Accounting & Auditing Highlights for the Week Ending June 15, 2018


U.S. Highlights: 

Disclosures

June 11: A proposed rule amending certain redundant disclosure requirements is near to becoming final, according to a top Securities and Exchange Commission accountant. Click here to read the full story. (Subscription required.)

June 13: Investors need banks and other financial institutions to provide transparent, comparable facts when reporting credit losses on loans under new accounting for those items, the SEC's top accountant. Click here to read the full story. (Subscription required.)

Accounting

June 14: Public companies will get an early preview of probable changes to how they combine operations and report their performances as a single segment, an area of intense Securities and Exchange Commission scrutiny. Click here to read the full story. (Subscription required.)

Audit

June 14: Retired accountants and auditors are on the front lines of cybersecurity in corporate boardrooms where they face a learning curve, rapid technology changes, and a shifting risk landscape. Click here to read the full story. (Subscription required)

Tax Reform

June 11: U.S. companies are spending on bonuses, acquisitions, and technology, but it's too soon to know whether the new tax law will spur more long-term investment. Click here to read the full story. (Subscription required.)

June 13: The new tax law handed most of the top 50 Fortune 500 companies a collective $137 billion in one-time benefits, while imposing nearly $20 billion in charges on the others due to its effect on their deferred tax assets and liabilities, according to a Bloomberg Tax analysis. Click here to read the full report. (Subscription required.)

Cryptocurrency

June 12: Many startups that now raise money in an initial coin offering (ICO) aren't thinking about the tax consequences of doing so, and may very likely end up with a big surprise the following year when they go to file their taxes. But how much of this money is taxable, and what should a company set aside for tax purposes? That depends on a number of questions, the first of which is the type of token that is offered. Click here to read the full Insight report. (Subscription required.)

June 15: Ether investors got a reprieve June 14 when a top U.S. regulator said transactions involving the token aren't subject to federal securities rules, ending months of speculation that had weighed on the second-most valuable digital currency. Ether and other coins surged on the news. Click here to read the full story. (Subscription required.)

SEC

June 13: A dispute over the appointment of the SEC's in-house judges is among the 21 cases the U.S. Supreme Court still needs to decide before its 2017 term ends in the coming weeks. Click here to read the full story. (Subscription required.)

International Highlights:

U.K.

June 12: The number of accountants outside of the Big Four willing to bid for public company audit work is falling in the U.K., despite calls from politicians to introduce greater competition for major audits. Click here to read the full story. (Subscription required.)

June 12: The U.K.'s accounting regulator fined KPMG LLP $4.2 million for weaknesses in its audit of a technology company, Quindell Plc, as questions mount over both auditing standards in the U.K. and the efficacy of the watchdog itself. Click here to read the full story. (Subscription required.)

June 14: The U.K.'s accounting watchdog has imposed its heaviest-ever sanctions on PricewaterhouseCoopers LLP and the partner responsible for the audit of collapsed retailer BHS Ltd, as political pressure mounts for stronger action against the large accounting firms following a string of audit scandals. Click here to read the full story. (Subscription required.)

Accounting

June 11: Cryptocurrencies are valued together at almost $200 billion—and they're increasingly becoming a source of business for some of the U.K.’s tax and accounting firms. Click here to read the full story. (Subscription required.)

June 14: The U.K. affiliate of KMPG LLP has expanded a reverse mentoring program designed to increase the number of senior Afro-Caribbean employees, taking the program national as figures show that ethnic minorities are under-represented at the major accounting firms, especially at top levels. Click here to read the full story. (Subscription required.)

Audit

June 15: French accounting firm Mazars Group intends to muscle its way into Big Four U.K. auditing dominance of public companies. Click here to read the full story. (Subscription required.)

Sustainability

June 11: One of Europe's biggest pension funds is expecting double-digit returns on a new Danish investment vehicle that's based on the United Nation's sustainable development goals. Click here to read the full story. (Subscription required.)

June 14: The world's deepest-pocketed investors are starting to take climate change seriously, according to Amundi SA. Click here to read the full story. (Subscription required.)

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

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