services, according to Steve Ursillo, Jr., Partner, Risk Assurance & Advisory and National Leader: Information Assurance & Cybersecurity at Cherry Bekaert. http://www.ifac.org/global-knowledge-gateway/audit-assurance/discussion/technology-will-transform-audit  

  • Simplifying implementation of FASB’s not-for-profit financial reporting standard

    November 5, 2018 Published: Journal of Accountancy By Christopher M. Gordon, CPA, and Ruth Granlund, CPA Tax-exempt organizations are working through the biggest change to not-for-profit financial reporting in 25 years. FASB Accounting Standard Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, brings significant changes for all not-for-profit organizations,

  • AICPA issues new standard for ERISA benefit plan audits

    December 3, 2018 Published: Accounting Today The American Institute of CPAs’ Auditing Standards Board voted to issue a long-awaited standard on audits of financial statements of employee benefit plans, although it is still awaiting some details before the standard takes effect. The Statement on Auditing Standards Forming an Opinion and Reporting on Financial Statements of Employee

  • US Regulators plan changes to CPA Licensure Model

    November 29, 2018 Published: The Accountant Leaders from the accounting profession, regulators and other stakeholders have revealed talks are ongoing in an effort to change the US CPA licensure model in response to the expanded skillsets accountants need. The goal of the effort is to align licensure with how CPAs will perform services in an

  • 8 things to know about lease accounting implementation

    November 29, 2018 Published: Journal of Accountancy The changes brought about by FASB’s new lease accounting standard are coming into full view for finance departments that use U.S. GAAP for their financial reporting. Many public companies are in their last stages of implementing the standard, which takes effect for them at the beginning of next

  • Harnessing Innovative Technologies To Advance Audit Quality

    November 20, 2018 Published: Forbes By: Panos Kakoullis Brand Contributor Businesses today operate in a dynamic, fast-moving, digitally enabled, and fiercely competitive global economy. To respond, organizations must constantly adapt – and so must their auditors, by incorporating innovative technologies to continuously address and identify emerging risks in markets characterized by perpetual transition. Ground breaking technologies

  • Audit Committee Reporting – Leslie Murphy

    November 20, 2018 Published: The Caq What’s driving enhancements in audit committee disclosure? For Leslie Murphy, President and CEO at Murphy Consulting and audit committee chair at Kelly Services and Loop Industries, one key factor is the growing number of assessments of auditors that audit committees are performing. Beyond improving oversight of auditors, she says,

  • How to incorporate analytics into workforce planning

    November 27, 2018 Published: Journal of Accountancy In a time of great disconnection in the workplace, scenario planning through analytics may be a key to success for organizations and their people. The workplace disconnection arises because organizations are having difficulty finding enough skilled workers to fill their vacant positions, yet even the best employees are

  • Strategies for maintaining an effective board

    November 1, 2018 Published: Journal of Accountancy Strong not-for-profit governance hinges on successful recruitment, training, and retention. The severity of the risks associated with not-for-profit board shortcomings came fully into focus for Cheryl Olson, CPA, CGMA, while she was having coffee earlier this year with Elizabeth Grant. Grant is attorney-in-charge of the Charitable Activities Section in the Civil Enforcement Division

  • IOSCO seeks feedback on proposed framework for assessing leverage in investment funds

    November 14, 2018 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) is requesting feedback on a proposed framework to help measure leverage used by investment funds which in some circumstances could pose financial stability risks. The proposed framework, outlined in IOSCO Report: Leverage, comprises a two-step process aimed at achieving a

  • FRC’s Annual Review of Corporate Governance and Reporting 2017/2018

    FRC’s Annual Review of Corporate Governance and Reporting 2017/2018

    October 2018 Published: Financial Reporting Council (FRC) The review noted that the landscape for corporate governance and reporting is changing and stakeholder expectations are evolving. The Lab projects tie into many topics covered in the report, including the focus on risk reporting, alternative performance measures and viability reporting. Descargar (pdf 924 kb.)      

  • AICPA wants IRS to reconsider tax transcript changes

    November 20, 2018 Published: AccountingToday The American Institute of CPAs is asking the Internal Revenue Service to rethink its proposed changes to the tax transcript process, contending they would delay the process of getting copies of old tax returns for clients. “We appreciate your efforts to protect taxpayer data from cybercriminals; however, these changes will

  • Presentación “Regulación para FinTech: Una visión desde el regulador del mercado de valores” – Kevin Cowan

    Presentación “Regulación para FinTech: Una visión desde el regulador del mercado de valores” – Kevin Cowan

    22 de noviembre de 2018 Publicado: CMF Descargar PDF 1.9 MB. Del seminario: Regulación FinTech: Innovando con Reglas Claras (ESE Business School de la Universidad de los Andes.)

  • New Auditor’s Reporting Model: What Audit Committees Should Know

    November 7, 2018 Published: The Caq In this November 2018 episode of “Inside America’s Boardrooms,” Catherine Ide, the CAQ’s Managing Director of Professional Practice and Member Services discusses implementation of the new auditor’s reporting model, particularly the identification and communication of critical audit matters (CAMs). Ide reviews how CAMs are defined and outlines various implications

  • Global growth is slowing amid rising trade and financial risks

    November 21, 2018 Published: OECD Global economic growth remains strong but has passed its recent peak and faces escalating risks including rising trade tensions and tightening financial conditions, according to the OECD’s latest Economic Outlook. Growth forecasts for next year have been revised down for most of the world’s major economies. Global GDP is now

  • Proposed guidance published on inventory valuation

    November 19, 2018 Published: Journal of Accountancy The AICPA Financial Reporting Executive Committee (FinREC) on Monday published a working draft on inventory valuation and is seeking comments on the draft. The inventory valuation material ultimately will be included in an AICPA Accounting and Valuation Guide on business combinations. The inventory working draft provides nonauthoritative guidance and illustrations

