Accounting & Auditing Highlights for the Week Ending Oct. 12, 2018


U.S. Highlights:   

Leasing

Oct. 12: Companies paying to splash their brand names on concert and professional-sports venues may be surprised to find new accounting rules require them to report a portion of that money as rent. Click here to read the full report. (Subscription required.)

Financial reporting

Oct. 11: Securities and Exchange Commission Chairman Jay Clayton just tapped the brakes on President Donald Trump’s push to let U.S. companies report earnings less frequently. Click here to read the full report. (Subscription required.)

Enforcement

Oct. 9: The former partner of a New York accounting firm faces federal charges for defrauding investors of $2 million by setting up a business and using false documents about deals that never occurred, federal authorities announced Oct. 9. Click here to read the full report. (Subscription required.)

Oct. 12: Three former BDO USA LLP accountants have been suspended for predating audit paper work and signing blank audit papers among other unprofessional conduct that violated securities laws and auditing standards, the SEC announced Oct. 12. Click here to read the full report. (Subscription required.)

IRS

Oct. 12: The IRS proposed removing rules governing advance payments for goods and long-term contracts that it said are no longer necessary because of the 2017 tax overhaul. Click here to read the full report. (Subscription required.)

International Highlights:

U.K.

Oct. 9: Pressure on the U.K.’s audit firms mounted as a competition watchdog started investigating the industry a day after another regulator said it was considering banning auditors from doing consulting work for the companies they assess. Click here to read the full report. (Subscription required.)

Oct. 10: U.K. cake baker Patisserie Holdings Plc suspended its chief financial officer after uncovering “significant, and potentially fraudulent, accounting irregularities” and a demand for more than a million pounds in back taxes. Click here to read the full report. (Subscription required.)

Oct. 12: A month after the Patisserie Holdings Plc chairman published an advice column on spotting fraud, his finance chief has been arrested in an accounting scandal that threatens to shut the cake baker’s 200-plus stores. Click here to read the full report. (Subscription required.)

Singapore

Oct. 11: Companies flummoxed that Singapore requires them to report leasing contracts differently in tax filings than in accounting ledgers have some help from a new primer by the island state’s tax agency. Click here to read the full report. (Subscription required.)

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

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