ACCOUNTING AND AUDITING HIGHLIGHTS WEEK ENDING SEPTEMBER 8, 2017


ACCOUNTING HIGHLIGHTS:

REVENUE RECOGNITION

September 5: Investors in some of the most well-known companies will have to wait longer than they expected to see the effects of new revenue rules. Starbucks Corp., Oracle Corp., and Apple Inc., will wait until 2019 to adopt the new revenue accounting rules. Most public companies are set to adopt the rules next year. Click here to see the full story (Subscription required).

SECURITIES AND EXCHANGE COMMISSION

September 6: Alan Cohen, a top Goldman Sachs Group Inc. executive, will join the Securities and Exchange Commission (SEC) as a senior policy adviser to Chairman Jay Clayton, to help U.S. regulators deal with Brexit and new European rules that will upend banks’ research businesses. Click here to see the full story (Subscription required).

September 7: Law professor Robert Jackson is President Trump's pick to fill the open Democratic seat at the SEC, raising the chances that Wall Street's main regulator will have a full complement of commissioners for the first time since 2015. Click here to see the full story (Subscription required).

DEBT RESTRUCTURINGS

September 7: This fall banks and credit unions will have clearer accounting guidance on when and how they should factor the effects of troubled debt restructurings into their estimations of expected credit losses. Click here to see the full story (Subscription required).

INTERNATIONAL ACCOUNTING HIGHLIGHTS:

INTERNATIONAL DEVELOPMENTS

September 5: Large private businesses and organizations in the United Kingdom (U.K.) have begun laying the groundwork for new corporate governance principles. The U.K. government said that it planned to introduce secondary legislation requiring non-listed companies with 2,000 or more workers to explain how their directors consider employee interests and other concerns in promoting a company's financial success. Click here to see the full story (Subscription required).  

September 6: A new Ukrainian National Bank financial reporting regulation requires financial and banking businesses to disclose their monthly and annual balance sheets and loan portfolio reports. Click here to see the full story (Subscription required).

September 6: Two international banking and accounting organizations are set to work more closely in developing standards for global finance. The Basel Committee on Banking Supervision (BCBS) and the International Accounting Standards Board (IASB) have signed a memorandum of understanding designed to strengthen their cooperation. Click here to see the full story (Subscription required).    

UNITED KINGDOM

September 8: The Internal Revenue Service (IRS) reached an agreement with the U.K. to exchange multinational companies’ global tax and profit reports, known as country-by-country reporting. A spokesman for the U.K.’s tax authority said it will update online guidance that includes a section on which countries the U.K. will exchange the reports with. Multinational companies filing global tax reports in the U.K. will receive further guidance from the country's tax agency to exchange the transparency documents.

Click here to see the full story (Subscription required).

INTERNATIONAL AUDITING HIGHLIGHTS:

RUSSIA

September 8: A draft law introduced into the State Duma in Russia aims to force tax inspectors to complete tax audits on businesses more quickly. The bill suggests cutting the maximum term of in-office tax audits from three months to one month. Click here to see the full story (Subscription required).

Composed and Compiled by Gery Brownholtz, Accounting Editor, Bloomberg BNA

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