Accounting & Auditing Highlights for the Week Ending April 20, 2018


Accounting Highlights:

Tax Reform

April 16: Tax practitioners have identified fixes they think are needed to clarify mistaken cross-references and vagaries in the new tax law, saying changes need to be made as soon as possible to avoid widespread confusion during the next filing season. Click here to read the full story. (Subscription required.)

Accounting

April 16: Many accountants and other professionals aren't ready to stop working at 60, at least not entirely. And these restless veterans of big accounting firms such as KPMG LLP and Deloitte LLP provide a talent reserve for small and midsize business service companies as they tackle financial regulations, tax law changes, and the growth of Big Data. Click here to read the full story. (Subscription required.)

April 20: The Internal Revenue Service is willing to grant accounting method changes to companies looking to accelerate deductions and defer income in order to lower their tax bill to reflect the lower corporate rate in 2018. Click here to read the full story. (Subscription required.)

April 20: PPG Industries Inc. is investigating potential violations of its accounting policies involving as much as $6.4 million in expenses. Click here to read the full report. (Subscription required.)

Cyrptocurrencies

April 17: How cyrptocurrencies will be regulated is not yet settled. The Securities and Exchange Commission and the Commodity Futures Trading Commission are both staking strong claims to this virtual Wild West. Click here to read the full Insights report. (Subscription required.)

Disclosures

April 16: Exxon Mobil Corp. is telling investors to oppose New York City Comptroller Scott Stringer's push for more reporting on its directors’ gender, race, and skills. Click here to read the full story. (Subscription required.)

April 20: Proposed rules related to how companies must account for the cost of moving their information to the cloud will be unnecessarily burdensome and confuse investors, Apple Inc. told U.S. accounting standard setters. Click here to read the full report. (Subscription required.)

Sexual Harassment

April 18: The California Public Employees’ Retirement System, the largest U.S. pension fund, is weighing a policy to urge companies in which it invests to disclose sexual-harassment settlements. Click here to read the full story. (Subscription required.)

April 19: A partner in Ernst & Young Global Limited's tax division says she was sexually harassed by colleagues, including one who groped her in front of other employees at the Walt Disney World Resort. Click here to read the full report. (Subscription required.)

International Accounting Highlights:

Cryptocurrencies

April 18: National accounting authorities urged the international standard setter to issue global guidance for cryptocurrencies so they don't need to individually, thereby avoiding a patchwork of inconsistent rules worldwide. Click here to read the full story. (Subscription required.)

Accounting

April 19: Requiring financial entities to include subtotals in their financial performance statements won't be useful to preparers, representatives from national accounting authorities said. Click here to read the full story. (Subscription required.)

April 19: Accounting leaders fear that attempts to determine better if the market value of a company's brand or reputation has dropped below its original purchase price will prove too complicated, costly and confusing. Click here to read the full story on goodwill impairment. (Subscription required.)

Canada

April 17: Canada's audit regulator reports continued improvement in audit quality in 2017 but is urging accounting companies to strengthen quality management during the audit process. Click here to read the full story. (Subscription required.)

South Africa

April 18: KPMG LLP's South African unit is flying in trouble shooters from around the globe and hurriedly meeting clients to stem any further loss of business after becoming embroiled in three evolving scandals. Click here to read the full story. (Subscription required.)

April 18: South Africa's Auditor-General terminated its contract with KPMG LLP after the accounting firm became engulfed in a series of scandals, including signing off on the accounts of a failed local bank. Click here to read the full story. (Subscription required.)

U.K.

April 18: Forcing up-front payment of disputed tax benefits in avoidance probes has been the U.K.’s most effective new law to fight non-compliance in the past five years, according to a government official. Click here to read the full story. (Subscription required.)

Composed and compiled by Amanda Iacone, accounting reporter for Bloomberg Tax.

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