CPAJ News Briefs
FASB News FASB Weighs Linkage of Debt Arrangements At its March 20 meeting, FASB continued to discuss its proposal to simplify the classification of debt on the balance sheet, which will enable...
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Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is a quick-reference guide to the most...
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FASB News Search Underway for New FASB and GASB Chairs The Financial Accounting Foundation (FAF) said it has launched a search to replace FASB Chairman Russell Golden and GASB Chairman David Vaudt,...
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FASB News Income Tax Accounting Rules May Be Simplified FASB may simplify income tax accounting rules—one of the more complex topics in financial reporting—in targeted areas, according to its latest...
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FASB News CPAs, Companies Pushing for Accounting and Disclosure Rules for Cryptocurrencies U.S. GAAP does not have specific guidance on how to account for and disclose cryptocurrencies, and as a...
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FASB News Three New Members Appointed to EITF FASB has added three new members to its Emerging Issues Task Force (EITF). The board said on June 12 that it has appointed Liesl Nebel, financial...
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FASB News Chief Accountants: Proposed Revisions to Income Tax Disclosure Rules Too Costly to Prepare Chief accountants and controllers from some of the nation’s largest companies have told FASB that it...
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“The PCAOB as Third-party Payer”
I enjoyed Michael Doron’s article in the February CPA Journal (“The PCAOB as Third-party Payer”). The PCAOB as a third-party payer is—as the article correctly puts it—an idea whose time has come. This...
View ArticleTax & Accounting Update
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is a quick-reference guide to the most...
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FASB News Simplifications to Share-based Payments and Debt Accounting Considered Standards setters plan to tweak narrow areas of the stock compensation and debt accounting guidance, according to an...
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IASB News Joint Discussion on Future of Financial Reporting IASB Chairman Hans Hoogervorst and FASB Chairman Russell Golden will participate in a panel discussion, being held jointly by the IFRS...
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Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is a quick-reference guide to the most...
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FASB News FASB Proposes Historic Change to Effective Dates Philosophy FASB has proposed a change to its philosophy for establishing effective dates for major new accounting standards, a significant...
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AICPA News AICPA Updates Interpretive Guidance for PCAOB’s Critical Audit Matters On October 23, the AICPA said it has updated interpretive guidance related to the PCAOB’s new critical audit matters...
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FASB News Golden Says Next Wave of Questions on Revenue Recognition Is Coming FASB Chairman Russell Golden has said the board is bracing for another wave of questions from companies on revenue...
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PCAOB News PCAOB to Vote on Concept Release on Quality Control Standards On December 17, the PCAOB will consider publishing a concept release to solicit comments on ways to improve audit firm quality...
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PCAOB News Initial Observations of Critical Audit Matters Auditors of large public companies this year have begun including critical audit matters (CAM) in their audit reports as required by the PCAOB,...
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FASB News FASB Issues New Rules to Simplify and Reduce Cost of Accounting for Income Taxes U.S. accounting rulemakers have issued a new accounting standard that simplifies income tax accounting...
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Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is a quick-reference guide to the most...
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FASB News Firms Ask FASB to Clarify Accounting Rules for Sale and Leaseback Transactions Six accounting firms, including the Big Four, have asked FASB to clarify two aspects of new lease accounting...
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Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is a quick-reference guide to the most...
View ArticleEnsuring Integrity: A New Strategic Vision for Improving Audit Quality
The 14th Annual Audit Conference, hosted by Baruch College on December 3, 2019, once again brought together auditors, regulators, standards setters, and preparers to discuss current topics in auditing....
View ArticleKeynote Address: William D. Duhnke III
Currently, the PCAOB is in the middle of a significant change. As many of you know, I joined the PCAOB just under two years ago. When I joined, the SEC had just decided to reconstitute the entire...
View ArticleCPAJ News Briefs: PCAOB, FASB, GASB News
PCAOB News SEC, PCAOB Discuss Coronavirus Impact with Big Four Audit Firms During discussions over the past two weeks with Big Four audit firms, SEC and PCAOB officials addressed the exposure of...
View ArticleReforming the Auditing Profession
In Brief Independent audits of public company financial statements are a cornerstone of the global financial system. Recent events, however, demonstrate that these audits are not up to the task of...
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ICYMI | The PCAOB as Third-party Payer
The idea of introducing a third-party payer into the auditor-client relationship has received some attention from regulators, academics, and accounting firms in recent years. Years ago, both the PCAOB...
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ICYMI | The Importance of Audit Partners’ Background
Public company audit partners are trusted as watchdogs of the capital markets. A forthcoming study by the authors of this article finds that audit partners’ gender, education, and social connections...
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FASB News Goodwill Impairments Expected to Spike in 2020 Companies will likely report more goodwill impairments than they might have planned for the first quarter of 2020 because the coronavirus...
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FASB News Healthcare Accountants: Coronavirus Came at Pivotal Reporting Period The coronavirus (COVID-19) pandemic coincided with the most significant reporting and tax season of the year for the...
View ArticleCPAJ News Briefs: FASB, GASB, PCAOB News
FASB News Private Companies Seeking Clarity around Coronavirus-Related Disclosure Requirements Private companies are seeking FASB or AICPA interpretative guidelines on the appropriate level of...
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