Accounting & Auditing Highlights for the Week Ending June 8, 2018


U.S. Highlights:

Insurance

June 8: Life insurance companies might need to brace for initial costs of applying new accounting rules for long-term insurance contracts that will be issued this year. Click here to read the full story. (Subscription required.)

Revenue Recognition

June 6: Companies involved in mergers and acquisitions this year need to consider the effects of new revenue accounting on those deals because it could change the financial performance and operations of the merged company, accountants said. Click here to read the full story. (Subscription required.)

Accounting

June 4: Companies that file initial public offerings are facing additional financial reporting challenges this year. Click here to read the full story. (Subscription required.)

PCAOB

June 6: Preventing audit failures, rethinking audit inspections, and using new technology are among the areas that the regulator for the U.S. audit industry is looking into as its advances with a new agenda set for release this summer. Click here to read the full story. (Subscription required.)

June 7: The new board members of the U.S. regulator for the audit industry are vetting two previously proposed standards related to accounting estimates and the use of specialists by auditors. Click here to read the full story. (Subscription required.)

June 8: The U.S. audit industry is keeping a close eye on a U.K. accounting scandal that has embroiled that country's audit regulator. Click here to read the full story. (Subscription required.)

Financial Reporting

June 4: Symantec Corp.'s revenue—and how the company reported it—is expected to be at the center of an audit committee-led investigation into its financial reporting. Click here to read the full story. (Subscription required.)

June 8: MiMedx Group Inc. tumbled in early trading after saying it will restate financial results and that its two top finance executives have stepped down. Click here to read the full story. (Subscription required.)

Blockchain

June 4: Accountants roll up their sleeves to sort through the practical challenges of adopting  blockchain’s distributed ledger technology. Click here to listen to the podcast. (Subscription required.

Business of Accounting

June 7: Organizations are raising salaries and piling on perks as the demand for accounting talent continues to grow, according to several surveys, but companies are reserving larger pay raises for those with particular abilities. Click here to read the full story. (Subscription required.)

June 8: Immigration law firm Berry Appleman & Leiden is selling its non-U.S. offices to Deloitte Global and entering into an “alliance” with the British arm of the consulting firm, the latest sign that Big Four firms are entering the legal space. Click here to read the full story. (Subscription required.)

Disclosures

June 7: About 500 publicly traded companies doing business in Portland, Ore., are likely to face a tax for big pay gaps between their CEO and rank-and-file workers, representing the first tangible aftereffect of a federal rule that requires disclosure of those figures. Click here to read the full story. (Subscription required.)

Foreign Corrupt Practices Act

June 4: The Panasonic settlement offers key insights into how companies can best mitigate risks associated with third-party engagements and potential violations of internal controls, accounting, and books and records provisions of the Foreign Corrupt Practices Act. Click here to read the full Insight article. (Subscription required.)

International Highlights:

Accounting

June 8: The chief accountant at the Securities and Exchange Commission Wes Bricker called for closer cooperation between regulators internationally in a speech in London. Click here to read the full story. (Subscription required.)

Leasing

June 8: The shift to complex international lease accounting rules in 2019 is “unnecessary” and could be dangerous for small companies, the European Leasing Association warned. Click here to read the full story. (Subscription required.)

UK

June 6: The U.K. branches of KPMG LLP and PricewaterhouseCoopers LLP have barred male-only employment shortlists in a bid to narrow a gender pay gap well above the national average. Click here to read the full story. (Subscription required.)

Ireland

June 7: The former chief executive officer of Anglo Irish Bank Corp. was found guilty of helping orchestrate a scheme that falsely boosted perceptions of the lender's strength before it collapsed amid the financial crisis. Click here to read the full story. (Subscription required.)

Russia

June 5: New corporate reporting rules requiring companies to convert assets and liabilities denominated in non-Russian currencies to rubles. Click here to read the full story. (Subscription required.

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

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