KPMG LLP has agreed to shell out $8.2 million to settle charges from the US Securities and Exchange Commission, which found that the Big Four firm violated auditor independence rules by providing certain nonaudit services, such as bookkeeping, to affiliates of companies whose books KPMG was auditing.
The fifth installment in this series looks at how investments, fair value accounting, and derivatives differ within US GAAP and the American Institute of CPAs "Financial Reporting Framework for Small- and Medium-Sized Entities."
The Financial Accounting Foundation announced on January 21 that is has updated the four-volume print edition of the Financial Accounting Standards Board "Accounting Standards Codification" – recognized as the authoritative source of US GAAP for public and private companies and not-for-profit organizations.
The Financial Accounting Standards Board (FASB) on January 16 issued updates for two accounting standards – one on goodwill and the other on interest rate swaps – both of which FASB Chairman Russell Golden said address issues that “private company stakeholders have told us are priorities.”
To continue laying the foundation of principles for commonly used financial reporting frameworks, this article presents how key issues differ within US GAAP and the American Institute of CPAs "Financial Reporting Framework for Small- and Medium-Sized Entities."
The FASB announced it has published a final version of the 2014 US GAAP taxonomy to be used for reporting in eXtensible Business Reporting Language (XBRL), such as for purposes of XBRL reporting requirements under the SEC's rules.
In today's increasingly litigious society, there's certainly no shortage of lawsuits or the lawyers needed to negotiate those proceedings. There's a new player emerging as an indispensable part of many attorneys' legal teams: the forensic accountant.
This series focuses both on general audit requirements applicable to all financial reporting frameworks as well as specific requirements relevant to two special purpose frameworks – the income tax basis and the AICPA’s FRF for SMEs basis.
The FASB released the 2014 US GAAP Financial Reporting Taxonomy, which contains updates for accounting standards and other improvements to the current taxonomy used by US Securities and Exchange Commission issuers.
This series of articles by Larry Perry, CPA, will discuss special considerations concerning engagement acceptance, the planning and performance phase of this type of engagement, and determining an opinion and reporting on the audit.