Thought Leadership

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SEC Poised to Expand Audit Attestation Exemption

For most public companies, an auditor’s attestation is required under Section 404(b) of the Sarbanes-Oxley Act of 2002. The Securities and Exchange Commission (SEC) is finalizing a rule that would exempt more than 500 additional companies from this requirement. Several large investor protection…

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Clarifications on the Credit Loss Standard

Banks and creditor losses reporting from sourced loans will change with Accounting Standards Update (ASU) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Accountants have some lingering questions about updated guidance details,…

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Will Naming the Lead Auditor Improve your Audit Quality?

Rule 3211, Auditor Reporting of Certain Audit Participants, has raised doubts on producing the intended benefits as explained in a recent study. The Public Company Accounting Oversight Board (PCAOB) issued the rule at the end of 2015. It requires accounting firms to identify the name of the…

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SEC Extension Allows Companies to "Test the Water"

Has your company ever considered issuing public stock? The Securities and Exchange Commission (SEC) recently adopted a rule that would extend the Jumpstart Our Business Startups (JOBS) Act’s “test-the-waters” provision to all companies, encouraging more of them to consider public offerings.

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FASB Considers Changing Acquired Goodwill Accounting

Goodwill accounting occurs when a buyer attains an existing business entity. Thanks to Accounting Standards Update (ASU) No. 2014-02, Intangibles — Goodwill and Other (Topic 350): Accounting for Goodwill (a Consensus of the Private Company Council), private companies merging with or buying other…

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