  • Review of 2016 Audit Standards

    November 20, 2018 Published: The Financial Reporting Council (FRC) The Financial Reporting Council (FRC) is consulting with stakeholders to determine how effective the changes to ethical and auditing standards in 2016 have been in delivering high quality audit, and whether further steps are now needed to strengthen auditor independence, reduce conflicts, improve quality and preserve trust in

  • FEI publishes guides to internal controls for leasing and CECL standards

    November 16, 2018 Published: Accounting Today Financial Executives International has released two guides to help CFOs, controllers and other senior finance execs address the internal control considerations for the new lease accounting and credit loss standards. The pair of “ICFR: Insights, Issues and Practices” guides discuss some of the considerations and best practices that financial

  • The Global Accountancy Profession’s Call to Action for G20 Countries

    The Global Accountancy Profession’s Call to Action for G20 Countries

    November 19, 2018 Published: IFACTen Recommendations Ahead of the 2018 G20 Summi Smart regulation, heightened transparency and inclusive growth are needed for global economic progress. These three priorities encapsulate the themes in the IFAC Call to Action ahead of the 2018 G20 Summit. G20 countries play a crucial role in fostering institutions and governance models

  • FRC announces 2019/20 audit thematic reviews, priority sectors and audit areas of focus

    November 15, 2018 Published: The Financial Reporting Council (FRC) The Financial Reporting Council (FRC) will, in 2019/20, supplement its routine AQR monitoring programme with two thematic reviews. These thematic reviews, which focus on aspects of audit practice across a number of firms to identify both scope for improvement and good practice, complement other AQR work,

  • Audit Committee Reporting – Barbara Duganier

    November 5, 2018 Published: The Caq Why is audit committee reporting a critical part of the transparency process? Get views from Barbara Duganier, audit committee chair at Buckeye Partners, L.P. and MRC Global Inc., and audit committee member at Noble Energy, Inc. “An articulation of what the audit committee is focused on is critical,” she

  • IASB to propose one-year deferral of insurance contracts Standard

    November 14, 2018 Published: IFRS The International Accounting Standards Board (Board) has today voted to propose a one-year deferral of the effective date for IFRS 17, the new insurance contracts Standard, to 2022. The Board has also decided to propose extending to 2022 the temporary exemption for insurers to apply the financial instruments Standard, IFRS

  • New PCAOB board members plan big changes

    November 13, 2018 Published: AccountingToday The Public Company Accounting Oversight Board is planning extensive changes in how it inspects firms and interacts with financial statement preparers. The PCAOB has a new slate of board members this year along with a new chairman. Two of the new board members, James Kaiser and Duane DesParte, spoke alongside

  • SEC looking at Trump proposal on quarterly financial reporting

    12 de noviembre 2018 Publicado: AccountingToday Presidente Comisión de Valores de Jay Clayton dijo la SEC está estudiando una propuesta del presidente de Trump para cambiar el ciclo trimestral de información financiera para las empresas públicas. En agosto, Trump pié, “Al hablar con algunos de los principales líderes de negocios del mundo, le pregunté qué

  • When the SEC Speaks About Cybersecurity, We’d All Better Listen

    November 12, 2018 Published: The Institute of Internal Auditors In his blog, Richard Chambers, CIA, QIAL, CGAP, CCSA, CRMA, shares his personal reflections and insights on the internal audit profession. Here’s an excerpt from his latest blog: I often find myself talking with reporters about internal audit’s role regarding risks, particularly cybersecurity. Recently, a reporter asked me

  • International Public Sector Financial Accountability Index: 2018 Status Report

    International Public Sector Financial Accountability Index: 2018 Status Report

    November 5, 2018 Published: IFAC Analyzing data captured by IFAC and CIPFA’s International Public Sector Financial Accountability Index, this 2018 Status Report analyzes information from 150 jurisdictions across the globe to develop an understanding of public sector financial reporting. The results paint a positive picture for future accrual and adoption efforts globally. Within five years, it

  • Reporting bodies announce two year alignment project

    November 7,  2018 Published: The Accountant A number of major corporate reporting bodies and standard setters have launched a two year project to drive better alignment in the corporate reporting landscape. As part of the project, Corporate Reporting Dialogue (CRD) participants have committed to driving better alignment of sustainability reporting frameworks, as well as with

  • SASB publishes industry-specific sustainability accounting standards

    November 7, 2018 Published: Journal of Accountancy The Sustainability Accounting Standards Board (SASB) on Wednesday announced that it has published what it billed as the world’s first set of industry-specific sustainability accounting standards covering financially material issues. Covering 77 industries, the standards are designed to help businesses better identify and communicate opportunities for sustaining long-term

  • FASB Revenue Recognition Resources for Private Companies

    November 5, 2018 Published: FASB   FASB Senior Project Manager Mary Mazzella discusses resources available for private companies as they look to implement the standard. https://www.fasb.org/home

  • FRC publishes thematic review findings of IFRS 9 and IFRS 15 company disclosures

    November 5, 2018 Published: The Financial Reporting Council The Financial Reporting Council (FRC) has today published two thematic reviews to help companies improve the quality of their corporate reporting in relation to the new accounting standards IFRS 9 ‘Financial Instruments’ and IFRS 15 ‘Revenue from Contracts with Customers’. The reports analyse the disclosures in a sample of companies’

  • FASB improves accounting for collaborative arrangements

    November 5, 2018 Published: FASB  The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that clarifies the interaction between the guidance for certain collaborative arrangements and the Revenue Recognition financial accounting and reporting standard. A collaborative arrangement is a contractual arrangement under which two or more parties actively participate in a joint

  • IASB Updates definition of “Material”

    November 1, 2018 Published: The Accountant The International Accounting Standards Board (IASB) has made amendments to its definition of what is considered material to make it easier for companies to make materiality judgements. The amendments came as a response to findings that some companies have experienced difficulties using the old definition when judging whether information

