Mondaq USA: Accounting and Audit
Morgan Lewis
The SEC recently approved the PCAOB’s proposed standards and amendments to establish auditing and attestation standards applicable to audits of brokers and dealers registered with the SEC.
Morgan Lewis
Two private sector organizations recently announced cooperative efforts that will likely influence the nature of disclosures by public companies that are regarded as best practices.
Morgan Lewis
Recently, the FASB tentatively decided to require disclosure regarding a substantial doubt about an entity’s ability to continue as a going concern.
Morgan Lewis
Jay D. Hanson, a member of the PCAOB board, said that he believes the PCAOB should clarify descriptions of inspection deficiencies.
Morgan Lewis
A recent SEC action is a warning to audit committees to take action in response to recommendations relating to evidence of potential accounting fraud.
Cadwalader, Wickersham & Taft LLP
In the wake of Mary Jo White’s appointment as the new Chair of the Securities and Exchange Commission, the SEC’s Division of Enforcement has sought to aggressively investigate alleged accounting violations.
Morgan Lewis
A question included in a recently issued FASB exposure draft could result in the FASB considering additional disclosures about potential and existing litigation ..
Morgan Lewis
The FASB recently endorsed an accounting alternative within U.S. GAAP that will allow private companies to not apply variable interest entity (VIE) accounting requirements for common control leasing arrangements when certain conditions are met.
McDermott Will & Emery
Once a business attains a certain level of success, an aircraft often becomes a valued asset.
Morgan Lewis
Paul Beswick, the SEC’s Chief Accountant, discussed the role of audit committees at the recent SEC Speaks program titled "Audit Committees: Back to Basics."
Morgan Lewis
At a recent meeting, the FASB decided to limit the scope of its proposed Accounting Standards Update to insurance companies only, rather than having the insurance contracts project include all entities that issue insurance contracts.
Morgan Lewis
The U.S. Supreme Court recently granted certiorari to review the Sixth Circuit’s decision in Omnicare, Inc. v. Laborers District Council, a case brought under section 11 of the Securities Act.
Reinhart Boerner Van Deuren S.C.
When US District Judge Anita Brody rejected the proposed settlement of the National Football League players concussion class action lawsuit in January, she did so because there was an insufficient record in front of her regarding the potential future claims in comparison to the size of the settlement fund being established.
Morgan Lewis
The SEC recently issued an order approving the PCAOB’s budget for 2014 and expressing support for the PCAOB’s near-term priority projects as articulated in the PCAOB’s five-year strategic plan.
Morgan Lewis
Recent statements and actions by the SEC suggest that it may revive its consideration of whether US companies should be required to prepare financial statements in accordance with IFRS.
Morgan Lewis
A recent district court decision suggests that disclosure about an uncertainty under Item 303 of Regulation S-K may not be required when a company concludes that assertion of a claim relating to the uncertainty is not considered to be probable.
Morgan Lewis
Margaret McGuire, Vice Chair of the SEC’s Financial Reporting and Audit Task Force, recently offered insight into the purpose and goals of the Task Force. Speaking at a D.C. Bar event on February 11, McGuire indicated that the Task Force was established in an effort to ensure that the SEC is doing everything it can to detect and investigate financial fraud issues as early as possible.
Morgan Lewis
A new ruling has been issued in the MD&A case that we discussed in our February 3 post.
Cadwalader, Wickersham & Taft LLP
The alleged failure to comply with U.S. Securities and Exchange Commission requests under Section 106 of Sarbanes-Oxley has led to an unprecedented six-month ban for the China affiliates of the Big Four — Ernst & Young, KPMG, Deloitte & Touche and PricewaterhouseCoopers — and a censure for a China affiliate of a fifth firm, BDO International.
Morgan Lewis
A frequent area for SEC staff comment involves the way in which a company reports its segments in its financial statements filed with the SEC.
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A recent SEC action is a warning to audit committees to take action in response to recommendations relating to evidence of potential accounting fraud.
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Morgan Lewis
Paul Beswick, the SEC’s Chief Accountant, discussed the role of audit committees at the recent SEC Speaks program titled "Audit Committees: Back to Basics."
Morgan Lewis
Recent statements and actions by the SEC suggest that it may revive its consideration of whether US companies should be required to prepare financial statements in accordance with IFRS.
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