Mondaq USA: Accounting and Audit
Shearman & Sterling LLP
On 17 November 2015, BIS published updated proposals to amend the Companies Act 2006.
Shearman & Sterling LLP
On February 1, 2016, the European Court of Auditors published a report on the role of ESMA as the single supervisor of Credit Rating Agencies in the European Union.
Brown Smith Wallace
On March 30, the Financial Accounting Standards Board (FASB) published an updated standard to simplify some provisions in share-based compensation accounting.
Brown Smith Wallace
This May marks the second anniversary of the publication of the landmark revenue recognition standard.
Morrison & Foerster LLP
On May 9, 2016, the Securities and Exchange Commission issued an order approving the proposal of the Public Company Accounting Oversight Board to adopt new rules...
Butler Snow LLP
The most recent " Summary of FASB Developments" prepared by Randy McClanahan for the Spring Meeting of the ABA Business Law Section Law and Accounting Committee.
On April 5, the PCAOB issued a report regarding compliance with Auditing Standard No. 16, Communications with Audit Committees (AS No. 16), based on its inspections of issuer audits during its 2014 inspection cycle.
Brown Smith Wallace
In 2014, the Financial Accounting Standards Board (FASB) published four reporting alternatives to simplify U.S. Generally Accepted Accounting Principles (GAAP) for private companies.
Grant Thornton LLP
ASU 2016-03, Effective Date and Transition Guidance – a consensus of the Private Company Council, amends all existing Private Company Council (PCC) alternatives...
Grant Thornton LLP
The guidance in ASU 2016-01 is effective for "public business entities," as defined, for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.
Grant Thornton LLP
Incorporating data analytics into the internal audit function makes tremendous sense given the increased regulation on businesses, especially in banking, health care, insurance and financial services organizations.
Judging by the frequency of recent news reports and SEC staff speeches focused on non-GAAP financial measures, audit committees may be well served to take a fresh look at the non-GAAP measures reported by their companies.
Consistent with its current focus on internal control over financial reporting (ICFR), the Securities and Exchange Commission recently sanctioned a company and individuals for failing to adequately evaluate and audit the company's ICFR.
Grant Thornton LLP
On February 25, the FASB released ASU 2016-02, Leases, completing its project to overhaul lease accounting. The ASU codifies ASC 842, Leases, which will replace the guidance in ASC 840.
Ropes & Gray LLP
New updates to accounting standards issued by the Financial Accounting Standards Board ("FASB") on February 25, 2016 and by the International Accounting Standards Board ("IASB") on January 13, 2016 will dramatically change financial reporting with respect to leasing transactions.
Brown Smith Wallace
On February 25, the Financial Accounting Standards Board (FASB) published its long-awaited standard on lease accounting.
Ostrow Reisin Berk & Abrams
Accounts receivable is often one of the biggest assets on a manufacturer's balance sheet.
The Brattle Group, Inc.
Brattle Principal Adoria Lim and Associate Chi Cheng have authored an article for Law360 on the ongoing changes in the U.S. accounting standards initiated by the FASB and their impact on litigation.
In May 7 remarks at Baruch College, SEC Chief Accountant James Schnurr appeared to acknowledge what many have expected for some time—it is unlikely the SEC will mandate the incorporation of IFRS into US accounting standards.
As part of its annual budget process for 2016, the Public Company Accounting Oversight Board reviewed the priorities set forth in its 2015-2019 Strategic Plan.
Most Popular Recent Articles
Ropes & Gray LLP
With New Year's behind us and roughly four and a half months to go until the calendar 2015 conflict minerals filings are due, many companies are ramping up their compliance efforts in earnest.
Holland & Knight
Several recent developments have taken place related to the Health Insurance Portability and Accountability Act (HIPAA) privacy and security compliance requirements, and enforcement is increasing.
TMF Group
Global expansion is high in the agenda for many US companies but along with new opportunities it also brings tax and accounting challenges.
Brown Smith Wallace
The IRS has issued its annual Data Book for fiscal year (FY) 2015, which provides statistical information on activities such as examinations and collections conducted by the IRS from October 1, 2014 to September 30, 2015.
Herrick, Feinstein LLP
SEC Chair Mary Jo White has recently stated the Commission's growing concern regarding the use of non-GAAP measures in financial reporting.
Withers LLP
In April 2016, the SEC issued a concept release soliciting public comments on modernizing and improving certain business and financial disclosure requirements under Regulation S-K...
Shearman & Sterling LLP
Currently, companies are generally permitted to use profit figures that reflect adjustments to profit measures calculated and presented in accordance with US generally accepted accounting principles...
Scott & Scott LLP
Most companies licensing software under SPLA simply do not keep records regarding their usage quantities for past months.
Morrison & Foerster LLP
On May 5, 2016, SEC Deputy Chief Accountant Wesley Bricker and the SEC Division of Corporation Finance's Chief Accountant Mark Kronforst spoke at the 2016 Baruch College Financial Reporting Conference.
McDermott Will & Emery
The US Department of Health and Human Services Office for Civil Rights (OCR) will soon begin a second phase of audits for compliance with HIPAA privacy, security and breach notification standards as required by the HITECH Act.
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