  • Disclosures by audit committees continue to rise

    November 1, 2018 Published: Journal of Accountancy Public company audit committees continue to make more information on their oversight of external auditor activities available to the public, according to a survey report released Thursday. Forty percent of S&P 500 companies disclosed their considerations in appointing the audit firm in 2018, according to the 2018 Audit Committee Transparency Barometer analysis

  • 2018 Audit Committee Transparency Barometer

    2018 Audit Committee Transparency Barometer

    November 1, 2018 2018_audit_committee_transparency_barometer_0(1) Published: The Caq The amount of information available to investors and other stakeholders on audit committee oversight of the external auditor continues to increase, according to the 2018 edition of the Audit Committee Transparency Barometer, an annual report issued jointly by the CAQ and Audit Analytics. Notable findings in this year’s report

  • Global Business Expansion Presents Opportunity for SMPs

    25 de de octubre de, 2018 Publicado: IFAC por Ben Baruch, Jefe de Política de la PYME, ACCA Mucho se ha escrito en los últimos años acerca de cómo las SMP están experimentando un creciente número de retos comerciales que interrumpen los servicios a los clientes que han basado tradicionalmente en la generación de ingresos.

  • Los desafíos globales que traerán los nuevos impuestos a los servicios digitales

    Octubre 25, 2018 Medio: Radio Pauta La discusión por la modernización tributaria ya se reactivó y con ello se acerca el inicio de los gravámenes especiales para los bienes de la nueva economía. El proyecto abre interrogantes que todavía no han sido resueltas. La discusión en torno a la modernización tributaria ya volvió al Congreso

  • Asamblea Anual 2018

    Con fecha 22 de octubre se celebró Asamblea Anual de AEChile. Las materias tratadas, según lo dispuesto en los Estatutos de la Asociación, fueron las siguientes: A.   Cuenta Anual del Presidente de la Asociación; B.   El directorio aprobó los Estados Financieros al 30 junio 2018, auditados por la firma PKF Chile y aprobó el presupuesto

  • Un Partners with the Integrated Reporting Council to inform enterprises

    October 26, 2018 Published: The Accountant By Mishelle Thurai The 2023 agenda for sustainable development was created, to provide a context to accelerate global progress towards the integration of financial and non-financial reporting. The United Nations discussed the core indicators and guidance which will be used as ‘opening benchmarks’ for businesses reporting of the Sustainable

  • FASB permits new benchmark rate for hedge accounting

    October 25, 2018 Published: Journal of Accountancy FASB on Thursday made an addition to its list of permissible benchmark interest rates for hedge accounting. FASB ASC Topic 815, Derivatives and Hedging, provides guidance on the risks associated with financial assets or liabilities that are permitted to be hedged. One of those is interest rate risk, which

  • Blockchain Adoption and Absolute Immutability

    October 22, 2018 Published: IFAC Data added to a blockchain stays on a blockchain. But what happens in those few instances where reversing or updating a transaction is insufficient because the data cannot or should not remain visible in the data history? Donny Shimamoto, Managing Director at Intraprise TechKnowlegies, shares his insights on the scenarios

  • FRC calls for improved reporting quality

    October 25, 2018 Published: The Accountant The Financial Reporting Council (FRC) has called for improvements in areas such as corporate reporting, including key accounting judgements and estimates, eliminating basic errors and how companies have applied the principles of the UK Corporate Governance Code. The FRC stated in an open letter addressed to finance directors and

  • Coso Announces Guidance Addressing Environmental, Social and Governance – related Risks

    Coso Announces Guidance Addressing Environmental, Social and Governance – related Risks

    October 23, 2018 Published: COSO the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the World Business Council for Sustainable Development (WBCSD) released today the final version of “Guidance for Applying Enterprise Risk Management (ERM) to Environmental, Social and Governance (ESG)-related Risks”. This guidance, which aligns with COSO´s widely accepted Enterprise Risk Management

  • New guidance promotes resilience amid ESG (Environmental, Social and Governance) risks

    October 23, 2018 Published: Journal of Accountancy Organizations that are confronting environmental, social, and governance-related risks can find new direction from guidance issued Tuesday by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the World Business Council for Sustainable Development (WBCSD). “Guidance for Applying Enterprise Risk Management (ERM) to Environmental, Social and

  • Strengthening Assurance for Non-financial Information

    October 22, 2018 Published: IFAC By: Vita Ramanauskaite, Advisor, Accountancy Europe People need reliable corporate information to decide if they will invest, buy products or sign an employment contract. Non-financial corporate information (NFI) is essential to get the full picture of a company’s performance, which financial information alone cannot provide anymore. Independent assurance enhances the

  • IASB amends definition of business in IFRS Standard on business combinations

    October 22, 2018 The International Accounting Standards Board (Board) has today issued narrow-scope amendments to IFRS 3 Business Combinations to improve the definition of a business. The amendments will help companies determine whether an acquisition made is of a business or a group of assets. The amended definition emphasises that the output of a business is to

  • Critical audit matters coming into focus

    October 1, 2018 Published: Journal of Accountacy By Russ Banham As public company auditors prepare to deliver new information in auditors’ reports, firms need to develop consistent processes for determining what should be disclosed. As auditors prepare for a new auditing standard requiring the disclosure of critical audit matters (CAMs) in their reports, they are

  • Implementation study: Business model reporting; Risk and viability reporting – Where are we now?

    Implementation study: Business model reporting; Risk and viability reporting – Where are we now?

