As Christmas Eve approached with vacations and holiday shopping in full swing, President Trump signed the Tax Cut and Jobs Act and the SEC promptly issued guidance to public companies on related accounting matters. Perhaps...more
12/27/2017
/ Accounting ,
CD&I ,
Corporate Taxes ,
Financial Statements ,
Form 8-K ,
Income Taxes ,
New Legislation ,
Securities and Exchange Commission (SEC) ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
The SEC has approved the Public Company Accounting Oversight Board’s (“PCAOB”) new standard for audit reports on public company financial statements. The new auditor reporting standard will require more information about the...more
The SEC has approved the Public Company Accounting Oversight Board's (PCAOB) new standard for audit reports on public company financial statements. The new auditor reporting standard will require more information about the...more
SEC Chief Accountant Wesley R. Bricker recently gave remarks at the AICPA National Conference on Banks & Savings Institutions. Mr. Bricker spoke to the adoption of FASB’s new credit loss standard and related implementation...more
In Chicago Bridge & Iron Co. N.V. v. Westinghouse Electric Co. LLC, the Delaware Supreme Court examined the interaction between a working capital true up and alleged breaches of financial statement representations and...more
Some have suggested that the FASB’s new revenue recognition standard will result in particularized representations in M&A, underwriting and loan documents. It’s easy to argue it’s not necessary and is covered by the standard...more
I recently wrote a blog on considerations for MD&A disclosures on adoption of the new revenue recognition standard. After learning a few Form 10-Qs had been filed by early adopters, I took a look to see if they lined up with...more
The SEC has made clear its expectations regarding MD&A disclosure for periods prior to the adoption of the new revenue recognition standard. What has received less attention is the content of MD&A after the new revenue...more
Sylvia E. Alicea, Professional Accounting Fellow, Office of the Chief Accountant, gave her views on implementation of the new revenue recognition standard at a conference dedicated to the topic....more
In EMSI Acquisition, Inc., v. Contrarian Funds, LLC et al, the Delaware Court of Chancery examined a fraud carve out from an indemnification cap and an action for confirmation of an auditors award on a purchase price...more
In Re Saba Software, Inc. Stockholder Litigation considered whether the stockholder vote satisfied the Corwin test for a full informed, uncoerced vote to determine if the shift to the business judgement rule was warranted. ...more
Traditionally, there has been no guidance in US GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote...more
In 2009 the SEC adopted rules requiring operating companies to provide the information from the financial statements accompanying their registration statements and periodic and current reports in machine-readable format using...more
The SEC has issued a notice of a meeting to consider:
Whether to propose amendments to rules and forms to require the use of the Inline XBRL format for the submission of operating company financial statement information...more
The SEC has approved an NYSE rule change which will require foreign private issuers to file semiannual financial statements on Form 6-K. Foreign private issuers are not currently subject to any SEC rule that specifically...more
Members of the SEC and staff gave various presentations at the 2015 AICPA Conference on Current SEC and PCAOB Developments. Much of it contains practical guidance. Speaking to the new accounting standard on revenue...more
The SEC has provided two pieces of guidance on the FAST Act. The first is in the general nature of an announcement describing the provisions of the FAST Act. However, the announcement includes some information about how the...more
Two former CFOs have agreed to return nearly a half-million dollars in bonuses and stock sale profits they received while their Silicon Valley software company, Saba Software, was committing accounting fraud.
While...more
The SEC and PCAOB collectively charged 15 audit firms for violating independence requirements in connection with audits of broker dealers. Under SEC independence rules, which apply to audits of broker-dealers whether or not...more
The SEC announced charges against an investment advisory firm and three of its top officials for violating the “custody rule” that requires firms to follow certain procedures when they control or have access to client money...more
The SEC’s Division of Investment Management recently offered guidance on the custody of privately offered securities....more
The AICPA has issued non-authoritative guidance which provides that auditing an SEC issuer’s financial statements and performing an independent private sector audit of a conflict minerals report would not be inconsistent with...more