Mondaq USA: Accounting and Audit > Accounting Standards
WilmerHale
The Securities and Exchange Commission on December 12 announced the appointment of five new members of the Public Company Accounting Oversight Board. The new chairman of the Board will be William D. Duhnke III, currently the staff director and general counsel to the Senate Rules and Administration Committee.
Morrison & Foerster LLP
On December 1, 2017, the SEC's Division of Corporation Finance updated its Financial Reporting Manual for the following changes...
Cadwalader, Wickersham & Taft LLP
Chief Accountant of the SEC Division of Corporation Finance (the "Division"), Mark Kronforst, will leave the SEC in January 2018 after 13 years with the agency.
WilmerHale
Here is the most recent "Summary of Current FASB Developments" prepared by Randy McClanahan of Butler Snow LLP in Birmingham, Alabama, for the Fall Meeting of the ABA Business Law Section Law and Accounting Committee.
Withers LLP
The idea was originally proposed in September 2015 but was met by heavy criticism and the change was never officially made.
Kramer Levin Naftalis & Frankel LLP
On Oct. 17, 2017, the Division of Corporation Finance of the Securities and Exchange Commission (SEC ) released updated Compliance and Disclosure Interpretations (CDIs) on the use of non-GAAP financial measures.
Withers LLP
The Public Company Accounting Oversight Board (PCAOB) recently issued Staff Audit Practice Alert No. 15.
Morrison & Foerster LLP
On October 16, 2017, Clermont Partners released a survey on the reliance of active investors on non-GAAP versus GAAP reporting, intangible assets and non-financial metrics.
Morrison & Foerster LLP
The use of non-GAAP financial measures by US public companies continues to attract scrutiny.
Shearman & Sterling LLP
On 28 August 2017, the Staff updated its interpretive guidance relating to revenue recognition for bill-and-hold arrangements through a release as well as a "Staff Accounting Bulletin".
Akin Gump Strauss Hauer & Feld LLP
On October 17, 2017, the Staff of the Securities and Exchange Commission (SEC) issued new Non-GAAP Financial Measures Compliance and Disclosure Interpretations...
Carlton Fields
The SEC has proposed for comment major revisions in the disclosures auditors are required to make in their reports on financial statements audited pursuant to PCAOB standards.
Jones Day
In 2014, the US FASB issued new revenue standards under ASC 606, Revenue from Contracts with Customers, which essentially replaced existing revenue recognition requirements under U.S. generally accepted accounting principles.
Jones Day
Many companies have yet to disclose a selected methodology for, or an estimate of the financial impact of, implementation of New GAAP revenue recognition.
Morrison & Foerster LLP
Rule 3520 adopted by the Public Company Accounting Oversight Board (PCAOB) requires an auditing firm and its associated persons to be independent of their audit clients.
Cadwalader, Wickersham & Taft LLP
SEC Deputy Chief Accountant Sagar Teotia discussed the implementation of new Generally Accepted Accounting Principles ("GAAP") on revenue recognition, leases and measurement...
Baker Tilly
The US Financial Accounting Standards Board (FASB) has issued proposed Accounting Standards Update (ASU), Technical Corrections and Improvements to Topic 942, Financial Services —Depository and Lending: Elimination of Certain Guidance for Bad Debt Reserves of Savings and Loans.
Cadwalader, Wickersham & Taft LLP
SEC Chief Accountant Wesley Bricker discussed (i) the role of financial reporting in financial markets, (ii) the Financial Accounting Standards Board ("FASB") credit losses standard-setting efforts...
Morrison & Foerster LLP
On August 22, 2017, Stephen Deane, CFA, Investor Engagement Advisor, Office of the Investor Advocate, gave a speech addressing two proposed updates issued by FASB in 2015 (one that would apply to GAAP...
Brown Smith Wallace
Are you frustrated by complex accounting jargon? In the July 2017 issue of The Accounting Review, the American Accounting Association (AAA) published findings from a study it conducted...
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Kramer Levin Naftalis & Frankel LLP
On Oct. 17, 2017, the Division of Corporation Finance of the Securities and Exchange Commission (SEC ) released updated Compliance and Disclosure Interpretations (CDIs) on the use of non-GAAP financial measures.
Morrison & Foerster LLP
On December 1, 2017, the SEC's Division of Corporation Finance updated its Financial Reporting Manual for the following changes...
Withers LLP
The idea was originally proposed in September 2015 but was met by heavy criticism and the change was never officially made.
Cadwalader, Wickersham & Taft LLP
Chief Accountant of the SEC Division of Corporation Finance (the "Division"), Mark Kronforst, will leave the SEC in January 2018 after 13 years with the agency.
WilmerHale
Here is the most recent "Summary of Current FASB Developments" prepared by Randy McClanahan of Butler Snow LLP in Birmingham, Alabama, for the Fall Meeting of the ABA Business Law Section Law and Accounting Committee.
Withers LLP
The Public Company Accounting Oversight Board (PCAOB) recently issued Staff Audit Practice Alert No. 15.
Jones Day
On December 2, 2016, a Delaware Chancery Court held that the courts had no role in considering a purchase price adjustment dispute based on "plain language of the purchase agreement" . . .
Brown Smith Wallace
For companies in many industries, implementing the new FASB's landmark revenue recognition standard is likely to be more time-consuming, complex and costly than management expected.
Ostrow Reisin Berk & Abrams
In an effort to provide more useful information to donors, grantors, creditors and other users of the financial statements, the Financial Accounting Standards Board (FASB) released ASU 2016-14...
Jones Day
In 2014, the US FASB issued new revenue standards under ASC 606, Revenue from Contracts with Customers, which essentially replaced existing revenue recognition requirements under U.S. generally accepted accounting principles.
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