    18 October 2018 Published: Financial Reporting Council (FRC) Investors are still looking for companies to make business model, risk and viability disclosures more useful, according to a new report from the Financial Reporting Council’s Financial Reporting Lab (the Lab). The report, Business model reporting; Risk and viability reporting – Where are we now? (PDF), considers how reporting

  • Episode 64 of “Profession in Focus” features EY’s Scott Zimmerman

    October 9, 2018 Published: TheCaq Episode 64 of “Profession in Focus” features EY Partner and innovation expert Scott Zimmerman. In conversation with the CAQ’s Catherine Ide, Zimmerman discusses data analytics, artificial intelligence, and the skillsets and mindsets that auditors will need in a profession facing disruption and transformative change. https://www.thecaq.org/episode-64-profession-focus-features-eys-scott-zimmerman

  • SEC Launches New Strategic Hub for Innovation and Financial Technology

    October 18, 2018 Published: SEC The U.S. Securities and Exchange Commission today announced the launch of the agency’s Strategic Hub for Innovation and Financial Technology (FinHub). The FinHub will serve as a resource for public engagement on the SEC’s FinTech-related issues and initiatives, such as distributed ledger technology (including digital assets), automated investment advice, digital marketplace financing, and

  • SEC Investigative Report: Public Companies Should Consider Cyber Threats When Implementing Internal Accounting Controls

    October 16, 2018 Published:SEC The Securities and Exchange Commission today issued an investigative report cautioning that public companies should consider cyber threats when implementing internal accounting controls. The report is based on the SEC Enforcement Division’s investigations of nine public companies that fell victim to cyber fraud, losing millions of dollars in the process. The SEC’s investigations

  • FASAB proposal seeks clearer materiality guidance

    October 16, 2018 Published: Journal of Accountancy By: Jeff Drew  The Federal Accounting Standards Advisory Board (FASAB) is asking for public comment on a proposal to clarify the implementation of materiality concepts in the issuance of federal financial statements. A proposed Statement of Federal Financial Accounting Concepts (SFFAC) titled Materiality, issued Monday by FASAB, would (1)

  • Sustainable finance: what’s it got to do with accountants?

    October 10, 2018 Published: Accountancy Europe By Vita Ramanauskaité and Eleni Kanelli Global goals for a greener planet To keep Europe liveable for all 512 million of us, we will need a more sustainable economy. Having committed to the UN Sustainable Development Goals and the Paris Climate Agreement, Europe needs to fulfil an ambitious agenda

  • SEC’s New Strategic Plan Puts Investors, Innovation, and Performance at Top

    October. 11, 2018 Published: SEC The Securities and Exchange Commission today announced a new strategic plan to guide the agency’s work over the next four years with a primary focus on investors, innovation, and performance. The plan’s goals reflect the agency’s commitment to its longstanding mission while leveraging the opportunities and addressing the challenges that come from

  • Guide to Using ISAs in the Audit of SMEs, Fourth Edition

    October 9, 2018 Published: IFAC Dawn McGeachy, Accounting & Assurance Partner at Colby McGeachy Professional Corporation and IFAC Small and Medium Practices Committee member, provides an update on the Guide to Using ISAs in the Audit of SMEs, Fourth Edition. This guide helps firms efficiently and proportionally apply the International Standards on Audit for small- and

  • CMA launches audit market review

    October 9, 2018 Published: The Accountant Author: Jonathan Minter The Competition and Markets Authority (CMA) has launched a study of the audit sector in the UK, to examine concerns that it is not working well for the economy or investors. It plans to issue provisional findings before Christmas with a view to completing its work

  • FRC to consider banning auditors from providing consultancy services

    October 8, 2018 Published: The Accountant Author: Joe Pickard The UK’s Financial Reporting Council (FRC) is to consider whether auditors should be banned from providing consulting work for bodies they audit as part of a wider review to prevent auditor independence from being compromised. The FRC has said it will work closely with UK’s Competition and

  • Renzo Corona: “Debemos ser proactivos y artífices del cambio constante”

    Renzo Corona: “Debemos ser proactivos y artífices del cambio constante”

    ENTREVISTA CON SOCIO PRINCIPAL DE PWC CHILE La Tercera – Pulso — El Socio Principal de PwC Chile, Renzo Corona, destaca la importancia del Premio PwC Chile Innovación 2018, y la obligación que existe hoy respecto a materias de innovación, los desafíos en el sector privado y los cambios que han existido desde que se

  • IAASB Modernizes Auditing of Accounting Estimates in Support of Audit Quality

    October 03, 2018 Published: IFAC The International Auditing and Assurance Standards Board (IAASB) today released International Standard on Auditing (ISA) 540 (Revised), its revised standard for the audit of accounting estimates and related disclosures. Banks, insurers and other financial services firms have seen revolutionary change in their accounting practices as they moved to new accounting standards

  • Cybersecurity: Three Dynamics Working in Our Favor

    October 3, 2018 Published: The Caq By: Cindy Fornelli, Executive Director at Center for Audit Quality Cybersecurity risk is one born from profound disruption. Just as the internet transformed our businesses and lives for the better, it also spawned new categories of wrongdoing and a true rogue’s gallery of cybercriminals. As once described by Securities and Exchange

  • Enhancing Audit Documentation

    October 2, 2018 Published: IFAC Ed Fox, Global Head–Audit Quality at Grant Thornton International, discusses the findings from external regulators on the quality of audit documentation and provides his recommendations on how firms can address re-performance requirements, timing and the thought process of the auditor.  http://www.ifac.org/global-knowledge-gateway/audit-assurance/discussion/enhancing-audit-documentation

  • Best Practice Principles for Audit Tendering

    October 2, 2018 Published: IFAC by Alice Telfer, Head of Business and Public Sector, ICAS and David Wood, Senior Policy Director, ICAS What are best practices for audit tendering? The Institute of Chartered Accountants of Scotland (ICAS) has distilled good practice principles on audit tendering for private companies and public sector organizations, including publicly funded, third sector and not-for-profit organizations. The

