A&A news March 2013

A&A

FASB Extends Comment Deadline on Proposal for Accounting for Credit Losses

The FASB has extended the comment deadline for its proposal to improve financial reporting on expected credit losses on loans and other financial assets held by banks, financial institutions, and other organizations.
A&A

Cutting-Edge Case Study Zeroes in on Financial Reporting Fraud

In the fight against financial reporting fraud, members of the financial reporting supply chain have a new tool to advance their fraud deterrence and detection capabilities. The Anti-Fraud Collaboration has published the "Hollate Manufacturing Case Study" to raise awareness of environments in which fraud might flourish.
A&A

PCAOB Issues Proposal for Reorganizing Auditing Standards Topical Structure

On March 26, the Public Company Accounting Oversight Board (PCAOB) announced it is proposing a framework for reorganizing the existing interim and PCAOB-issued auditing standards into a topical structure with a single integrated numbering system.
A&A

FASB Issues FAQs on Proposal to Improve Accounting for Current Expected Credit Losses

On March 25, the Financial Accounting Standards Board (FASB) posted on its website a sixteen-page staff document that responds to frequently asked questions (FAQs) about its proposed Accounting Standards Update, Financial Instruments – Credit Losses (Subtopic 825-15).
A&A

Private Companies Grow; Strong Profit Margins for Accounting Firms

Private companies in the United States grew sales by approximately 9.7 percent in the period ended February 2013, about the same as in the period ended January 2013 and close to the 10.1 percent growth seen one year ago.
A&A

Internal Auditors Finding New Ways to Add Value in Expanded Role

Chief audit executives (CAEs) are working to expand their roles within their organizations, moving from their traditional focus on compliance to include suggesting ways to improve processes and providing insights that influence strategy, according to a Grant Thornton LLP survey.
A&A

PCAOB to Consider a Proposal for the Reorganization of Auditing Standards

The Public Company Accounting Oversight Board (PCAOB) has scheduled an open meeting for 9:30 a.m. on Tuesday, March 26, to consider issuing for public comment a proposal for the reorganization of PCAOB auditing standards.
A&A

New CAQ Guide Explains How Public Companies Manage Financial Reporting Risks

On March 21, 2013, the Center for Audit Quality (CAQ) released the "Guide to Internal Control Over Financial Reporting (ICFR)," a new publication for investors and the general public.
A&A

FASB Adds Three Implementation Guides to XBRL Series

The FASB recently added three Implementation Guides to the XBRL series, including two for the insurance industry. The guides are designed to help users of the US GAAP Financial Reporting Taxonomy understand how certain disclosures are structured within the Taxonomy.
A&A

Sales Numbers Up? Now's the Time to Reduce Risk of Credit Card Fraud

According to a March 13 report from the US Department of Commerce, retail sales increased 1.1 percent in February, to $421.4 billion, marking the biggest surge in the retail space since last September. Elevated sales numbers mean additional credit card transactions and, as a result, an increased risk for fraud.
A&A

FASB to Join IFRS Foundation's Accounting Standards Advisory Forum

The Financial Accounting Standards Board (FASB) will join the newly formed Accounting Standards Advisory Forum (ASAF), an advisory group that will help the International Accounting Standards Board (IASB) set international accounting standards, the Financial Accounting Foundation (FAF) announced.
A&A

Research Finds Internal Auditors Must Reach for New Heights or Risk Losing Relevance

On March 18, PricewaterhouseCooper's (PwC) released its "2013 State of the Internal Audit Profession Study." PwC surveyed 1,100 chief audit executives and more than 630 stakeholders worldwide for the company's ninth annual survey on the role of internal auditors.
A&A

New Report Shows Changing Fraud Environment

The latest Kroll "Global Fraud Report" shows the incidence and cost of fraud have decreased over the last year, yet fraud still remains an important issue for all companies around the world. And a DOJ suit against Standard & Poor's highlights the need for oversight of the credit rating industry.
A&A

Updated AICPA Not-for-Profit Audit Guide Available in Three Formats

The American Institute of CPAs (AICPA) announced the release of its updated Audit and Accounting Guide: Not-for-Profit Entities. It's available in three formats: e-book, online, and in paperback.
A&A

GASB Offers Governmental Accounting Research System Online Platform

The Governmental Accounting Standards Board (GASB) has launched a new Governmental Accounting Research SystemT (GARS) platform – GARS Online. Previously, GARS was available only on CD-ROM.
A&A

Three Tips for Getting a Business Loan: What Your Clients Need to Know

Applying for a business loan can be intimidating and stressful, and it can be confusing to have an application rejected with little explanation. There are steps company executives can take to avoid some of the possible confusion and to develop a more positive experience while applying for a business loan.
A&A

Restatements Fall Overall but Rise for Largest Companies

While the overall number of financial restatements by US public companies has decreased over the last four years, large company restatements have been on the rise, according to research conducted and published by Audit Analytics in the "2012 Financial Restatements: A Twelve Year Comparison" report.
A&A

FASB Appoints New Members to Its Task Force and Advisory Groups

On March 11, the Financial Accounting Standards Board (FASB) announced the appointment of new members to the Emerging Issues Task Force, the Investors Technical Advisory Committee, and the Not-for-Profit Advisory Committee.
A&A

PCAOB Report Says PwC Failed to Remedy Audit Shortcomings

The PCAOB last week released its quality-control criticisms of audits conducted by PricewaterhouseCoopers contained in the board's March 25, 2009, and August 12, 2010, inspection reports.
A&A

FAF Releases Updated Print Edition of FASB Accounting Standards Codification

On March 11, the Financial Accounting Foundation (FAF) released its latest version of the print edition of the Financial Accounting Standard Board's (FASB) "Accounting Standards Codification."

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