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

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

  • PCC votes to remove effective dates from GAAP alternatives

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

  • Internal Auditors Assess Their Value

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

  • Professional Skepticism and Other 2015 Audit Focus Areas

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

  • IASB publishes 2015 IFRS for SMEs bound volume

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

  • FASB PROPOSES CLARIFICATIONS TO THE DEFINITION OF A BUSINESS

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

  • Forthcoming IFRS publication alert

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

  • China Plans IFRS Expansion

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

  • FRAUDE- Informe Kroll Edición anual 2015-2016

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

  • FASB proposes clarifying the definition of a business

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

  • FASB Releases Standard for Classifying Deferred Taxes

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

  • Study Finds Interim CEOs Tend to Inflate Earnings

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

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

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

  • SEC Chief Accountant: Auditors Need to Keep Improving

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

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

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

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

  • Tax ID theft victims may obtain copies of fraudulent returns

    Tax ID theft victims may obtain copies of fraudulent returns

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

  • Toshiba Sues Three Former Presidents over Accounting Scandal

    Toshiba Sues Three Former Presidents over Accounting Scandal

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

  • PCAOB Deal to Inspect Chinese Audit Firms Hits a Roadblock

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

  • Create Your Own Successors

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

  • IFAC Envisions ‘Integrated Thinking’ for Accountants

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

  • Los currículos en Reino Unido no tendrán nombre

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

  • Disclosures of audit committee’s role increasing

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

  • SEC da luz verde al Crowdfunding

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

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

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

  • Cómo organizar su firma para la Innovación

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

  • New Revenue Recognition Standard Requires Lots of Tech Preparation

    By Michael Cohn October 26, 2015 The Financial Accounting Standards Board and the International Accounting Standards Board have delayed the effective date of their converged revenue recognition standard for a year, but companies are going to need the extra time to get their systems adjusted. PricewaterhouseCoopers recently issued a report on the technology and process

  • Los riesgos de auditoría a tener en cuenta

    The CAQ highlights nine areas auditors will want to pay particular attention to in the next audit cycle. Clickear imágen para ir a presentación……           Things to Watch Out For                                            1 de 10 The Center for Audit Quality recently published a report, “Select Auditing Considerations for the 2015 Audit Cycle,” that

  • SEC filed more than 800 enforcement actions in fiscal 2015

    By Neil Amato October 22, 2015 The SEC filed more than 800 enforcement actions and obtained orders totaling about $4.2 billion in disgorgement and penalties in the 2015 fiscal year, which ended Sept. 30. There were 807 actions filed during the fiscal year, the commission said Thursday. Of them, a record 507 were independent actions

  • Internal Auditors Earning Higher Salaries for Advanced Training

    Internal auditors with advanced levels of education, training and certifications are seeing bigger salaries, according to a new survey. Richard Chambers The survey, from the Audit Executive Center at the Institute of Internal Auditors, found a strong correlation between higher internal audit salaries and experience, education and professional certifications. Overall, salary increases were modest, albeit

  • Teen Who Hacked CIA Director’s Email Tells How He Did It

    Teen Who Hacked CIA Director’s Email Tells How He Did It

    A hacker who claims to have broken into the AOL account of CIA Director John Brennan says he obtained access by posing as a Verizon worker to trick another employee into revealing the spy chief’s personal information. Using information like the four digits of Brennan’s bank card, which Verizon easily relinquished, the hacker and his

  • CPA exam evolving to reflect shift in skills requirements

    By Ken Tysiac October 19, 2015 The tasks performed by newly licensed CPAs have changed in recent years. The Uniform CPA Examination is evolving to reflect those changes. “Tasks that an entry-level CPA may have done in the past are now either largely mechanized through electronic mediums” or are being handled by non-CPAs, said Rick

  • Positioning Cloud Accounting To Clients

    September 15, 2015 While you may be sold on the dream of cloud accounting, your clients might need some more convincing. Use this tips & tricks guide for educating business owners on the benefits of cloud accounting. What is the Cloud? Your clients may ask you, “So what is the cloud?” A great example to

  • PCAOB urges focus on Risk Assessment Standards

    By Ken Tysiac October 15, 2015   he PCAOB is urging audit firms to review their systems and procedures to promote compliance with the board’s Risk Assessment Standards. The Risk Assessment Standards—Auditing Standards (AS) No. 8 through No. 15—were adopted in 2010. The standards address the auditor’s assessment of and response to risk of material

  • Global Accounting Organization Membership Grows to 2.8 Million

    New York (October 13, 2015) By Michael Cohn The number of accountants who belong to professional accounting organizations that are members of the International Federation of Accountants grew 16 percent from 2.4 million to 2.8 million between 2009 and 2013.   Fayez Choudhury The growth in membership of professional accountancy organizations, or PAOs, far exceeded

  • Key areas of risk in the 2015 audit cycle

    By Ken Tysiac October 12, 2015 Professional skepticism and internal control over financial reporting are two key areas for auditors that have attracted the focus of regulators in recent years. These areas are among those addressed in one of two risk alerts published Monday by the Center for Audit Quality (CAQ), which is affiliated with

  • Dos nuevos casos de operaciones ilegales con Bitcoin y otras criptomonedas

    2 octubre, 2015 Seguridad por Ariana Hernández Para nadie es un secreto que así como Bitcoin ha sido utilizada para buenos fines, también ha sido empleada para llevar a cabo operaciones ilegales como estafas y lavado de dinero. Una tecnología que fue pensada para ofrecerle a sus usuarios la oportunidad de manejar su dinero de una