  • Coping with Disruption: Lessons from the PCAOB

    October 2, 2018 Published: TheCaq by Cindy Fornelli Worried about disruption? Take a cue from the PCAOB, which is proceeding strategically and deliberately in a financial reporting system poised for transformative change. Leaders in accounting and auditing don’t tend to downplay the potential for emerging technology and other disruptive forces to shape the profession and

  • IOSCO Launches World Investor Week 2018 to Promote Investor Education and Protection

    October 1, 2018 Published: IOSCO The International Organization of Securities Commissions (IOSCO) today launched its second annual World Investor Week (WIW), following its success last year at attracting more than one thousand financial organizations to showcase their initiatives for promoting investor education and protection across the globe. In Japan, where financial markets are the first

  • Stakeholders Have Last Word on Whether Internal Audit Adds Value

    October 01, 2018 Published: Internal Auditor By: Richard Chambers If you were to ask your stakeholders to describe how internal auditing adds value, you might receive a different response from each person you talked to. The CEO might focus on recommendations for improving efficiency, while the chief financial officer might describe audit value in terms

  • GASB proposes changes in government financial reports

    September 28 2018 Published: AccountingToday The Governmental Accounting Standards Board has released two documents proposing a number of improvements in how state and local governments should report information on their financial statements and recognize transactions. In one of the documents, Preliminary Views, Financial Reporting Model Improvements, GASB suggests several enhancements in the financial reporting model for

  • Superando los desafíos de las empresas familiares

    Superando los desafíos de las empresas familiares

    CRISTIÁN LEFEVRE PRESIDENTE DE EY CHILE El Diario Financiero Contar con un negocio saludable, un crecimiento potencial a largo plazo, una familia cohesionada, y estar orgullosos del legado, es probablemente el ideal de muchas empresas familiares, pero para esto deben superar diversos retos. Aun cuando las raíces familiares sean profundas, eso no siempre se traduce

  • The G20 Presidency and international organizations support IOSCO World Investor Week

    26 September 2018 Published: IOSCO In addition to the Argentine G20 Presidency, various important multilateral institutions have endorsed the second annual World Investor Week (WIW), organized by the International Organization of Securities Commissions (IOSCO) to raise awareness of the importance of investor education and protection around the world. Support for this year´s WIW includes the

  • Artificial Intelligence: Opportunities, Risks and Implications

    14 Sep 2018 Published: Institute of Singapure Chartered Accountants (ISCA) The rapid developments in AI have engendered high expectations of the benefits it can deliver for business and for society at large. Yet there are concerns about AI replacing human input and thus displacing jobs. In this publication titled “Artificial Intelligence: Opportunities, Risks and Implications”,

  • Voices The potential of blockchain: What accounting execs need to know

    September 21, 2018 Published: Accounting Today In its 2017 Hype Cycle for Emerging Technologies, Gartner estimates it will take five to 10 years before there’s mainstream adoption of blockchain. However, major players in the financial services industry are already seeing benefits from the technology, using blockchain as a game-changing “trust protocol” for financial transactions and keep

  • IOSCO guidance addresses conflicts of interest and conduct risks in equity capital raising

    September 18, 2018 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today published guidance to help its members address conflicts of interest and associated misconduct risks that may arise and undermine the equity capital raising process. Conflicts of interest and associated conduct risks stemming from the role of intermediaries can harm

  • Proposed update to the IFRS Taxonomy 2018 on IFRS 13 common practice

    September 20, 2018 Published: IFRS The IFRS Foundation has today published IFRS Taxonomy 2018—Proposed Update 1 Common Practice (IFRS 13 Fair Value Measurement) for public consultation. Those proposed changes result from the analysis of reporting practice relating to the disclosure requirements in IFRS 13 Fair Value Measurement. The common practice elements in the IFRS Taxonomy reflect disclosures that companies applying IFRS

  • New Report Outlines Keys to Sound Governance

    Distinct Roles of Internal Audit & Finance Function Provide Crucial Support September 18, 2018 Published: The Institute of Internal Auditors (IIA)  Effective governance is the outcome of a mosaic of organizational policies, processes, and cross-functional interactions, according to experts featured in a new report from The Institute of Internal Auditors (IIA) and IFAC (the International Federation of Accountants).

  • New Report Outlines Keys to Sound Governance

    New Report Outlines Keys to Sound Governance

    Distinct Roles of Internal Audit & Finance Function Provide Crucial Support September 18, 2018 Published: The Institute of Internal Auditors (IIA)  Effective governance is the outcome of a mosaic of organizational policies, processes, and cross-functional interactions, according to experts featured in a new report from The Institute of Internal Auditors (IIA) and IFAC (the International Federation of Accountants).

  • Investors trust auditors, but confidence in U.S. markets drops

    September 18, 2018 Published: Journal of Accountancy Public company auditors remain the group investors trust most to protect their interests, but investors’ confidence in U.S. capital markets and U.S. public companies has dropped in the past year, according to a Center for Audit Quality (CAQ) survey report released Tuesday. Respondents to the Main Street Investor survey kept

  • Cyber Security and the Accounting Profession

    Published: AICPA Sue Coffey, CPA, CGMA, Executive Vice President – Public Practice, AICPA Amy Pawlicki, Directtor – Business Reporting, Assurance & Advisory Services – AICPA   Ver video     https://www.aicpa.org/press.html

  • PCAOB Enters Into Cooperative Agreement with Austrian Audit Regulator

    Washington, Sept. 13, 2018 Published: PCAOB The Public Company Accounting Oversight Board today announced that it has entered into a cooperative agreement with the Audit Oversight Body of Austria. This agreement provides a framework for joint inspections in the oversight of audit firms subject to the regulatory jurisdictions of both organizations. It also allows for the exchange

  • Cybersecurity risk: time for auditors to take heed?

