In Brief For many companies, an audit is a necessary part of business operations. For others, however, it is not, and such businesses are increasingly…
There are several points in a business's life cycle that represent increased risk. One prime example is the buying or selling of all or part…
In a May 2015 decision, the U.S. Supreme Court held that a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) who is…
The New Revenue Recognition Standard
An Illustration of the Implications for ‘Ordinary’ Companies
In Brief After a long period of deliberation and revision, FASB’s new guidance on revenue recognition will soon be a reality for businesses and their…
A Refresher on Accounting for Leases
A Detailed Example under the Proposed Guidance
In Brief FASB’s long-debated exposure draft of a new standard on accounting for leases has raised the possibility that almost all leases will need to…
The Terminology of Going Concern Standards
How Subtle Differences in Wording Can Have a Big Impact
In Brief Can slight differences in the wording of going concern standards affect the extent of audit tests performed and the decisions that auditors make?…
“The only function of economic forecasting is to make astrology look respectable.” —John Kenneth Galbraith “Economists are about as useful as astrologers in predicting the…