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New international auditing standard revisions are designed to increase auditors’ involvement with information outside audited financial statements that is included in entities’ annual reports, also known as “other information.”
Additional changes to the converged revenue recognition standard will be proposed by the Financial Accounting Standards Board and International Accounting Standards Board.
Fifty-five per cent of North American chief audit executives have been asked at least once to omit or modify an important audit finding, according to new research. Here’s how internal auditors can maintain their objectivity in the face of such pressure.
A global survey by Deloitte shows that employee engagement is a rising concern and that organisations seem to be falling behind as they try to re-imagine ways to manage and develop their workforce.
Just 40% of companies consider the management information provided by their finance function to be insightful, according to a Deloitte finance benchmarking survey. The report highlights three areas where action is needed if finance teams are to more effectively support decision-making.
Root cause analysis of audit issues has the potential to bring about significant improvements in audit quality, audit regulators said while presenting results of a global survey of audit inspection findings.
Auditors of UK companies are finding innovative ways to improve the transparency of their audit reports, and many are going beyond the requirements published in June 2013, according to an FRC study of 153 extended auditor’s reports.
International convergence of the new revenue recognition standard may decrease as a result of clarifying revisions that will be proposed by the Financial Accounting Standards Board and the International Accounting Standards Board.
A recent KPMG survey shows that 64% of US companies are uncertain about the path they’ll take to adopt the new, converged revenue recognition standard.
The US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) decided to propose clarifying certain areas of the converged revenue recognition standard that are causing implementation problems for some financial statement preparers.
The staff of the FASB plans to report results of research on two key revenue recognition issues to the board next month – and report to the board early in the second quarter of 2015 on research related to a possible deferral in the effective date in the new, converged standard.
In light of recent changes to annual reporting requirements, the UK’s Financial Reporting Council has issued a reminder of the implications for those involved in the preparation of financial statements.
The IASB issued amendments and an exposure draft that focus on streamlining disclosures in financial reports. The amendment to IAS 1 and exposure draft for proposed amendments to IAS 7 are part of a broader initiative to make disclosures more relevant.
Board members of US public companies cite updating systems and policies and revising existing contracts with customers as the most challenging aspects of the new revenue recognition standard issued by the US Financial Accounting Standards Board (FASB), according to a new survey.
Companies need to keep pushing forward in their revenue recognition implementation despite the potential that the US Financial Accounting Standards Board (FASB) could defer the effective date of the new standard, experts said.
Members of the US Financial Accounting Standards Board (FASB) plan to visit various companies to gain insight into potential implementation problems as the board considers whether to delay the effective date of the new, converged revenue recognition standard.
Schnurr floated the possibility of keeping US GAAP for US public company financial reporting but also allowing companies the option of reporting supplemental information in IFRS. Schnurr plans to discuss options for additional IFRS reporting with SEC commissioners next year.