    September 10, 2018 Published: Chartered Accountants Worldwide The global interest in cybersecurity is growing. As we move into the cyber age, technology has become a huge part of both our everyday lives and today’s business environment, as more and more businesses increase their online presence and digital exposure by leveraging technology for almost every aspect

  • Audit Quality Indicators

    September 7, 2018 Published: IFAC Quality control is about controlling the quality of what is delivered. Sue Almond, Global Head of Assurance at Grant Thornton International, shares insights on Grant Thornton’s work with audit quality indicators, which allow you to take proactive measures during an audit, intervene early and ensure the audit goes as planned.

  • The International Code of Ethics for Professional Accountants: Key Areas of Focus for SMEs and SMPs

    In early April 2018, the IESBA released a completely rewritten and revamped Code of Ethics for professional accountants (PAs). Renamed “International Code of Ethics for Professional Accountants (including International Independence Standards) (“the Code” or “the revised and restructured Code”), the Code will become effective in June 2019. It packages all substantive advancements in ethics and independence

  • Enhanced Audit Reporting – The profession in APAC calls for better awareness and education

    September 7, 2018 Published: Confederation of Asian and Pacific Accountants (CAPA) In the first quarter of 2015, the International Auditing and Assurance Standards Board (IAASB) released its new and revised auditor reporting standards. The most significant enhancement is the new requirement for auditors to communicate “Key Audit Matters” (KAMs), described by the IAASB as ‘those matters that

  • Internal Audit Foundation Releases New Internal Audit Activity Research Report

    September 9, 2018 Published: The Institute of Internal Auditors Aligning Internal Audit Activities and Scope to Organizational Strategy – How the Business Environment and Organizational Strategy Impact Internal Audit The Internal Audit Foundation announced today the release of a new research report, Aligning Internal Audit Activities and Scope to Organizational Strategy – How the Business Environment

  • Presentación “Chilean securities and insurance landscape and regulatory roadmap” – Joaquín Cortez

    Presentación “Chilean securities and insurance landscape and regulatory roadmap” – Joaquín Cortez

    7 de septiembre de 2018 Publicado: CMF Del seminario: Chileday (07/09/2018)   Descargar PDF (2.7 mb)   Chilean securities and insurance landscape and regulatory roadmap- JCortez

  • Professional Skepticism: The Heart of Audit

    September 6, 2018 Published: IFAC By: Katharine Bagshaw, Manager, Auditing Standards, ICAEW Most of us who trained as auditors never really lose the urge to question numbers. The temptation to ask on what basis they were calculated, to generally prod and poke around, and to make sure that they are what they appear to be,

  • Financial system risk is elevated and global standards are essential in managing cross-border infrastructure investment

    September 3, 2018 Published: OECD A new OECD report, the 2018 Business and Finance Outlook, highlights a number of major risks having the potential to disrupt global economic growth. It notes that the gradual normalisation of monetary policy in an environment of growing debt will be a major test of whether the Basel III regulatory reforms

  • When to change the partner compensation plan

    September 6, 2018 Published: Journal of Accountancy Featuring Allan Koltin, CPA, CGMA, CEO of Koltin Consulting Group   Ver Video   https://www.journalofaccountancy.com/videos/changing-partner-compensation-plans.html

  • Audit Chiefs see Cybersecurity as biggest risk to business

    September 4, 2018 Published: The Accountant By: Joe Pickard Cybersecurity is the biggest risk to organisations across the private and public sector, according to research conducted by Risk in Focus, a collaborative report between seven European institutes of internal auditors. Over two-thirds (68%) of the 300 chief internal auditors questioned said cybersecurity is one of

  • FASB clarifies accounting for grants and contributions

    September 1, 2018 Published: Journal of Accountancy The board also proposed a new definition of collections and issued clarifications on lease accounting and other issues. FASB issued an Accounting Standards Update (ASU) clarifying when a transfer of cash or other assets received and made, primarily by not-for-profits, qualifies as a contribution or an exchange transaction. The ASU,

  • Checking risk oversight can inform audits

    September 1, 2018 Published: Journal of Accountancy By Mark Beasley, CPA, Ph.D. A strong or weak commitment to addressing enterprisewide risks may be an indicator of management’s focus on financial reporting risks. Enterprisewide risk management systems have expanded greatly in recent years, primarily as a tool to help management and the board proactively deal with

  • GAO issues revised government auditing standards

    September 1, 2018 Published: Journal of Accountancy Changes to the Yellow Book reinforce the principles of transparency and accountability. Revised standards issued by the U.S. Government Accountability Office (GAO) are designed to provide a framework for high-qualitygovernmental audits, which include audits of government entities and entities receiving government awards. In a transmittal letter to the standards, U.S.

  • FASB updates accounting for cloud computing costs

    August 29 2018 Published: AccountingToday The Financial Accounting Standards Board released an accounting standards update Wednesday aimed at decreasing the complexity of accounting for costs of implementing a cloud computing service arrangement. The update emerged from a consensus of FASB’s Emerging Issues Task Force that was announced in June (see EITF reaches consensus on accounting for cloud

  • Episode 61 of “Profession in Focus” Features Independent Director Jan Babiak

    August 22, 2018 Published: TheCaq Episode 61 of “Profession in Focus” features Jan Babiak, who serves on the boards of Walgreens Boots Alliance, Inc., Bank of Montreal, and Euromoney Institutional Investors. Babiak offers insights on the benefits of enhancing audit committee disclosure, the new auditor’s reporting model, audit committee “scope creep,” and how to think

  • FASB Improves the effectiveness of Disclosures in Notes to Financial Statements

    August 28, 2018 Published: FASB The Financial Accounting Standards Board (FASB) today issued two changes to the FASB’s conceptual framework and two Accounting Standards Updates (ASUs) that improve the effectiveness of disclosures in notes to financial statements. “The two changes to our Conceptual Framework will help the Board identify and evaluate disclosure requirements in accounting standards and

