In early 2018, the leadership of the PCAOB changed hands. This article identifies the PCAOB’s top priorities, including the proposed changes to the audit standards on 1) accounting estimates, 2) the use of specialists, and 3) the supervision of other firms, as well as researching ways to increase use of technology in auditing…

The SEC is proposing amendments to its guidelines for reviewing whistleblower claims and handing out awards to people who report wrongdoing. This article provides an overview of the SEC whistleblower program and proposed changes to make the program more effective and efficient…

As the frequency and severity of cyberattacks have increased, data security should be a critical part of the audit risk assessment. This article summarizes findings from an ongoing PCAOB inspection of how public company auditors and their firms are responding to mounting cyberrisks…

The FASB has expanded the scope of its stock compensation guidance to include share-based payments to nonemployees for goods and services. As this article explains, the amendment to U.S. GAAP eliminates existing guidance that called for businesses that give stock awards to independent contractors or consultants to follow a separate standard from the one used for employee stock compensation…

President Trump recently signed a bill easing supervision of small and midsize banks mandated by the Dodd-Frank Act. This article explains the new law, along with an SEC proposal that would roll back the controversial Volcker Rule. It also discusses House subcommittee debates over legislation that would scale back the financial reporting and disclosure requirements under the Dodd-Frank Act…

The new credit losses standard will require banks and other creditors to recognize losses on bad loans earlier than under the current rules. This article explains the updated standard and why several organizations have requested that the effective date be extended. A sidebar discusses auto lenders’ concerns regarding the credit losses standard…

In 2017, Congress passed changes to tax laws that will significantly affect trades of agricultural machinery and equipment.  Before you can fully understand how the new laws will affect your farming operation, you need to take a look at the past law…