Technology is transforming the practice of audit at an unprecedented pace. In fact, it’s not hard to envision audits in the future as entirely untouched by human hands. Indeed this is an exciting future to consider. While you contemplate the long-term implications, though, don’t overlook how technologies available today can help you automate many routine […]
FASB Proposes ASU on Long-Duration Contracts
The FASB proposed an ASU on long-duration contracts today. The FASB issues proposed Accounting Standards Update (ASU) that would grant all insurance companies that issue long-duration contracts, such as life insurance and annuities, additional time to apply a standard that addresses this area of financial reporting. Stakeholders are encouraged to review and provide comment on the […]
Why Audit Quality Matters
Why does audit quality matter? Well, first and foremost, the audit landscape has changed due to changing peer review requirements. To explain, the AICPA’s Enhancing Audit Quality Initiative brought to light numerous deficiencies identified during peer review. Therefore, it is important for firms to be aware of the deficiencies the AICPA identified, and ensure their […]
Wolters Kluwer Tax & Accounting Experts Help 2019 AICPA Engage Conference Participants Prepare Their Firms for Imminent Change
Wolters Kluwer Tax & Accounting Experts Help 2019 AICPA Engage Conference Participants Prepare Their Firms for Imminent Change Speakers to address the impact of exponential technology change on the accounting profession (NEW YORK, NY, June 11, 2019) — Jim McGinnis, Executive Vice President and General Manager of Medium and Large Firm Segment at Wolters Kluwer […]
A Closer Look: SEC Proposal to Re-invent Quarterly Reporting
The SEC issued a Concept Release in December 2018 focused on interim reporting by US companies (the “Concept Release”.) Concept releases are issued to obtain input regarding the need for future rulemaking. Some concept releases lead to new or amended rules. Others do not. The SEC has raised questions about interim reporting at least twice in […]
Credit Losses on Financial Instruments: Changes Issued and Changes Proposed
The FASB is making a number of targeted changes to its new standard related to accounting for credit losses on financial instruments known as the Current Expected Credit Loss (CECL) model. CCH Accounting Research Manager has published a new edition of A Closer Look that discusses the recently issued changes, two exposure drafts proposing additional […]
Private Companies Should Begin to Focus on Lease Accounting Changes
Private companies can ease the pain of implementing the new lease accounting standards by leveraging the lessons learned by public entities as they implemented the changes. The new FASB lease accounting standards are effective for private companies, including not-for-profit entities, for fiscal years beginning after December 15, 2019 (i.e., January 1, 2020, for a calendar year […]
AICPA SEC and PCAOB Conference Highlights
Representatives from CCH Accounting Research Manager are attending the annual “AICPA Conference on Current SEC and PCAOB Developments.” This conference is being held Monday-Wednesday, December 10-12, 2018, in Washington, D.C. The following are some highlights from conference speeches or presentations. PCAOB Standard Setting Barbara Vanich, Acting Director of the Office of the Chief Auditor, provided an update […]
FASB Improves the Accounting for Collaborative Arrangements
Accounting for Collaborative Arrangements The FASB has issued Accounting Standards Update (ASU) No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606, that clarifies the interaction between the guidance for certain collaborative arrangements and the Revenue Recognition financial accounting and reporting standard. A collaborative arrangement is a contractual arrangement under […]
FASB Issues Hedge Accounting Guidance
FASB Issues Guidance on Interest Rates for Hedge Accounting The FASB has issued Accounting Standards Update (ASU) No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting. ASU 2018-16 expands the list of U.S. benchmark interest rates permitted […]