Mondaq USA: Accounting and Audit
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.
WilmerHale
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.
WilmerHale
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.
WilmerHale
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.
WilmerHale
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.
WilmerHale
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.
Ostrow Reisin Berk & Abrams
Nearly every manufacturer leases equipment or real estate. For decades, companies were not required to report many lease-related assets and liabilities on their balance sheet
Brown Smith Wallace
If you use QuickBooks for your small business's accounting, you might be missing out on some valuable features.
Foley Hoag LLP
The recent Bipartisan Budget Act of 2015 (the "Act") sets forth a new tax audit regime for partnerships (and limited liability companies taxed as partnerships) that will have far-reaching consequences.
Grant Thornton LLP
The FASB recently issued a proposed ASU, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost...
Grant Thornton LLP
The 2015 AICPA Conference on Current SEC and PCAOB Developments, held in Washington, D.C., December 9–11, featured representatives from the SEC, PCAOB, FASB, IASB, and AICPA...
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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.
Day Pitney LLP
Yesterday, the U.S. Department of Health and Human Services' (HHS) Office for Civil Rights (OCR) launched the resumption of long-awaited Health Insurance Portability and Accountability Act of 1996 (HIPAA) compliance audits.
Fox Rothschild LLP
On March 21, 2016, the Office of Civil Rights ("OCR") announced it will launch a second round of HIPAA audits during 2016.
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.
Akin Gump Strauss Hauer & Feld LLP
The HITECH Act requires OCR to perform periodic audits of both covered entities and their business associates for compliance with the Privacy, Security, and Breach Notification Rules adopted under HIPAA...
WilmerHale
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.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
On March 21st, the HHS Office for Civil Rights ("OCR") officially launched Phase 2 of the HIPAA Audit Program.
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.
Fenwick & West LLP
Financial reporting and accounting fraud reemerged as a key priority of the SEC Enforcement Division during 2015.
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.
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