  • Updated guidance highlights key changes in the auditor’s report

    August 27, 2018 Published: AccountingToday Updated staff guidance issued by the PCAOB provides practitioners with information on Auditing Standard 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion. The updates build on previous guidance that was issued on Dec. 28, 2017. Issues addressed in the update include: – New information

  • FASB change helps banks adjust to credit loss standard

    August 24 2018 Published: AccountingToday The Financial Accounting Standards Board’s proposed changes to the credit loss standard promise to help private banks and credit unions deal with the transition on a more comfortable timeline. FASB released a proposed accounting standards update this week to amend the transition requirements and scope of the credit losses standard (see FASB proposes

  • Las Big Four analizan algunos de los elementos de la Reforma

    Las Big Four analizan algunos de los elementos de la Reforma

    La Tercera-Pulso 26 de agosto de 2018 – EY: incentivo a adquisición de viviendas ‘beneficiará a todo el país’ Macarena Navarrete, socia principal de EY Chile, destaca los alcances de la medida que contempla el proyecto de modernización tributaria, que incentiva la adquisición de viviendas por parte de la clase media, elevando de 2.000 UF

  • SABS: Quality Trumps Locations for Sustainability Disclosure

    23 Aug 2018 Published: The Accountant The location of sustainability data disclosures is not as important as ensuring the data is of sufficient quality, The Sustainability Accounting Standards Board (SASB) has found. Prior to the release of its complete set of codified standards on financially material topics later this year, the SASB consulted with companies

  • Presentación “Desafíos en ciberseguridad para el sistema financiero” – Rosario Celedón

    Presentación “Desafíos en ciberseguridad para el sistema financiero” – Rosario Celedón

    23 de agosto de 2018 Publicado: CMF Descargar PDF (1.3 mb)  

  • We’re Part of the Solution: The Global Accountancy Profession Making a Dent in Corruption

    August 15, 2018 Published: IFAC by Amir Ghandar, Deputy Director, Public Policy and Regulation, IFAC Recently in Buenos Aires, alongside the Group of Twenty (G20) Finance Ministers’ and Central Bank Governors Summit, IFAC hosted a high-level anti-corruption event with the Business 20 (B20) and IFAC member organization, Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPCE).

  • Three factors in effective firm management

    August 16, 2018 Published: Journal of Accountancy Allan Koltin, CPA, CGMA, CEO of Koltin Consulting Group, outlines the best pathways to develop strong and efficient management of your CPA firm. Ver video   https://www.journalofaccountancy.com/videos/effective-cpa-firm-management.html

  • PCAOB Posts Updated Staff Guidance on Changes to the Auditor’s Report

    PCAOB Posts Updated Staff Guidance on Changes to the Auditor’s Report

    August 23, 2018 Published: PCAOB The Public Company Accounting Oversight Board today published updated “Staff Guidance on Changes to the Auditor’s Report (updated August 23, 2018)”. A summary of the updates can be found on Page 1. Descargar pdf (451 KB)  

  • Presentación del Ministro de Hacienda sobre el proyecto de Modernización Tributaria

    Presentación del Ministro de Hacienda sobre el proyecto de Modernización Tributaria

    22 de agosto de 2018 Publicación: Ministerio de Hacienda   Presentación realizada por el Ministro de Hacienda, Felipe Larraín, para los medios de comunicación, acerca de los principales elementos del proyecto de ley de Modernización Tributaria.   Descargar PDF (652 kb)     Presentación Ministro MT 22-08-18http://www.hacienda.cl/documentos/publicaciones.html

  • Proposal would withdraw inter-entity cost guidance

    August 21, 2018 Published: Journal of Accountancy The Accounting and Auditing Policy Committee of the Federal Accounting Standards Advisory Board (FASAB) is proposing to withdraw one of its technical releases on accounting for inter-entity costs for federal government reporting entities. Technical Release 8, Clarification of Standards Relating to Inter-Entity Costs, is no longer consistent with Statement of Federal

  • 3 areas of top concern in broker- dealer audits

    August 20, 2018 Published: Journal of Accountancy Independence issues identified in the PCAOB’s 2017 staff inspections fell compared with the previous year, according to a report the board released Monday. But the percentage of firms found to have deficiencies in their audits dropped just slightly, to 91% (68 of 75), from 97% in the previous year. The

  • SEC Adopts Amendments to Simplify and Update Disclosure Requirements

    August 17, 2018 Published: SEC The Securities and Exchange Commission today announced that it has voted to adopt amendments to certain disclosure requirements that have become duplicative, overlapping, or outdated in light of other Commission disclosure requirements, U.S. Generally Accepted Accounting Principles (GAAP), or changes in the information environment. The amendments are intended to simplify and

  • IPSAS 41 Aims to improve Financial Instruments Reporting

    August 15, 2018 Published: The Accountant The International Public Sector Accounting Standards Board (IPSASB) released IPSAS 41 which aims to improve the relevance of information for financial assets and financial liabilities. IPSAS 41 Financial Instruments establishes new requirements for classifying, recognising and measuring financial instruments to replace those that exist in IPSAS 29, Financial Instruments: Recognition

  • IESBA: Professional Skepticism – Meeting Public Expectations

    IESBA: Professional Skepticism – Meeting Public Expectations

    August 15, 2018 Published: The Caq In this August 2018 comment letter, the CAQ provides input on a Consultation Paper, “Professional Skepticism – Meeting Public Expectations,” from the International Ethics Standards Board for Accountants (IESBA). Emphasizing the importance of professional skepticism and judgment to audit quality, the CAQ’s letter offers IESBA four high-level recommendations related

  • FASB Accounting Standards Update: Insurance

    August 15, 2018 Published: FASB Ver Video       https://players.brightcove.net/2205030511001/default_default/index.html?videoId=5817578763001 FASB Member Christine Botosan and staff discuss a new standard for insurance companies that issue long-duration contracts, such as life insurance, disability income, long-term care, and annuities.

