Audit

The Institute of Management Accountants has published a book featuring case studies on management accounting collected by editors of one of the IMA’s academic journals.

Inventory management is the practice of planning, directing and controlling inventory so that it contributes to the business' profitability.

The Financial Accounting Standards Board is proposing to simplify the test for goodwill impairment for public companies and nonprofits similar to recent accommodations it made for private companies.

The head of the International Accounting Standards Board is echoing concerns abroad also voiced by leaders of the U.S. Securities and Exchange Commission about the increasing use of non-GAAP measures in the financial statements of public companies.

The Public Company Accounting Oversight Board is taking another stab at overhauling the auditor’s reporting model.

The Financial Accounting Standards Board has released a new accounting standards update providing “narrow-scope improvements and practical expedients” for the revenue recognition standard that it converged with the International Accounting Standards Board.

The Securities and Exchange Commission has approved rules from the Public Company Accounting Oversight Board to improve audit transparency by disclosing the names of audit engagement partners, along with information about other firms that participate in the audits.

The Financial Accounting Foundation has published updated print editions of the Financial Accounting Standards Board’s FASB Accounting Standards Codification and the Governmental Accounting Standards Board’s Codification of Governmental Accounting and Financial Reporting Standards.

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.

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.

As a management accountant and a CEO, I know first-hand the field continues to grow and expand. I was happy to learn that the Bureau of Labor Statistics expects management accountants and auditors to experience double-digit growth through 2024.

The Financial Accounting Standards Board is expected to release a scaled-back set of changes in accounting standards for nonprofit organizations this summer, with more far-reaching changes planned for the future, probably depending on whether they can also apply to for-profit businesses.

Anne-Lise Vivier of Thomson Reuters discusses some of the changes in FASB's new lease accounting standards in this video.