Accounting & Auditing Highlights for the Week Ending June 1, 2018


U.S. Highlights:

Auditing

May 30: The first enforcement chief to police the U.S. audit industry since the Enron Corp. and Worldcom Inc. accounting scandals is leaving his post. Click here to read the full story. (Subscription required.)

May 29: For the first time in many years, the Securities and Exchange Commission has proposed revisions to its auditor independence rules. The changes would significantly narrow the rule's application, CPA Cathy Allen explains. Read the full Insight article here. (Subscription required.)

Tax Reform

June 1: The top 55 companies on the 2017 Fortune 500 list, including corporate giants like Apple Inc., Alphabet Inc., and Pfizer Inc., expect to pay about $131 billion in taxes on their earnings stockpiled overseas, a Bloomberg Tax analysis found. Click here to read the full story. (Subscription required.)

June 1: The IRS isn't likely to release any more proposed regulations to implement tax reform before the end of the year, a senior agency official said. Click here to read the full story. (Subscription required.)

May 29: Several tax law provisions for tax-exempt groups—including changes to unrelated business income and excise taxes—have prompted practitioner questions about potential revisions to forms and reporting requirements. Click here to read the full story. (Subscription required.)

Cryptocurrency

May 31: The American Institute of CPAs is urging the IRS to issue more guidance on the tax treatment of cryptocurrencies, but practitioners say taxpayers shouldn't hold out hope for answers soon. Click here to read the full story. (Subscription required.)

Financial Reporting

June 1: The Securities and Exchange Commission is reviewing whistle-blowers’ allegations that Aflac Inc. may have misled investors in reporting its financial results, according to two people familiar with the matter. Click here to read the full story. (Subscription required.)

May 31: Activist investor Voce Capital Management stepped up its proxy fight at Natus Medical Inc., accusing the board of failing to provide sufficient oversight and leaving the company vulnerable to a class-action lawsuit over inadequate disclosures to investors. Click here to read the full story. (Subscription required.)

Corporate Governance

June 1: State Street Corp., one of the investment firms leading the push for more women on corporate boards, is calling attention to the pipeline for getting them there. Click here to read the full story. (Subscription required.)

Sustainability

May 30: Climate change activist investors have turned their attention toward Chevron Corp. in this year's round of annual general meetings, with the oil major facing a vote on May 30 proposing that it disclose more information on efforts to minimize methane leaks. Click here to read the full story. (Subscription required.)

SEC

May 30: SEC Chief Economist Jeffrey Harris won't be around long enough to mark one year at the agency, the commission said May 29. Click here to read the full story. (Subscription required.)

Business of Accounting

May 29: The IRS and its state and industry Security Summit partners are warning tax practitioners about a new scam involving phishing emails purporting to be from state accounting and professional associations. Click here to read the full story. (Subscription required.)

International Highlights:

Insurance

June 1: The size and complexity of changes required under the new international insurance standard could prove costly to companies and lead to delays. Click here to read the full story. (Subscription required.)

Auditing

June 1: Deloitte LLP fell “significantly short of the standards” to be reasonably expected in its audit of Autonomy Corp., the troubled business software maker that was bought by Hewlett-Packard seven years ago, according to Britain's accounting regulator. Click here to read the full story. (Subscription required.)

May 29: KPMG LLP is conducting an internal review into its audits of embattled Middle East buyout firm Abraaj Group following the alleged misuse of money, according to people with knowledge of the matter. Click here to read the full story. (Subscription required.)

Financial Reporting

June 1: Lebara Group BV has postponed publication of its results, one month after it apologized for a “one-off delay” in filing accounts. Click here to read the full story. (Subscription required.)

Taiwan

May 30: Blockchain operators in Taiwan could face a more complex regulatory landscape. Click here to read the full story. (Subscription required.)

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

Rely on expert practitioners for practical guidance and real-world approaches to complex accounting issues with Bloomberg BNA’s Financial Accounting Resource CenterTake a free trial today.