Regulator Proposes Sweeping Reforms to Quality Control Standards for Audit Firms
The Public Company Accounting Oversight Board (PCAOB) on Nov. 18, 2022, voted unanimously to issue a proposal that would impose …
Companies Already Have Implementation Questions on SEC’s New Pay vs. Performance Rule
The Securities and Exchange Commission’s Division of Corporation Finance (CorpFin) staff has already been getting implementation inquiries about the commission’s …
SEC Acting Chief Accountant Urges Auditors to Step Up in Detecting Corporate Fraud
Securities and Exchange Commission Acting Chief Accountant Paul Munter issued an Oct. 11, 2022, public statement, urging auditors to do …
A Conversation with PCAOB Chair Erica Williams
Thomson Reuters recently had a conversation with U.S. Public Company Accounting Oversight Board (PCAOB) Chair Erica Williams during a sunny …
Security Summit Produces Sample Written Information Security Plan for Tax Professionals
The Security Summit—a partnership between the IRS, state tax agencies and the tax industry—has released a 29-page document titled “Creating …
U.S. Income Statement Accounting Rules Could Change to Require Specifics About Labor Costs
The FASB is studying a plan that could require companies to break out more information in income statements about labor …
In a Surprising Move, FASB Drops Project on Subsequent Accounting of Goodwill
The FASB on June 15, 2022, unanimously voted to drop its project on identifiable intangible assets and the subsequent accounting …
New Global Sustainability Rulemaker Says it’s on Track to Issue ESG Disclosure Rules by Year-End
Though it still only has two members, the International Sustainability Standards Board (ISSB) on May 18, 2022, said it is …
Investors Applaud SEC Stance on Accounting Treatment of Customers’ Cryptos as Commissioner Peirce Criticizes It
A group of investors wants the SEC not to be deterred by strong pushback from the crypto industry against the …
Who Should Provide ESG Assurance?
Compounding an already complicated question related to a potential requirement for standardized environmental, social, and governance (ESG) reporting is who …