Audit & Accounting

The Securities and Exchange Commission is giving companies some leeway as they prepare their quarterly financial statements after passage of the Tax Cuts and Jobs Act.

The pursuit of growth requires firms to adopt a different mindset.

Thomson Reuters’ Checkpoint Catalyst research service has added guidance on the Financial Accounting Standards Board’s new impairment rules requiring companies to recognize estimated credit losses sooner.

The Financial Accounting Standards Board has made available the 2018 GAAP Financial Reporting Taxonomy along with the 2018 SEC Reporting Taxonomy, pending final acceptance by the Securities and Exchange Commission.

The Public Company Accounting Oversight Board said Wednesday it has imposed a $1.5 million civil penalty against Grant Thornton LLP and censure the firm for violations of quality control standards and for audit failures.

American Institute of CPAs president and CEO Barry Melancon issued a statement Wednesday following passage by Congress of the Tax Cuts and Jobs Act expressing disappointment that the bill doesn’t give CPA firms the same favorable tax treatment provided to other pass-through entities.

The payroll provider’s new tool includes a single dashboard for accountants to manage multiple clients.

The Governmental Accounting Standards Board has released a new Implementation Guide with questions and answers about GASB’s new standards on accounting and financial reporting for postemployment benefits other than pensions, such as retiree health care.

Steinhoff International Holdings NV assembled a crisis team of insiders to try to rescue the global retailer amid a crunch meeting with bankers that may determine the company’s future.

It looked like Steinhoff International Holdings NV had reached escape velocity from South Africa’s deepening economic gloom: A furniture retailer emulating Ikea’s model and global ambitions, built by men with their own compelling rags-to-riches stories.