INSIGHTS

Under New Management: PCAOB Outlines Priorities for Coming Year

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…

SEC Proposes Changes to the Whistleblower Program

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…

Identifying Cyberrisks in an Audit

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…

FASB Simplifies Accounting Rules for Stock Compensation

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…

Rolling Back Dodd-Frank, Piece by Piece

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…

Are You Ready for the New Credit Losses Standard?

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…

Construction Contractors Can Benefit From Tax Reform Changes to Long-Term Contracts Exception

The 2017 Tax Cuts and Jobs Act is the most comprehensive reform to the U.S. tax code in more than 30 years. As taxpayers sort out the changes, construction company contractors should take notice of a very positive change in the tax reform package—the increase in the gross receipts limit to qualify for the small construction contract exception to the percentage of completion method (PCM) by $15 million…

Considering QuickBooks? 10 Reasons Why You Should

You may have a manual accounting system that seems to work fine. You understand it. You’re able to send invoices and pay bills, record expenses, and analyze management information. You don’t know, though, how much more efficient and productive you could be by using QuickBooks until you’ve tried it…

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