News & Analysis as of

Accounting

Considerations for the Acquisition of a Non-U.S. Company by a U.S. Public Company

by Foley Hoag LLP on

When it is time to sell a company, there are a number of financial and legal steps a business should consider to ready itself for a merger or acquisition. When the potential buyer is a U.S. public company, that list may get...more

First Form AP Filed with the PCAOB

Grant Thornton LLP became the first registered public accounting firm to file a Form AP with the PCAOB. Form AP currently requires identification of the engagement audit partner associated with certain SEC filings and the...more

Rx IP Update - November 2016

by Smart & Biggar on

Federal Court of Appeal opines on the framework for analyzing obviousness-type double-patenting - On November 4, 2016, the Federal Court of Appeal dismissed Apotex’s appeal in Apotex Inc v Eli Lilly Canada Inc, 2016 FCA...more

2016 FERC Enforcement Report: Trends Continue, with More Court Fights

by Morgan Lewis on

The report shows a continued focus on manipulative conduct in energy markets as well as serious mandatory reliability standards violations, but also shows FERC’s increasing caseload in federal court....more

Alert: Five Things You Should Know About Connecticut’s New Uniform Power of Attorney Act

by Pullman & Comley, LLC on

A Power of Attorney is an important estate planning tool that allows an individual (the “Agent”) to act on behalf of another person (the “Principal”) in financial and other matters without involving the probate court. A new...more

Higher Education, Exempt Organization & Governmental Financings - Tax Presentation

Qualified Equity - Allocation & Accounting Rules for Private Business Use - New Treasury Regulations regarding measurement and allocation of private business use (PBU) benefit universities that finance a...more

Accountants M&A Alert: New AICPA Guidance on Transfer of Client Files

by Wilson Elser on

If you are selling or acquiring an accounting practice, you need to read the AICPA’s new guidance “Transfer of Files and Return of Client Records in Sale, Transfer, Discontinuance or Acquisition of a Practice,” which...more

Recurring Issues in Accounting for Litigation Contingencies

Certain questions seem to recur when it comes to outside counsel’s communications with a company’s auditors about potential exposures as a result of litigation or regulatory/enforcement matters and the underlying accounting...more

ASBCA Questions Consideration of Materiality in Certain Cost Accounting Change Cases

by Perkins Coie on

The Armed Services Board of Contract Appeals (ASBCA or the Board) recently released a decision addressing the final issue of materiality in the long saga of the Raytheon accounting change case. ASBCA No. 58068, August 9,...more

What is non-GAAP? [Video]

by Thomas Fox on

What is non-GAAP?...more

"China and the Foreign Corrupt Practices Act"

Recent U.S. Department of Justice (DOJ) policies on corporate crime prosecutions, coupled with the Chinese government’s robust anti-corruption campaign, are proving challenging for U.S. corporations with business operations...more

Blog: SEC Approves PCAOB Rule Requiring Identification Of Audit Engagement Partner On Form AP

by Cooley LLP on

On Monday, the SEC approved PCAOB rules requiring that, for each audit report, audit engagement partners be named on a new Form AP. The form will also disclose the names and Firm IDs, locations and extent of participation of...more

Trends In Accounting Class Action Filings

by Dorsey & Whitney LLP on

Last year the number of securities class actions filed with accounting allegations exceeded the average over the last ten years. Likewise, the number of accounting cases filed last year alleging internal control violations...more

FASB Improves Employee Share-Based Payment Accounting

As part of an ongoing Simplification Initiative, the Financial Accounting Standards Board (the “Board”) recently issued an Update to Accounting Standards Codification (ASC) Topic 718, which deals with stock-based...more

Securities Class Action Filings 2015: More Cases, Small Issuers

by Dorsey & Whitney LLP on

A new report on securities class actions records an increase in the number of filings in 2015. Most of those actions were brought against smaller issuers, according to the report. PWC, Small Companies, Big Targets – 2015...more

It’s Time Again for Audit Committees to Mind the Non-GAAP

by WilmerHale on

Judging by the frequency of recent news reports and SEC staff speeches focused on non-GAAP financial measures, audit committees may be well served to take a fresh look at the non-GAAP measures reported by their companies and...more

Florida Issues Ethics Guidance for Accountants Advising Marijuana Businesses

by Hinshaw & Culbertson LLP on

The Florida Board of Accountancy recently joined a small group of states in issuing guidance on whether providing accounting services to a marijuana related business violates an accountant's ethical requirements. The Board...more

"PwC expands into legal market"

by William Henderson on

That's the headline from the Financial Review, a leading Australian business newspaper. The plot is nearly identical to a September post regarding accounting firms in India. See India, Big 4 and Elite Law Firms in Direct...more

IRS Releases Final Regulations Facilitating P3s and Mixed-Use Developments, and Remedial Actions

by Cozen O'Connor on

On October 26, 2015, the Internal Revenue Service released final allocation and accounting regulations (the Final Regulations) under Section 141 of the Internal Revenue Code of 1986, as amended (the Code) related to...more

At Long Last – Allocation and Accounting Rules

by McCarter & English, LLP on

Good things come to those who wait. The tax-exempt bond industry has waited 18 years for a missing reserved section of the private activity bond regulations, the allocation and accounting regulations, Treas. Reg. Section...more

PCAOB Announces First Settled Order with Admissions

by WilmerHale on

Last week, the Public Company Accounting Oversight Board (PCAOB) joined the list of regulators who will, in certain circumstances, seek admissions of liability from audit firms and individuals in settlements. Although the...more

Requirements for Applying for H-1B Visas

by Ronald Shapiro on

The H1-B Specialty Occupation Visa is a non-immigration visa that allows foreign workers in specialty occupations to temporarily work in the United States. H1-B Requirements - There are three primary requirements to qualify...more

Wage and Hour Basics Series: The "Fee Basis" and the Proposed FLSA Regulations

by Franczek Radelet P.C. on

As we have discussed in the past, to be eligible for one of the “white collar” exemptions (executive, administrative, or professional) or as a highly compensated employee (HCE), Section 541.600 of the FLSA regulations...more

Proposed Changes to Financial Accounting for Not-for-Profit Entities

The Financial Accounting Standards Board (“FASB”) has issued an exposure draft of a Proposed Accounting Standards Update, Presentation of Financial Statements of Not-for-Profit Entities, which would make significant changes...more

UK Corporate Briefing - Summer 2015

by Dentons on

Legislation update - Bearer shares banned - The first of the corporate transparency provisions in the Small Business, Enterprise and Employment Act 2015 came into force on 26 May 2015 with the banning of share...more

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