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Audit & Assurance

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...

Tuesday, 05 March 2019

Best practices for audit committees

Written by Thomson Reuters

In January 2019, the board of the International Organization of Securities Commissions (IOSCO) published a report intended to promote audit quality. It outlines best practices for audit committees. Although external auditors have primary responsibility for audit quality, the audit committee plays an important oversight role in the financial reporting process. Role of the audit committee Audit committees act as gatekeepers over financial reporting...

Wednesday, 14 November 2018

Narrow scope project reflects changing distribution methods

Written by Thomson Reuters

On October 10, the Financial Accounting Standards Board (FASB) agreed to release for public comment a proposal from its Emerging Issues Task Force (EITF) to align the accounting for the production costs of TV shows with that for the costs of movies. The difference in the accounting for the costs of the two forms of content is based on guidance developed in the 1990s, when television shows primarily made money from being syndicated in reruns. The EITF says that that guidance is less relevant in an era of streaming content on the Internet.  What’s changing?..

Wednesday, 14 November 2018

Are you ready for the changes to the auditor’s report?

Written by Thomson Reuters

The Securities and Exchange Commission (SEC) will soon require auditors to issue expanded reports for public companies. Large accelerated filers will see changes to their auditor’s report for fiscal year 2019. Smaller publicly traded entities will have to wait an extra year. Although private companies aren’t subject to the SEC requirements, some larger ones might ask their auditors to voluntarily issue an updated auditor’s report for fiscal year 2019 or 2020, in case they decide to go public or merge with a public company in the future...

Monday, 01 October 2018

Why auditors require face-to-face meetings to assess fraud risks

Written by Thomson Reuters

Auditing standards require auditors to identify and assess the risks of material misstatement due to fraud and to determine overall and specific responses to those risks. Here’s what auditors look for during fraud-risk interviews and why face-to-face meetings are essential.  Fraud inquiries The AICPA requires auditors to identify and assess the risks of material misstatement due to fraud and to determine overall and specific responses to those risks under Clarified Statement on Auditing Standards (AU-C) Section 240, Consideration of Fraud in a Financial Statement Audit. Specific areas of inquiry under AU-C Sec...

Tuesday, 04 September 2018

Loan losses: It’s time to sync the FASB and SEC guidance

Written by Thomson Reuters

In August, Securities and Exchange Commission (SEC) officials announced plans to update the interpretive guidance for estimating loan loss allowances to reflect the updated credit loss standard. The accounting standard goes into effect in 2020 for public financial institutions.   Changes under U.S...

Tuesday, 04 September 2018

Loan losses: It’s time to sync the FASB and SEC guidance

Written by Thomson Reuters

In August, Securities and Exchange Commission (SEC) officials announced plans to update the interpretive guidance for estimating loan loss allowances to reflect the updated credit loss standard. The accounting standard goes into effect in 2020 for public financial institutions.   Changes under U.S...

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