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Audit & Assurance

Tuesday, 03 September 2019

How strong are your company’s internal controls?

Written by Thomson Reuters

A solid system of internal controls translates into more reliable financial reporting and can help companies prevent, detect and correct financial misstatements. In contrast, weak controls can result in costly errors — and even fraud. Internal controls have become a hot button in the 21st century. If your company seems to be putting more hours into evaluating its control systems, it’s not alone...

Tuesday, 03 September 2019

Accounting for acquired goodwill

Written by Thomson Reuters

Goodwill is an acquired intangible asset that can affect earnings if it declines in value. The Financial Accounting Standards Board (FASB) is soliciting feedback on this topic as it considers whether to change the subsequent accounting of goodwill and other acquired intangible assets for public companies. The International Accounting Standards Board (IASB) also is considering improving the disclosures for goodwill, but it wants to keep the same reporting rules. Here are the details...

Tuesday, 03 September 2019

Coming soon: Proposal to improve audit procedures for accounting estimates

Written by Thomson Reuters

In July, the AICPA’s Auditing Standards Board (ASB) unanimously voted to propose revisions to the audit standards on the use of accounting estimates. The ASB wants to improve the standards because financial statements increasingly contain estimates that are difficult to measure and verify. Here’s how and when estimates are used in financial reporting — and why the ASB is revising its standards. Using estimates Accounting estimates may be based on subjective or objective information (or both) and involve some level of measurement uncertainty...

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...

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