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  • Naming the Lead Auditor – Follow Up Study December 9, 2019 A recent study raises doubt that Rule 3211, Auditor Reporting of Certain Audit Participants, has produced the intended benefits. The Public Company Accounting Oversight Board (PCAOB) issued the rule at ...
  • How to Define Materiality December 9, 2019 Defining “materiality” The concept of materiality is used to determine what’s important enough to be included in — and what can be omitted from — a financial statement. In late October, ...
  • Avoiding New Lease Accounting Rules December 9, 2019 Debt-strapped private companies have been exploring ways to avoid having to use the lease accounting rules for new contracts. Why? Some fear that implementing the guidance would cause them to ...
  • Protecting elderly from investor exploitation November 12, 2019 In October, the SEC held a roundtable to help raise awareness about exploitation against a particularly vulnerable group of investors — the elderly. Older investors tend to lose more money ...
  • How to measure the fair value of equity-based awards November 12, 2019 Cash-strapped start-ups and high growth firms often award stock options and other forms of equity-based compensation to attract and retain skilled employees. These awards can also provide incentives for employees ...
  • SEC finalizes “test-the-waters” option to all companies November 12, 2019 Has your company ever considered issuing public stock? To help encourage more companies to consider public offerings, the Securities and Exchange Commission (SEC) recently adopted a rule that would extend ...
  • Simplifying the Rules for Reporting Income Taxes October 15, 2019 For years, businesses have complained that the guidance under Accounting Standards Codification Topic 740, Income Taxes, includes many mechanical rules and exceptions, making it challenging for investors to understand its ...
  • FASB Proposes Changes to Standard-Setting Approach October 15, 2019 The Financial Accounting Standards Board (FASB) has proposed a historic change to its philosophy for establishing effective dates for major new accounting standards. Outcry from constituents indicates that small public ...
  • Coming soon: Proposal to improve audit procedures for accounting estimates September 20, 2019 In July, the AICPA’s Auditing Standards Board (ASB) unanimously voted to propose revisions to the audit standards on the use of accounting estimates. The ASB wants to improve the standards ...
  • How strong are your company’s internal controls? September 20, 2019 A solid system of internal controls translates into more reliable financial reporting and can help companies prevent, detect and correct financial misstatements. In contrast, weak controls can result in costly ...
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