FINRA's BrokerCheck

Audit & Assurance

Tuesday, 23 July 2019

Eye on stock repurchases

Written by Thomson Reuters

Stock repurchases have skyrocketed in recent years, fueled, in part, by cash flow generated by the Tax Cuts and Jobs Act (TCJA) and the availability of inexpensive debt capital. So-called “buybacks” have become a political hot button, and some lawmakers want to enhance the information companies provide to shareholders about these transactions. A troublesome trend Share repurchases by companies have shot up over the last decade. The total value of share repurchases by companies surged to a record $806...

Tuesday, 23 July 2019

Public companies: Is it time to update the MD&A requirements?

Written by Thomson Reuters

The U.S. Securities and Exchange Commission (SEC) is planning to issue a proposal by April 2020 that would “modernize and simplify disclosure rules” regarding management’s discussion and analysis (MD&A) of financial condition and results of operations. Here’s what we know so far...

Tuesday, 23 July 2019

FASB extends simplified alternatives for goodwill to not-for-profits

Written by Thomson Reuters

On May 30, the Financial Accounting Standards Board (FASB) issued an accounting standard that enables not-for-profit organizations to use the easier, less costly methods available to private companies for reporting goodwill and certain identifiable intangible assets. The latest FASB update is effective immediately. It’s designed to give donors and other users of nonprofits’ financial reports more comparable information about how certain types of acquired intangible assets fared in the long run following a merger and acquisition (M&A) transaction. Reporting goodwill and other intangibles In an M&A, goodwill is one of the intangible assets that are acquired...

Thursday, 06 June 2019

Global financial reporting: Focusing on comparability over convergence

Written by Thomson Reuters

The global financial reporting project is alive and well, according to Russell Golden, Chairman of the Financial Accounting Standards Board (FASB). Despite rumors that the FASB and the International Accounting Standards Board (IASB) are at odds, Russell sets the record straight: The boards are expected to continue progress toward improved, aligned financial reporting solutions. Collaborative process “We are in constant contact with IASB members and staff about projects on their research agenda,” Golden said at the 18th Annual Financial Reporting Conference in May. “And we each share our research activities to see if we can continue progress toward improved, aligned solutions...

Thursday, 06 June 2019

Public companies: Are you ready for the new inline XBRL requirements?

Written by Thomson Reuters

The Securities and Exchange Commission (SEC) adopted a rule in June 2018 to require public companies to embed interactive data tags directly into their financial statements using a process called the inline eXtensible Business Reporting Language (XBRL). Here are some benefits on inline XBRL and impending implementation deadlines for public companies of various sizes. Automating financial analysis The SEC adopted inline XBRL in Release No. 33-10514, Inline XBRL Filing of Tagged Data, in part to solve the problem of tagging errors stemming from the current two-step process requirement to submit XBRL data as separate exhibits to financial statements...

Thursday, 06 June 2019

Providing more detailed information about expenses

Written by Thomson Reuters

Ideally, investors should be able to get sufficient information about a company’s future cash flows by looking at the income statement. But they currently don’t because expense information is too densely reported, according to recent discussions by the Financial Accounting Standards Board (FASB). Here’s an update on an ongoing FASB project that aims to make the income statement more useful to those who read it. Status update The FASB’s financial performance reporting project would require more details to be provided in line items on the income statement...

Wednesday, 27 March 2019

Close-up on materiality

Written by Thomson Reuters

The Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) has been discussing options to amend its definition of the term “materiality.” In May, the ASB plans to vote on issuing an exposure draft of the updated guidance. Here’s what’s currently on the table. Existing auditing standards Under current U...

Wednesday, 27 March 2019

Say-on-pay rule: Study shows shareholder votes may not matter

Written by Thomson Reuters

How does your company’s executive compensation plan measure up? A recent study found that CEO compensation at large public companies has continued to increase despite the “say-on-pay” rule that went into effect in 2011. Here’s more information on this rule and key findings from the 2018 Equilar CEO Pay Trends report. Soliciting feedback Following the financial crisis of 2008, the Dodd-Frank Act required public companies to provide investors a “say on pay...

Wednesday, 27 March 2019

Exploring segment reporting alternatives

Written by Thomson Reuters

In February, the Financial Accounting Standards Board (FASB) discussed its ongoing project to improve how companies provide information around business segments. It doesn’t appear that a proposal will be issued anytime soon. Instead, the FASB plans to reach out to more investors on what segment data they’d like to see disclosed. Segment reporting guidance The FASB has spent months on outreach related to potential tweaks to FASB Accounting Standards Codification (ASC) Topic 280, Segment Reporting...

Tuesday, 05 March 2019

How XBRL benefits companies, large and small

Written by Thomson Reuters

Investors and accounting professionals have warned the Securities and Exchange Commission (SEC) against exempting small companies from the requirement to add interactive data to their financial statements using eXtensible Business Reporting Language (XBRL). They believe that using XBRL in financial reporting helps investors analyze performance more efficiently and compare results across industries. XBRL timeline XBRL is an interactive data format that allows financial statement information to be downloaded directly into spreadsheets, analyzed in a variety of ways using commercial off-the-shelf software and used within investment models in other software formats. The use of standardized interactive data makes financial information easier for investors to analyze and assists in automating regulatory filings and business information processing...

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