Audit & Accounting

The Public Company Accounting Oversight Board has approved a reduced budget for fiscal year 2018 of approximately $259.9 million along with a strategic plan for 2017-2021, plus a smaller accounting support fee and staff.

U.S. public companies recorded $28.5 billion in goodwill impairment in 2016, half the $56.9 billion they reported in 2015, according to a new study.

The Anti-Fraud Collaboration, a joint effort of the Center for Audit Quality, Financial Executives International, the Institute of Internal Auditors and the National Association of Corporate Directors, has released a new report urging accountants, auditors and other business people to blow the whistle on any financial reporting shenanigans they see.

South Florida firm Kabat, Schertzer, De La Torre, Taraboulos and Co. will be featured on multiple cars at the Nov. 18 event.

Mark your calendars! The effective date for the FASB and IASB’s new revenue recognition accounting standards (ASC 606 and IFRS 15) is approaching.

The upcoming revenue recognition standard is likely to accelerate the earnings of many software companies, with many developers likely to transition from upfront license sales to subscriptions, according to a new report.

The Financial Accounting Foundation has reappointed James L. Kroeker to a second term as vice chairman of the Financial Accounting Standards Board and appointed Gary R. Buesser, a portfolio manager and financial analyst, as a new FASB member, starting July 1, 2018.

Many businesses are still getting ready for the new revenue recognition and leasing standards, and in some cases that involves changing their technology and processes.

The major firms are leveraging the latest tools to make the auditing process more efficient.

The Securities and Exchange Commission is taking a close look at the trend toward blockchain technology, including the burgeoning investments in bitcoin and initial coin offerings.