June 20, 2016

FASB Credit Loss Standard Will Prompt Changes at More than Banks

The long awaited credit loss standard that the Financial Accounting Standards Board released last week is expected to have a wide-ranging impact beyond only banks and financial services firms.

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Posted by Michael Cohn at 04:02PM | Comments (0)

June 15, 2016

Judge Rakoff Sees Resistance to Fraud Prosecutions

Judge Jed Rakoff told attendees at the Association of Certified Fraud Examiners' Annual Global Fraud Conference in Las Vegas that prosecutors are falling short on prosecuting fraud.

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Posted by Michael Cohn at 05:11PM | Comments (0)

June 13, 2016

South Korea Mulls Ousting Negligent Accounting Firm CEOs

South Korea is considering a bill that would allow regulators to oust the CEO of an accounting firm that is found to be negligent in controlling audit quality.

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Posted by Michael Cohn at 05:24PM | Comments (1)

June 10, 2016

Staggered Board Elections Hurt Audit Committees

Staggered terms of board directors at public companies have fallen out of favor in recent years, in part because they give shareholders less influence over management, and new research suggests a staggered board structure could also hurt the effectiveness of audit committees.

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Posted by Michael Cohn at 03:54PM | Comments (0)

June 8, 2016

There's Gold in Them Thar Accounting

The World Gold Council, a market development organization for the gold industry, has some ideas about developing a common accounting framework for gold that could be used by central banks in countries around the world.

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Posted by Michael Cohn at 05:17PM | Comments (0)

June 7, 2016

Finance Execs Anticipate Growing Compliance Costs

The costs of the finance and accounting function at many companies are expected to climb in the next few years, according to a new survey.

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Posted by Michael Cohn at 05:09PM | Comments (0)

June 6, 2016

A Way Out of Payday Loan Debt Traps

The Consumer Financial Protection Bureau proposed long-awaited rulemaking last week to protect consumers from falling into the trap of ever-spiraling debt for taking out a short-term “payday loan.”

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Posted by Michael Cohn at 04:17PM | Comments (0)

June 3, 2016

Private Museums Come under Tax Scrutiny

Congress and the Internal Revenue Service are starting to take a closer look at the museums set up by private foundations that receive special tax-exempt status from the IRS.

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Posted by Michael Cohn at 05:17PM | Comments (0)


Accountants Rescued by the 'Magnificent Seven'

Forget about Yul Brynner, Steve McQueen, Charles Bronson, James Coburn, Robert Vaughn, Horst Buchholz and Brad Dexter. Accountants need a “Magnificent Seven” set of attributes to survive in today’s business environment, according to new research from the Association of Chartered Certified Accountants.

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Posted by Michael Cohn at 12:53PM | Comments (0)

June 2, 2016

CAQ Funds More Academic Research on Auditing

The Center for Audit Quality is providing support for more independent auditing-related research by picking two new academic research proposals for funding.

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Posted by Michael Cohn at 03:29PM | Comments (0)