Audit & Accounting

Now that public companies are required to use Extensible Business Reporting Language, or XBRL, in their financial filings with the Securities and Exchange Commission, the SEC is trying to make sure the data is appropriate and not hiding accounting gimmicks.

A new accounting rule that will force banks to set aside provisions for bad loans long before they sour could cannibalize profits and eat into capital at U.S. lenders.

Wesley Bricker, deputy chief accountant with the Securities and Exchange Commission, is echoing concerns from other top SEC officials about the over-reliance on non-GAAP measures in financial reporting.

Highlights of some of our favorite tax-related blogs from the past week.

The Public Company Accounting Oversight Board is considering changes in its approach to audit firm inspections and enforcement, according to PCAOB board member Jeanette Franzel.

U.S.-based accounting and consulting firm association Allinial Global has signed a letter of intent to combine with a U.K.-based accounting and business advisory firms, IAPA International.

Two years ago, the Supreme Court held in Lawson v. FMR that employees of contractors of public companies, including employees of accounting and audit firms, are protected under the whistleblower protection provision of the Sarbanes-Oxley Act.

Finance is changing, and that much is clearly evident whether you are employed at a public firm, private industry or academia.

Anne-Lise Vivier of Thomson Reuters explains in this video some of the differences in the lease accounting standards under U.S. GAAP and IFRS.

Check out the digital edition of the May 2016 issue of Accounting Today.