Audit

The AICPA drafted a new comment letter to the U.S. Department of the Treasury and the IRS today, calling for a delay in the effective date of Internal Revenue Code Section 385 proposed regulations (REG-108060-15), which relates to the treatment of certain interests in corporations as stock or debt for federal tax purposes. The AICPA also urged that exceptions to the proposed regulations be provided as part of its numerous technical comments and recommendations.

The AICPA announced a multifaceted action plan against cyber crime.

The International Federation of Accountants has been trying to build the reach and influence of the accounting profession in emerging markets in Africa, Asia and other parts of the world.

The American Institute of CPAs’ Financial Reporting Executive Committee has drafted a set of implementation issues for nine different industries that it plans to incorporate in a guide to the new revenue recognition standard next year.

Soccer’s seven top officials selected a Slovenian to be FIFA’s new audit and compliance chief, an appointment that’s been under scrutiny following the resignation of the former office holder who claimed the role had been diminished.

PricewaterhouseCoopers has created a series of YouTube videos explaining the ins and outs of the Financial Accounting Standards Board’s new lease accounting standard.

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

The Center for Audit Quality is offering an online set of questions to help audit committees determine whether the use of non-GAAP measures is appropriate or not.

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The International Valuation Standards Council and the Appraisal Foundation have released a document explaining how they plan to harmonize their standards for assessing the value of both tangible and intangible assets.

U.S. corporations overstated their net income more than $164 billion last year by publicizing non-GAAP measures, according to a new report.

The Public Company Accounting Oversight Board released a staff guidance document Tuesday to help auditing firms deal with new requirements for disclosing the names of engagement partners and outside firms that participated in an audit.

The Securities and Exchange Commission voted Monday to propose amendments that would expand the threshold for businesses to qualify as a “smaller reporting company.”

The European Union’s new rules for mandatory audit firm rotation took effect on June 17, only a week before the United Kingdom voted to “Brexit” from the E.U. How will that affect audit firm rotation in the U.K. and Europe?

The Financial Accounting Standards Board has issued a proposed accounting standards update to amend the consolidation guidance for variable interest entities.

A former controller who embezzled $8.7 million from the Pepsi bottling company where he worked and then spent six years as a fugitive on the Appalachian Trail has been sentenced to eight years in prison.

Ernst & Young outpaced the rest of the Big Four in auditing the most public companies last year, according to a new ranking.

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Roomy Khan, a technology executive and financial analyst who helped convict Galleon Group founder Raj Rajaratnam on fraud charges, told a group of fraud examiners last week about how she became enmeshed in the insider trading scheme.

In a recent article on Accounting Today’s website, Auditors: Friends or Foes, Jillian Rojas explored an interesting comparison between public company auditors and the police.