The International forum of Independent Audit Regulators (IFIAR) has published its second annual survey of audit inspections of the Big Four plus BDO and Grant Thornton firms around the world: “The leading areas of deficiency in inspected auditors of ……
The PCAOB* has proposed a new standard to make the auditor’s report more informative. If finalized in its present form, it would provide more and/or better information concerning the following: Critical audit matters (as determined by the auditor). Auditor independence and…
“I do not deny that what happened to us is a thing worth laughing at. But it is not worth telling, for not everyone is sufficiently intelligent to be able to see things from the right point of view.” —…
I don't have exact figures, but I'm fairly certain that the AICPA's annual Washington, DC conference on SEC-related developments may be the place where you can find the highest number of accountants crammed into a single hotel ballroom. And that's…
Note: Some very helpful comments on my most recent post have led me to conclude that I made some factual and logical errors. Fortunately, though, my main message, that stock issuance costs should be recorded as an expense, is not affected;…
If the FASB and IASB are doing such a good job mucking up financial statements by working together on convergence projects, why have they decided to go their separate ways in their quests to seek a cure for disclosure dysfunction? Based…
Shortly after my most recent post on the AICPA's new FRF for SMEs, NASBA issued a press release that was clearly intended to keep the public spat between the two national organizations from escalating: "The AICPA and NASBA are committed…
The AICPA, in its spat with NASBA over its recently released Financial Reporting Framework for SMEs (my very own critique is here), has loudly and often declaimed that the purveyors of GAAP are supportive of their new non-GAAP option. That is,…
It recently occurred to me that the ongoing Disclosure Framework project and the comatose Financial Statement Presentation project have three things in common: Neither current disclosure nor presentation standards promote high quality financial reporting (perhaps one of the few things…
I have generally considered the developments regarding accounting standards for private companies over the past couple of years to be distractions from my focus on public company financial reporting. But it has come to the point where I have to…