  • Senators Probe Volkswagen Tax Credits

    Washington, D.C. (October 7, 2015) By Michael Cohn The leaders of the Senate Finance Committee are asking Volkswagen about the federal tax credits given to buyers of its vehicles for owning energy-efficient cars, amid revelations that the automaker programmed its devices to cheat emissions tests.   Orrin Hatch Senate Finance Committee chairman Orrin Hatch, R-Utah,

  • NIIF para las PYMES- Actualización

    The IFRS for SMEs Update is a staff update about news relating to the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The Update is published on a regular basis, with news about adoptions, resources, and implementation guidance. Past editions are accessible below. To receive the IFRS for SMEs Update as

  • Tax Fraud Blotter: A Litany of Excuses

    Tax Fraud Blotter: A Litany of Excuses

    October 3, 2015 By Jeff Stimpson A roundup of our favorite recent tax fraud cases. Peabody, Mass.: Preparer Barry Ginsberg, 63, has been sentenced to 21 months in prison and six months of home confinement and been ordered to pay restitution after pleading guilty to multiple counts of mail and wire fraud, preparing false returns

  • PCAOB Imposes Sanctions Against Auditor who Admitted Violating Independence Requirements and PCAOB Standards

    Washington, Oct. 2, 2015 The Public Company Accounting Oversight Board today announced a settled disciplinary order against (PDF) David A. Aronson, CPA, and his firm, David A. Aronson, CPA, P.A., in the PCAOB’s first order in which a settling respondent admitted to a disciplinary order’s facts, findings, and violations. In today’s order, the Board censured both

  • FASB Proposes Tweaks to Revenue Recognition Standard

    Norwalk, Conn. (September 30, 2015) By Michael Cohn The Financial Accounting Standards Board has issued a proposed accounting standards update to improve the guidance on collectibility, noncash consideration, and completed contracts at transition in the new revenue recognition standard. The amendments in the proposed update would also provide a practical expedient for contract modifications at

  • Bank to Pay $1.5 Mn for Accounting Fraud

    September 29, 2015 By Daniel Hood The Securities and Exchange Commission announced that Trinity National Corp. and its wholly owned subsidiary, Los Alamos Bank, have agreed to pay $1.5 million to settle charges of accounting fraud. In its quarterly and annual filings with the SEC for 2010, 2011 and the first two quarters of 2012,

  • FASB moves to simplify business combination accounting

    By Ken Tysiac September 25, 2015 FASB issued new guidance Friday designed to simplify accounting for adjustments made to provisional amounts recognized in a business combination. The requirement to retrospectively account for those adjustments is eliminated by the amendments in Accounting Standards Update No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.

  • iIFRS -Nuevas traducciones al francés y español disponibles en línea

    24 September 2015 The IFRS Foundation is pleased to announce the publication of the following translations: French translation of the Exposure Draft Clarifications to IFRS 15, published by the IASB in English in July 2015. Comments to be received by 28 October 2015. This document can be accessed via the ‘Comment on a proposal’ webpage.

  • FASB PROPOSES IMPROVEMENTS TO MATERIALITY TO MAKE FINANCIAL STATEMENT DISCLOSURES MORE EFFECTIVE

    Norwalk, CT, September 24, 2015—The Financial Accounting Standards Board (FASB) today issued for public comment two exposure drafts related to its disclosure framework project. Stakeholders are encouraged to review and comment on both exposure drafts by December 8, 2015. The objective of the Disclosure Framework project is to improve the effectiveness of disclosures in notes

  • IASB Proposes Temporary Fix for Insurance Standard Conflict

    London (September 23, 2015) By Daniel Hood The International Accounting Standards Board proposed temporary measures to address worries over conflicts between a standard that has been issued, and another that isn’t due for a year. The concerns center around challenges that might arise in the implementation of IFRS 9, Financial Instruments, which was issued last

  • Auditor Changes in 2014 Matched 2013

    Sutton, Mass. (September 22, 2015) By Michael Cohn Approximately 1,100 public companies changed their audit firms in 2014, a number approximately the same as in 2013, although one company managed to change its audit firm three times last year while another changed its audit firm for the first time since 1890. The research firm Audit

  • PwC Outlines Differences Between U.S. GAAP and IFRS

    By Michael Cohn September 21, 2015 PricewaterhouseCoopers has released a useful report demonstrating the many differences that remain between U.S. GAAP and International Financial Reporting Standards. Despite more than a decade of work on converging the two sets of accounting standards, they are still far apart in many respects. When the Securities and Exchange Commission’s

  • IASB Chairman speech: impairment requirement will result in fundamental change

    15 September 2015 Speaking today at a conference in London, Hans Hoogervorst, Chairman of the International Accounting Standards Board (IASB), said the forward-looking expected loss model in the new financial instruments Standard should provide investors with better insight on loan loss risks. The conference is the third annual event for financial services institutions organised jointly

  • Washington busca al funcionario mejor pagado de EEUU: 670.000 dólares al año

    Washington busca al funcionario mejor pagado de EEUU: 670.000 dólares al año

    Se encargará de dirigir la entidad que vigila a las auditoras   La carrera para cubrir uno de los puestos mejor pagados de la administración estadounidense ha comenzado en la capital de Estados Unidos, Washington D.C. Al menos tres candidatos están ya situados en la línea de salida, cuya meta es la dirección del Public