A&A news October 2013

A&A

Standard on Auditing Revenue May Be in PCAOB's Future

A member of the Public Company Accounting Oversight Board (PCAOB) said during a conference on October 25 that setting a standard for auditing revenue will likely be on the PCAOB's radar in the months ahead.
A&A

Called to Account: Preparing for Upcoming FASB Changes to Lease Accounting and Reporting

With the news that the FASB – in conjunction with the IASB – intends to formally move forward with plans that will fundamentally alter the way that leases are accounted for on financial statements, businesses are recognizing they will need to adapt.
A&A

SEC to Propose Crowdfunding Rules under JOBS Act

The US Securities and Exchange Commission (SEC) voted unanimously October 23 to propose rules under the Jumpstart Our Business Startups (JOBS) Act that will enable companies to offer and sell securities through crowdfunding.
A&A

PCAOB Issues Alert No. 11 on Internal Control Audit Deficiencies

A staff audit practice alert issued by the PCAOB on October 24 let auditors know about a large number of audit deficiencies the PCAOB has seen in the last three years related to audits of internal control over financial reporting.
A&A

Bill Balhoff Has Been Elected Chairman of AICPA

William E. Balhoff is the new chairman of the Board of Directors of the American Institute of CPAs (AICPA), the world's largest member organization representing the accounting profession.
A&A

PCAOB Levies $2 Million Fine against Deloitte for Violation

Deloitte & Touche LLP was fined $2 million by the PCAOB on October 22 for permitting a former partner to perform activities as an "associated person" that were prohibited while he was subject to a PCAOB suspension order.
A&A

Anti-Fraud Collaboration Report: Expectation Gaps Exist within Financial Reporting

A recent report revealed that financial executives, internal auditors, external auditors, and board/audit committee members differ as to who is responsible for detecting and preventing financial statement fraud.
A&A

IFAC Report Highlights Five Guiding Principles of the CFO

A new report from the International Federation of Accountants (IFAC) highlights what professional accountants need to do to prepare for a finance leadership role.
A&A

Former US Senator and Florida Governor Bob Graham Receives AICPA Medal of Honor

The AICPA announced Bob Graham, former US Senator and former Florida Governor, as the recipient of the AICPA Medal of Honor. Graham was presented the award by AICPA Chairman Richard Caturano, CPA, CGMA.
A&A

FASB Offers Q&A Fact Sheet on Disclosure Framework

In an effort to clarify the facts about the FASB Disclosure Framework project, the standard-setting organization has created a questions-and-answers fact sheet about the initiative.
A&A

PCAOB Adopts Broker-Dealer Attest and Audit Standards

The Public Company Accounting Oversight Board (PCAOB) on October 10 approved two attestation standards and an auditing standard pertaining to audits of brokers and dealers.
A&A

Whistleblowers Need Encouragement, Not Roadblocks

The Dodd-Frank Act expanded existing whistleblower programs, providing cash rewards for significant information given to the SEC. Despite these efforts to stimulate whistleblowing, companies are putting limits on how much (or how little) their employees can report fraud.
A&A

PAOs Play a Key Role in Global Development

When professional accountancy organizations function properly, they hold the power to support the production of high-quality financial information, contributing to public- and private-sector development, economic growth, and the aid-effectiveness agenda.
A&A

Public Company Boards Skeptical of PCAOB Auditor's Report Proposal

Almost half of public company board members surveyed do not think the PCAOB's proposed changes to enhance the auditor's reporting model will improve its usefulness, according to a new survey from BDO USA, LLP.
A&A

CFO Survey: Finance Teams Have Firm Grasp of Regulations

A recent survey of more than 2,100 CFOs found that 73 percent of respondents classified their accounting and finance teams' regulatory and compliance knowledge as either "excellent" or "good."
A&A

GASB to Offer Webcasts of Public Board Meetings

On October 8, one week after launching a new updated website, the GASB said it will provide live video webcasting of its in-person public meetings, beginning with the October 30-31 meeting.
A&A

Attestation Standards for Broker-Dealer Audits on PCAOB Docket

The Public Company Accounting Oversight Board (PCAOB) is expected to discuss adopting attestation standards for auditors of broker-dealers during an open meeting October 10.
A&A

Differences between IFRS and CGAAP Values Widespread and Significant

A new report by the Certified General Accountants Association of Canada (CGA-Canada) reveals that the adoption of International Financial Reporting Standards (IFRS) has had a noticeable impact on the financial statements of Canadian-listed companies.
A&A

SASB to Launch Corporate Sustainability Pilot Initiative

The Sustainability Accounting Standards Board (SASB) is developing a corporate pilot program that will help US public companies use SASB standards to disclose material environmental, social, and governance issues in their annual filings to the SEC.
A&A

GASB Launches New User-Friendly Website

The GASB launched an updated website on September 30 that features more user-friendly navigation and "plain English" resources that provide information on accounting and financial reporting issues for state and local governments.

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