  • FASB Improves Accounting Guidance for Insurance Companies that Issue Long-Duration Contracts

    August 15, 2018 Published: FASB The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that improves financial reporting for insurance companies that issue long-duration contracts, such as life insurance, disability income, long-term care, and annuities. “The new ASU provides investors and other financial statement users with better and more timely and

  • FASB proposes narrow-scope improvements to accounting for lessors

    August 13, 2018 Published: FASB The Financial Accounting Standards Board (FASB) today issued a proposal that would reduce costs and ease implementation of the Leases standard for financial statement preparers. The proposal would also clarify a specific requirement in the standard related to lessor accounting. Stakeholders are encouraged to review and provide comment on the proposal by

  • Tips for teaching accounting ethics

    August 14, 2018 Published: Journal of Accountancy By Lea Hart Considering accountants deal with the intimate financial details of individuals and businesses, it’s important that they abide by strict ethical standards. “Ethics are the ‘why’ before the ‘how’ — why we do accounting; why accounting is important to society.” said Jeff Hillard, CPA, DM, associate

  • Discussion Paper Financial Instruments with Characteristics of Equity

    Discussion Paper Financial Instruments with Characteristics of Equity

    August 13, 2018 Published: IFRS The International Accounting Standards Board (Board) published the Discussion Paper Financial Instruments with Characteristics of Equity in June 2018. The Discussion Paper sets out the Board’s preferred approach to classification of a financial instrument, from the perspective of the issuer, as a financial liability or an equity instrument. The Discussion Paper also explores

  • PCAOB Seeks Public Comment on its Draft Five-Year Strategic Plan

    Washington, DC, Aug. 10, 2018 Published: PCAOB The Public Company Accounting Oversight Board today released a draft of its five-year strategic plan, for the first time inviting public comment on its areas of strategic focus in fulfilling its mission to protect investors and the public interest through high quality audit reports. After its own careful study

  • FASB Hedging Updates

    Published: FASB Members of the FASB hedge accounting team discuss the benefits of the new standard for investors and other financial statement users. https://www.fasb.org/home

  • IIRC offers research database on integrated reporting

    August 08, 2018 Published: AccountingToday The International Integrated Reporting Council unveiled an <IR> Academic Database on Wednesday, featuring more than 200 academic studies on the ramifications of integrated reporting, as well as discussing some of the best practices emerging in the field. Integrated reporting combines financial reporting and sustainability reporting, along with information about the governance, strategy,

  • FSB and standard-setting bodies consult on effects of reforms on incentives to centrally clear over-the-counter derivatives

    August 7, 2018 Published: IOSCO The Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS), the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published today a consultative document on Incentives to centrally clear over-the-counter (OTC) derivatives. Centrally clearing standardised OTC derivatives is a pillar of

  • Beyond robotics: How AI can help improve the audit process

    Aug 01, 2018 Published: AICPA by Guest Blogger The CPA profession has been hearing a lot about Robotic Process Automation (RPA), a software technology that can help auditors sift through structured data. But RPA can only do so much. Abigail Zhang, a PhD student in the Department of Accounting and Information Systems at Rutgers Business

  • GASB proposed Improvements to Reporting of Conduit Debt Obligations

    August 6, 2018 Published: GASB The Governmental Accounting Standards Board (GASB) has proposed revised guidance that would provide a single method for government issuers to report conduit debt obligations and related obligations. This proposed guidance would eliminate diversity in practice associated with these issues. Conduit debt obligations are debt instruments issued by a state or local government

  • IFAC and IAESB to Transition Standard-Setting Board to Different Model

    Aug 3, 2018 Published: IFAC IFAC (International Federation of Accountants) and the International Accounting Education Standards Board (IAESB) today announce a new path forward for global accountancy education and professional development. To remain relevant in an environment of rapid change, professional accountants increasingly must demonstrate skills beyond today’s typically-recognized accountancy competencies. The IAESB and IFAC

  • Anti-Fraud Collaboration Webcast: Non-GAAP Measures and Fraud Risk (July 2018)

    July 18, 2018 Published: The Caq Featuring a panel of top experts, this July 2018 webcast from the Anti-Fraud Collaboration explored the potential implications for fraud risk when it comes to the use of financial measures, presented outside the audited financial statements, that do not conform to US Generally Accepted Accounting Principles (GAAP).   

  • Start-Ups, la inversión en América Latina fue de USD 1000 millones

    1 de agosto de 2018 Publicado: Inversor Latam Esta suma es el doble de lo que se registró el año anterior. El año pasado 25 inversores globales hicieron su debut en la región, entre ellos Rethink Education, SoftBank, Telstra Ventures y The Rise Fund. La Asociación Latinoamericana de Capital Privado y Capital de Riesgo (LAVCA), informó que

  • Get a Handle on Critical Audit Matters

    July 30, 2018 Published: The Caq Cindy Fornelli is the Executive Director of the Center for Audit Quality Last year, following approval by the Securities and Exchange Commission, the Public Company Accounting Oversight Board (PCAOB) adopted a new auditing standard that significantly changes the auditor’s report—with equally significant implications for investors, audit committees and others.

  • FRC pushes Non-Financial Reporting in revised Strategic Report Guidance

    July 31, 2018 Published: The Accountant Author: Joe Pickard The UK’s Financial Reporting Council (FRC) has revised its Guidance on the Strategic Report to recognise the increasing importance of non-financial reporting. The guidance encourages companies to consider wider stakeholders and broader matters that impact performance over the longer term. The FRC said it believes ‘the integration of

  • FASB attempts to make lease accounting implementation easier

    By Ken Tysiac July 30, 2018 FASB has issued targeted changes to its new lease accounting standard that are designed to make implementation easier and reduce costs for financial statement preparers. Accounting Standards Update (ASU) No. 2018-11, Leases (Topic 842): Targeted Improvements, released Monday, makes transition requirements less burdensome and provides lessors with a practical

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