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Generally Accepted Accounting Procedures › Audits

Generally Accepted Accounting Principles (GAAP) are accounting standards and procedures that are used by companies within a particular jurisdiction to prepare financial records and statements. These principles... more +
Generally Accepted Accounting Principles (GAAP) are accounting standards and procedures that are used by companies within a particular jurisdiction to prepare financial records and statements. These principles are intended to create consistency in documentation across companies and industries. Consistent documentation assists investors to better analyze potential investments and assists regulators to detect potential fraud and/or wrongdoing. less -
Procopio, Cory, Hargreaves & Savitch LLP

8 Steps to Take Before a Successful M&A Exit

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Most entrepreneurs dream of someday selling their company. There are several steps they should be taking well in advance to ensure a profitable exit. Procopio Partner Bill Eigner identified 8 key steps business owners should...more

Allen Barron, Inc.

IRS Audit Doesnt Have to Be a Nightmare

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An IRS audit doesn’t have to be a nightmare of financial and emotional fear. How do most US taxpayers react when they receive an audit letter from the IRS? What are the actions you can take to not only improve the likelihood...more

Allen Barron, Inc.

What Happens If You Don't File an FBAR

Allen Barron, Inc. on

It is common for a US taxpayer to ask “what happens if you don’t file an FBAR or a Form 8938, Statement of Specified Foreign Assets with the IRS? Why do I have to worry about filing an FBAR in San Diego or anywhere in the US,...more

Dechert LLP

Securities and Derivative Litigation: Quarterly Update - November 2023

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With just one quarter remaining in 2023, securities and derivative litigation continues to develop with new standards being articulated or clarified, particularly by decisions within the Second Circuit: The Second...more

WilmerHale

Recent PCAOB Developments for Audit Committee and Companies

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The Public Company Accounting Oversight Board (PCAOB) has had one of its busiest years in recent memory, including with respect to standard setting, inspections and enforcement. Below is a summary of notable developments that...more

Goodwin

SEC Sends Second Message to Private-Fund Sponsors on Audit Obligations Under Custody Rule Through Enforcement Actions

Goodwin on

On September 5, 2023, almost one year since its first flurry of similar Custody Rule actions,  the SEC announced settlements with five SEC-registered investment advisers to private funds with respect to alleged violations of...more

Seward & Kissel LLP

The SEC Adopts Final Rules Regarding the Regulation of Private Fund Advisers

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On August 23, 2023, by a vote of 3-2, the Securities and Exchange Commission (the “SEC”) adopted new final rules and amendments to existing rules under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) with...more

DarrowEverett LLP

Proposed SEC Rules Aim at Putting Private Funds More in Public View

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Whether everyday Americans saving for retirement, college tuition, or their forever homes know it or not, there’s a chance that their money is tied, directly or indirectly, to private funds. Moreover, those Americans probably...more

Goodwin

REITs Should Review Disclosure of Non-GAAP Financial Measures Based on New SEC Staff Guidance

Goodwin on

On December 13, 2022, the staff of the Division of Corporation Finance (the “staff”) of the Securities and Exchange Commission (the “SEC”) published seven new or revised Compliance and Disclosure Interpretations (“C&DIs”)...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: September 1, 2022

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The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges. ...more

J.S. Held

Hindsight in the Resolution of Purchase Price Disputes and the Accounting Standards Codification’s (ASC) “Subsequent Events”...

J.S. Held on

Accountants (or auditors in particular) are the benefactors of hindsight and get to put it to use every time they are engaged to opine on a company’s financial statements. Namely, that period from the date of the financial...more

WilmerHale

SEC OCA Waves Big Red Flag About “Little R” Restatements

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SEC Acting Chief Accountant Paul Munter released a statement last week, Assessing Materiality: Focusing on the Reasonable Investor When Evaluating Errors (the “Statement”), that is sure to become required reading for any...more

Morrison & Foerster LLP

SEC Proposes New Rules and Amendments Applicable to Private Fund Advisers

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On February 9, 2022, the U.S. Securities and Exchange Commission (the “SEC”) proposed new rules and amendments under the Investment Advisers Act of 1940 (the “Advisers Act”) to augment the regulation of private fund advisers....more

Latham & Watkins LLP

Financial Statement Requirements in US Securities Offerings: What Non-US Issuers Need to Know - 2022 Edition

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The most frequently asked question at all-hands meetings for a securities offering is “What financial statements will be needed?” The question seems simple enough. But the answer is rarely straightforward. This User’s Guide...more

Mintz - Employment Viewpoints

Auditing Standard SAS 136: Raising the Bar for Retirement Plan Sponsors Fiduciary Committees

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In July 2019, the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA) issued a revised Statement on Auditing Standards No. 136 entitled, “Forming an Opinion and Reporting on Financial...more

Eversheds Sutherland (US) LLP

Rev. Proc. 2021-26 provides accounting method change procedures for CFCs seeking to use the alternative depreciation system

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Recently released Revenue Procedure 2021-26 (the Revenue Procedure) provides taxpayers with guidance regarding accounting method changes made on behalf of foreign corporations. The Revenue Procedure: ..Allows controlled...more

Pillsbury Winthrop Shaw Pittman LLP

SPAC FAQs: SEC Staff Statement on Accounting Issues for SPAC Warrants

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The recent statement by the Staff of the SEC (the Staff Statement) will likely impact almost every SPAC or post-de-SPAC entity with warrants in its structure. SPAC/post-de-SPAC entities should review warrant terms to...more

Carlton Fields

A Forensic Accountant’s Take on Materiality

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In the accounting profession, the concept of materiality in financial reporting comes from two distinct areas: Generally accepted accounting principles (GAAP), and generally accepted auditing standards (GAAS). ...more

Opportune LLP

What You Need to Know About Private Equity Valuation Audit Reviews

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Private equity fund managers need to develop reliable valuation processes and procedures when conducting fair value analyses in support of their investments to allow for a seamless review by independent auditors....more

Kilpatrick

SEC Leadership Statement on Audit Committee Responsibilities

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Just before the new year, top leadership of the Securities and Exchange Commission (SEC) provided guidance to public company audit committees as to those areas that they believe need special focus during the upcoming...more

Mayer Brown Free Writings + Perspectives

AICPA Expands Permitted Situations for Agreed-Upon Procedures Engagements

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In December 2019, the American Institute of Certified Public Accountants (AICPA) revised its attestation standards to eliminate certain requirements for Agreed-Upon Procedures (AUP) engagements, thereby expanding the types of...more

Ballard Spahr LLP

GC Insights: SEC Issues Statement on Role of Audit Committees

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The Securities and Exchange Commission (SEC) issued a Statement—signed jointly by the Chairman, the Chief Accountant, and the Director of the Division of Corporation Finance—on December 30, 2019, titled, “Statement on Role of...more

Mayer Brown Free Writings + Perspectives

Legal Update: Ring in the New Year with SEC Year-End Guidance

Mayer Brown Free Writings + Perspectives on

During the last two weeks of 2019, the US Securities and Exchange Commission offered guidance and reminders relating to the role of audit committees, international intellectual property and technology risks, and confidential...more

WilmerHale

SEC Shares Best Practices With Audit Committees

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The Securities and Exchange Commission recently released a Statement highlighting eight areas that audit committees should focus on this reporting season. Penned by SEC Chairman Jay Clayton, Division of Corporation Finance...more

Wilson Sonsini Goodrich & Rosati

SEC Issues Statement on Key Reminders for Audit Committees

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On December 30, 2019, Chairman Jay Clayton, Sagar Teotia, the Chief Accountant, and William Hinman, the Director of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (SEC), issued a Statement...more

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