Accounting & Auditing Highlights for the Week Ending July 27, 2018


U.S. Highlights:

Accounting

July 27: Tesla and Papa John's can expect increased financial scrutiny following contentious statements made by people whose identities are intertwined with the companies. Click here to read the full story. (Subscription required.)

Auditing

July 26: The leaders of six of the largest U.S. accounting firms and the profession's main association issued an open letter reaffirming their commitment to audit quality. “In the ongoing global dialogue around audit quality, we will remain open to constructive new ideas that are carefully informed,” the letter reads. Click here to read the full story. (Subscription required.)

Business of Accounting

July 23: Mid-sized accounting firms, driven by market demand to provide technology solutions, are buying tech companies in a bid to retain clients. Click here to read the full report. (Subscription required.)

July 25: Deloitte LLP isn't the only major professional services firm making a calculation for paid family leave. Ernst & Young LLP and PricewaterhouseCoopers LLP have revamped their leave programs. The moves may be employee-friendly, but they're also part of a benefits strategy that keeps large employers in the mix for attracting and retaining top talent. Click here to read the full report. (Subscription required.)

July 27: Older applicants who were denied jobs by PricewaterhouseCoopers can't bring their age discrimination in hiring claims on behalf of a nationwide class, at least for now, a federal judge in San Francisco ruled. Click here to read the full report. (Subscription required.)

Sustainability

July 23: Success by ExxonMobil Corp., Chevron Corp., and ConocoPhilllips Co., in persuading a federal judge to dismiss New York City's claims against them boosts their attempts to avert their possible responsibility for contributing to climate change. Click here to read the full report. (Subscription required.)

Wayfair

July 24: Vendors using Amazon.com Inc., eBay Inc. and other online marketplaces can expect significant burdens tracking dollar and transaction volumes in thousands of localities around the country. Click here to read the full report. (Subscription required.)

Tax Reform

July 23: Transfer pricing approaches to valuing intellectual property will converge with other methods that value assets, such as market-based ones, as a consequence of tax reform, a practitioner said. Click here to read the full report. (Subscription required.)

SEC

July 27: The U.S. Securities and Exchange Commission has sought details from India's ICICI Bank Ltd. on its accounting and corporate governance practices. The bank has American Depository Receipts traded in the U.S. Click here to read the full report. (Subscription required.)

International Highlights:

IFRS

July 26: The head of the Dutch accounting standards-setting body has come out strongly against attempts by the European Commission to empower itself to change international financial reporting standards. Click here to read the full report. (Subscription required.)

July 26: Deloitte LLP is offering Italy's builders a way to get billions of euros in unpaid bills from public works projects off their balance sheets–selling them at a discount to hedge funds. New accounting rules that came into force last year have added pressure on builders to step up the pace of disposals. Click here to read the full report. (Subscription required.)

Insurance

July 25: The European Commission has extended a deadline over proposals allowing it to modify international accounting standards within Europe as protests intensify over the move. Click here to read the full report. (Subscription required.)

Steinhoff Scandal

July 26: Steinhoff International Holdings NV has replaced Dirk Schreiber on the boards of two key units as the embattled retailer seeks to bolster independent oversight. Click here to read the full report. (Subscription required.)

U.K.

July 23: The U.K.'s biggest accounting firms are increasingly training people in disciplines other than accounting prowess, as traditional practices such as auditing dwindle in importance. Click here to read the full report. (Subscription required.)

July 24: Uncertainty over Brexit terms is preventing U.K. accounting and other management consulting firms from forming teams with the necessary expertise to advise clients on how to navigate the upcoming changes. Click here to read the full report. (Subscription required.)

Ukraine

July 23: More businesses must file their financial statements in the Ukraine under international financial reporting standards, but the provision doesn't apply to private pension funds. Click here to read the full report. (Subscription required.)

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

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