Category: Accounting and Auditing
SEC’s Investor Advisory Committee takes on FASB
by Cydney Posner At Thursday’s meeting of the SEC’s Investor Advisory Committee, the Committee approved the submission of a comment letter urging FASB to reconsider its proposal to make changes to the concept of “materiality” embodied in FASB’s Conceptual Framework for Financial Reporting and FASB’s guidance on Notes to Financial […]
PCAOB adopts rule requiring audit engagement partners to be named on new Form AP
by Cydney Posner At an open meeting this morning, the PCAOB voted to adopt new rules requiring audit firms to disclose, on new PCAOB Form AP — Auditor Reporting of Certain Audit Participants, the name of the audit engagement partner. The form will also disclose the names, locations and extent […]
SEC Chair and staff presentations at AICPA National Conference
by Cydney Posner SEC Chair Mary Jo White and a cast of thousands from the SEC’s Office of the Chief Accountant delivered remarks yesterday before the 2015 AICPA National Conference on Current SEC and PCAOB Developments. Summarized below are some of the key themes of their speeches:
Two tips for audit committees
by Cydney Posner It’s getting to be that time of year when visions of sugarplums may dance in your head — alongside more mundane thoughts and concerns about financial statements, audits, audit committees and year-end reporting that just might disturb your otherwise pleasant holiday season. With that in mind, this column in […]
Will clawbacks have an unintended consequence?
by Cydney Posner A recent study, “Why Do Restatements Decrease in a Clawback Environment? An Investigation into Financial Reporting Executives’ Decision-Making during the Restatement Process,” shows that clawbacks may have unintended consequences. The study, conducted by an academic at Miami University of Ohio and published in The Accounting Review, showed […]
Are companies making progress in preparing for the new revenue recognition standard?
by Cydney Posner As former Corp Fin Director John White observed during the PLI Securities Regulation Institute last week, the new revenue recognition standard will represent a massive change for many companies. Perhaps with that in mind, SEC Chief Accountant James Schnurr, in an October speech before the UCI Audit Committee […]
SEC Chief Accountant advises on audit committee responsibilities
by Cydney Posner In remarks before the UCI Audit Committee Summit at the end of October, SEC Chief Accountant James Schnurr addressed the importance of the oversight role that audit committees play, providing specific advice on inquiries that audit committee members should pursue. He focuses on four areas: the SEC’s concept […]
Corp Fin Director highlights recent issues in public offerings
by Cydney Posner At PLI’s Securities Regulation Institute this morning, Corp Fin Director Keith Higgins highlighted* some recent issues the staff has identified in the context of public offerings.
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