Accounting & Auditing Highlights for the Week Ending Aug. 31, 2018


U.S. Highlights:

Accounting Standards

Aug. 29: Public companies and other preparers of U.S. financial statements must incorporate two new changes in their accounting of fair value and retirement plans. Click here to read the full report. (Subscription required.)

Aug. 29: Nonprofit hospitals that periodically revise lines of credits and extend repayment dates may urge the U.S.'s accounting standard-setter to rethink a proposed rule due to be released soon. Click here to read the full report. (Subscription required.)\

Aug. 30: Accounting standard setters issued guidance on how companies are required to attribute upfront costs associated with moving data to the cloud. Click here to read the full report. (Subscription required.)

Financial Reporting

Aug. 30: Investors want U.S. accounting standard-setters to require big conglomerates to provide more detail about their individual business segments, according to a survey of investment analysts and portfolio managers. Click here to read the full report. (Subscription required.)

Enforcement

Aug. 28: A change in philosophy at Securities and Exchange Commission may cause fewer enforcement actions against accountants, but other regulators appear to be stepping into the void. Click here to read the full report. (Subscription required.)

Business of Accounting

Aug. 29: Corporate tax accountants are a hot commodity and are being traded to public accounting firms as part of a wave of outsourcing deals. Click here to read the full report. (Subscription required.)

Tax Reform

Aug. 27: Retailers and restaurant chains are finding quarterly financial reports a challenge because they can't write off the cost of interior improvements made this year and after. Click here to read the full report. (Subscription required.)

Aug. 29: U.S. federal tax reform has mitigated many of the formerly significant financial accounting considerations pertaining to foreign subsidiaries’ earnings. Click here to read the full Insight article by Ian Ross. (Subscription required.)

Tax Compliance

Aug. 27: The IRS plans to announce the retooling of a popular real-time auditing program for large corporations that's been under review for the last two years. But the program, once thought to be doomed, is here to stay—for now.  Click here to read the full report. (Subscription required.)

Aug. 27: U.S. multinationals could face an IRS with more authority to decide how to value their intercompany transactions under “aggregation"-method rules the agency is seeking to make final. Click here to read the full report. (Subscription required.)

International Highlights:

Credit Loss/IFRS 9

Aug. 28: A new international accounting standard has caused banks to hike reported bad debt levels, but the moves haven't affected profit or capital—so far. Click here to read the full report. (Subscription required.)

U.K.

Aug. 28: Accounting in the U.K. would be thrown into chaos if the country fails to strike a deal on how to leave the European Union, which looks increasingly likely. Click here to read the full report. (Subscription required.)

Aug. 30: The U.K.’s Financial Reporting Council fined and reprimanded Grant Thornton UK LLP and three senior auditors following their admissions of misconduct in the audits of Nichols Plc's and the University of Salford. Click here to read the full report. (Subscription required.)

South Korea

Aug. 31: South Korean financial regulators will provide detailed industry-specific accounting guidelines for pharmaceutical and biotechnology companies on capitalizing research and development expenses, Financial Services Commission Vice Chairman Kim Yong-beom said in a meeting. Click here to read the full report. (Subscription required.)

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

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