Accounting & Auditing Highlights for the Week Ending Sept. 7, 2018


U.S. Highlights:

Cloud Computing

Sept. 4: Investors may find they are better able to assess what companies are spending on computer infrastructure as a result of a standard set by U.S. accounting rulemakers. Click here to read the full report. (Subscription required.)

Financial Reporting

Sept. 6: American Electric Power Co. sold bonds Sept. 5, a month after it found an accounting error that spurred it to pull a debt sale. Click here to read the full report. (Subscription required.)

Enforcement

Sept. 5: Tangoe Inc. and three of its former senior executives settled accounting fraud charges with the SEC over the company artificially inflating revenues by $40 million from 2013 to 2015. Click here to read the full report. (Subscription required.)

SEC

Sept. 7: The U.S. Securities and Exchange Commission is poised to be back at full strength after the Senate confirmed Elad Roisman to fill the regulator's open Republican seat, likely providing a boost for the Trump-appointed chairman who leads the agency. Click here to read the full report. (Subscription required.)

Tax Reform

Sept. 6: The top accounting lobby has concerns about how the repatriation tax and accounting rules work together. Without additional guidance on how to calculate the one-time tax, multinationals could face penalties and a lack of audit protection, the AICPA said. Click here to read the full report. (Subscription required.)

Business of Accounting

Sept. 7: The largest U.S. accounting firms are struggling to find recent accounting graduates with the data and technology skills the firms need to meet the changing expectations of their clients. Click here to read the full report. (Subscription required.)

Sept. 7: Confidence in the U.S. economy among the nation's accountants remains elevated, according to a survey by the Association of International Certified Professional Accountants. Click here to read the full report. (Subscription required.)

International Highlights:

Steinhoff Scandal

Sept. 6: Steinhoff International Holdings NV ex-CEO Markus Jooste said he wasn't aware of any financial irregularities and quit as head of the global retailer after disagreeing with the board on how to deal with a dispute with auditors Deloitte LLP. Click here to read the full report. (Subscription required.)

China

Sept. 6: The Chinese Ministry of Finance posted accounting application guidance updates related to budget accounting and risk management tools among others. Click here to read the full report. (Subscription required.)

U.K.

Sept. 7: Deloitte LLP has continued to aggressively increase its share of the U.K. audit market despite political complaints that the big firms have squeezed smaller accounting firms out of public-company auditing, leading to a lack of competition and lax auditing. Click here to read the full report. (Subscription required.)

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

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