The inspection process is a critical part of any audit firm's accounting and auditing quality control (QC) system. The lack of precise guidance in the…
Brown began the panel by talking about the PCAOB's current status and objectives following the installment of an entirely new board by the SEC at…
CPAJ News Briefs
FASB/PCAOB News
FASB News Final Version of Amended Debt Classification Guidance Approved At its August 22 meeting, FASB agreed to publish a final version of its amended…
Much has changed since the PCAOB began its inspection program in 2004. In just the last 10 years, the number of auditing firms registered with…
CPAJ News Briefs
FASB/PCAOB/IASB News
FASB News Effective Date for Insurance Accounting Amendments still 2021 Despite the complaints of U.S. insurance companies that they will not be ready to meet…
Financial Reporting: Entering Uncharted Waters
Highlights from the 17th Annual Baruch College Financial Reporting Conference
The 17th Annual Financial Reporting Conference, hosted by Baruch College this past May 3, once again brought together regulators, standards setters, preparers, auditors, and users…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
CPAJ News Briefs
FASB/IASB/PCAOB
FASB News Proposed Amendments for Collaborative Arrangements Leave Many Questions Unanswered Some financial reporting professionals doubt that a recent FASB proposal will solve the accounting…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
CPAJ News Briefs
FASB/PCAOB News
FASB News Disclosure Framework Slated for September Publication FASB’s planned concepts statement aimed at improving how the board writes disclosure requirements for U.S. GAAP is…
As noted by the PCAOB in its Release 2017-001: “there are situations in which an auditor may be required by law or regulation, or voluntarily…
CPAJ News Briefs
FASB/IASB/PCAOB News
FASB News Meeting with Healthcare Professionals to Address Issues, Trends FASB is scheduled to meet with the Healthcare Financial Management Association’s Principles and Practices Board…
The June 2017 installment of this column covered “Reporting on Restatement Adjustments after an Auditor Change” (http://bit.ly/2pQMClB). This installment expands on that theme, providing guidance…
CPAJ News Briefs
FASB/IASB/PCAOB News
FASB News Simplified Transition Method to New Lease Standard Still Requires Extensive Effort As the 2019 public company effective date for FASB’s lease accounting standard…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Our article in the December 2017 issue of the Journal, “Alternative Dispute Resolution for Accounting and Related Services Disputes,” makes the following statement that needs to…
I was reading the December 2017 issue of The CPA Journal, and saw letters (“Continuing the Discussion on the Meaning of Fiduciary,” Vincent J. Love and…
CPAJ News Briefs
FASB/AICPA/PCAOB News
FASB News Proposal to Allow Greater Capitalization of Cloud Computing Costs FASB has released a proposed amendment to U.S. GAAP for public comment to clarify…
Auditors’ Increased Responsibilities Under the PCAOB’s New Audit Reporting Standards
Communicating Critical Audit Matters
In Brief For more than 70 years, the auditor's report has remained virtually the same, following a simple pass/fail template. Recent changes issued by the…
CPAJ News Briefs
FASB/IASB/PCAOB News
FASB News Lease Standard’s Technical Corrections Head to Final Status FASB has approved a slate of minor technical corrections to the lease accounting standard that…
CPAJ News Briefs
FASB/PCAOB News
FASB News Tax Law May Lead to Changes in U.S. GAAP At its upcoming meeting, FASB plans to discuss whether it needs to make a…
CPAJ News Briefs
FASB/PCAOB News
FASB News First Standards-Setting Meetings of New Year Scheduled FASB is scheduled to hold its first meeting of the new year on January 10. The…
Much has changed since the PCAOB began its inspection program in 2004. In just the last 10 years, the number of auditing firms registered with…
How Many Engagement Inspections Is Too Many?
Streamlining the Scope of Quality Control Inspections
The inspection process is a critical part of any audit firm's accounting and auditing quality control (QC) system. The lack of precise guidance in the…
Before I talk about the state of audit quality, I want to provide a quick snapshot of the PCAOB. The Sarbanes-Oxley Act [of 2002] was,…
The Changing Landscape of Financial Reporting
Taking Stock and Looking Forward
Wesley Bricker I think it is fitting to talk about the importance of our shared work in the public interest here at Baruch College, in…
Financial Reporting Faces Technological Change
FASB, IASB, and PCAOB News
FASB News Financial Reporting Faces Technological Change FASB and its Financial Accounting Standards Advisory Council (FASAC) are contemplating the future of financial reporting in a…
Companies Lag in Implementing Revenue Standard
FASB, IASB, and PCAOB News
FASB News Companies Lag in Implementing Revenue Standard Six months before they must comply with a sweeping standard for calculating revenues, many U.S. companies are…
On June 1, the PCAOB proposed an expansion of auditors’ responsibilities for examining clients’ use of accounting estimates. The board said additional guidance is necessary…