Accounting & Auditing Highlights Week Ending March 9, 2018
March 7: Companies that think new lease accounting rules aren't relevant to their operations, and therefore haven't paid much attention to them, might be in for a surprise: hidden embedded leases in contracts that can leave them with little time to prepare for the new rules. Click here to read the full story. (Subscription required.)
March 5: A substantial number of U.S. public companies are having trouble getting set for their first use of broad revenue reporting rules—even at this late date. Click here to read the full story. (Subscription required.)
March 5: Car rental companies, many of which offer loyalty programs to attract and retain customers, won't generate much revenue from those reward perks in the near term thanks to new revenue accounting rules that took effect this year. Click here to read the full story. (Subscription required.)
March 6: Provisions of the new tax law have several definitional issues that concern businesses, which can lead to accounting problems, a tax practitioner said. Click here to read the full story and see a video. (Subscription required.)
March 6: With changes to the tax code's transfer pricing rules, the new tax law gave the IRS backing for arguments the agency has long been making with little success. Click here to read the full story. (Subscription required.)
March 8: The IRS is weighing the applicability of the 2017 tax law's limits on deductibility of business interest payments to corporations with exempted subsidiaries, an official said. Click here to read the full story. (Subscription required.)
Securities and Exchange Commission
March 6: The watershed moment that all companies feared when the Securities and Exchange Commission published its first guidance on cybersecurity disclosure under the federal securities laws in 2011 has arrived. How companies should prepare. Click here to read the full story. (Subscription required.)
March 8: The SEC lacks the funds to provide some cybersecurity enhancements that could help the commission better safeguard its data, agency Commissioner Michael Piwowar said March 7. Click here to read the full story. (Subscription required.)
International Accounting Highlights:
March 8: Chile is sticking to a tight schedule of deadlines for the first tax collection under its complex new system of corporate income taxation, although overworked accountants are begging for a breather. Click here to read the full story. (Subscription required.)
March 8: Brazil's tax agency has given financial institutions, such as banks and insurance firms, instruction on how to implement common reporting standards for an initial exchange of company financial information with other countries set for later this year. Click here to read the full story. (Subscription required.)
March 5: The world's four largest accounting firms have warned the U.K. Treasury against imposing a levy on the revenue of digital companies like Facebook Inc. and Google Inc. to make them pay “fair” taxes. Click here to read the full story. (Subscription required.)
March 9: Deloitte's U.K. division said its female staff are paid 43.2 percent less on average than male employees -- one of the wider gender gaps reported so far, but also one that included the high-earning partners that similarly structured firms have been excluding from their data. Click here to read the full story. (Subscription required.)
March 9: Environmentally sustainable investment is at the heart of European Union proposals that could change the way companies such as Aviva Investors, BNP Paribas SA, and Deutsche Bank AG do business. Click here to read the full story. (Subscription required.)
March 9: Shanghai transfer pricing economist Glenn DeSouza examines how China's State Administration of Taxation is using artificial intelligence to exploit big data to more effectively monitor U.S. multinationals’ compliance with China's tax laws. Click here to read the full story. (Subscription required.)
Composed and Compiled by Gery Brownholtz, Accounting Editor, Bloomberg BNA
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)