Proposal on Disclosure Package for Supplier Finance Programs Coming by Early Next Year, FASB Says
The FASB on September 22, 2021, voted to issue a proposal that would require a buyer to disclose its supplier …
Thomson Reuters Tax & Accounting News
Senior SEC Enforcement Official: Do Not Get Creative in Accounting and Auditing
Matthew Jacques, chief accountant in the SEC’s Enforcement Division, warned accountants and auditors not to get creative in following the …
IRS Commissioner Provides Overview of Key Areas Affecting Taxpayers
IRS Commissioner Charles Rettig, writing in an ongoing series of articles about various functions of IRS, provided an overview of …
Banks Hesitant to Shift from LIBOR, Dawdling Over FASB Rate Reform Rules
Banks and other financial institutions are still hesitant over transitioning old existing contracts away from the London Interbank Offered Rate …
Former SEC Officials Urge Chair Gensler Not to Buckle Under Political Pressure When Picking Members of Audit Regulator
As the SEC is getting close to filling all five seats of the Public Company Accounting Oversight Board (PCAOB), two …
SEC Chair Gensler Backs Speeding up Delisting Deadline for Chinese Companies
SEC Chair Gary Gensler on September 14, 2021, testified in support of a stalled Senate bill that would speed up a congressionally-imposed …
‘Skyrocketing Corporate Debt Figures’ Not Creating a Clamor for Simpler Classification Accounting Rules on the Topic
With net debt reaching about $3,832 billion for U.S. companies over the past year—46 percent of the total corporate debt …
U.S. Audit Regulator Disciplines KPMG Australia for Cheating by its Auditors on Internal Tests
The U.S. audit regulatory board PCAOB said that KPMG Australia was fined for violating the board’s rules and quality control …
Saying Audit Quality Is Stronger than Ever, Audit Profession Questions Need for Reform
As the SEC’s Investor Advisory Committee (IAC) is studying potential reforms regarding public company independent auditors, a group representing the …
Investor Advisory Committee Recommends Stronger SEC Regulation of SPACs
The SEC’s Investor Advisory Committee (IAC) on September 9, 2021, voted unanimously to recommend that the commission step up its …
Ways and Means Continues Markup of Budget Reconciliation Legislation September 14 and 15
On September 13, House Ways and Means Committee Chairman Richard E. Neal (D-MA), announced that the Committee will continue to …
Circuit Court Lets Nasdaq Intervene in Board Diversity Standards Suit
A Fifth Circuit judge on September 8, 2021, agreed to allow Nasdaq Stock Market LLC to intervene in a lawsuit …
Commissioner Crenshaw Says Enforcement Action on Kraft Illustrates Flaws in SEC’s Approach to Penalties
SEC Commissioner Caroline Crenshaw pointed to the enforcement action against The Kraft Heinz Company last week to illustrate why the …
IRS Issues Temporary, Proposed Regs Authorizing Assessment of Erroneous Tax Credit Refunds
The IRS has issued temporary and proposed regs that authorize the assessment of any erroneous refund of employment tax credits …
Chair Jones: FASB Will Discuss Feedback on its Agenda Consultation Document Late 2021, Early 2022
The FASB will discuss public feedback received from its agenda consultation document later this year through early next year, a …
Coalition Asks for Disclosure Rule on Companies’ Membership to U.S. Chamber as SEC Develops Climate Rule
The U.S. Chamber of Commerce has been effective in furthering the interest of businesses with its office across from the …
House Bill Would Add Rural Companies to SEC’s Small Business Advocate’s Mission
A bipartisan House bill would direct the SEC’s Office of the Advocate for Small Business Capital Formation (OASB) to expand …
Gensler: Chinese Companies Will Face Trading Ban in 2024 if PCAOB is Unable to Inspect Their Auditors
Phil Swagel, the director of the Congressional Budget Office (CBO), on Sept. 2 published a blog post titled “The Effects …