News & Analysis as of

Accounting

Pennsylvania Superior Court Extends Negligent Misrepresentation Theory of Liability to Accountants and Accounting Firms

by Reed Smith on

The Pennsylvania Superior Court’s recent opinion in Fulton Bank v. Sandquist expanded the reach of possible liability for negligent misrepresentation beyond architects and design professionals. In Fulton Bank v. Sandquist,...more

Basel III Treatment of DTAs and MSAs

by Bryan Cave on

We have heard, read and seen (and internally had) some confusion regarding the joint proposed rulemaking regarding the potential simplification of the capital rules as they relate to Mortgage Servicing Assets (MSAs) and...more

Releases: End of the Road or Just a New Beginning?

by Farrell Fritz, P.C. on

The fiduciary who thinks a receipt and release is the answer to all future claims for an accounting and liability may have a surprise in store. Over the past several months, Surrogates have explored the issue of receipts and...more

IRS Provides Safe Harbor for Inadvertent Normalization Violations

On September 7, 2017, the IRS issued Revenue Procedure 2017-47, which provides a safe harbor for regulated public utilities for inadvertent or unintentional uses of a practice or procedure that is inconsistent with the...more

Personal Liability for Senior Accounting Officers Over Tax Accounting Arrangements— First Court Decision Provides a Cautionary...

by Shearman & Sterling LLP on

The UK Senior Accounting Officer (SAO) regime was brought in by the Finance Act 2009 and requires large companies and groups to identify the individual who is responsible for certifying to the UK tax authority (HMRC) each...more

Expert witnesses in accounting disputes

by Allen & Overy LLP on

At a time of increasing disputes involving accounting evidence, this case debunks a number of assumptions about the approach taken by both HMRC and the First-tier Tribunal. HMRC do not always instruct their own employees as...more

Can’t Say “I Ain’t Mad At Cha” for Copying Me

by Knobbe Martens on

On June 1, 2017, noted music and fashion photographer Danny Clinch filed suit in the Southern District of New York in connection with the use of two photographs of famed rapper Tupac Shukar (“Tupac”) on t-shirts. The...more

Is your Bookkeeper the Right One?

by Foodman CPAs & Advisors on

Bookkeepers are by practical definition business multi-taskers. They keep financial records, post debits and credits, prepare reports, execute banking transactions, act as collectors for overdue accounts, work with clients...more

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?

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

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