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FAF - 2022 Strategic Plan Draft For Public Comment

NYSE SLICE: "Take a Step Back from the Daily Noise"

Cloud Computing –COSO Publishes Guidance on ERM for Cloud Computing

DTCC Perspectives: From Where We Stand 

Going Concern – IFRS Foundation Publishes Educational Material on Going Concern 

Journal of Accountancy: The Outlook of Finance Decision-Makers for 2020 

IFRS for SMEs – IFRS Draft Q&A on the IFRS for SMEs Standard Published for Public Comment 

Public Accounting Report: Personalized Career Itineraries Guide and Retain Talented Women 

Public Accounting Report: Professors Say Their Top Accounting Students Hope to Work...Where? 

Public Accounting Report - Early Industry Rotations Can Help Fill SEC Audit Pipeline with Women 

Articles

FAF - 2022 Strategic Plan Draft For Public Comment

Summary - The Board of Trustees of the Financial Accounting Foundation (FAF) has released its 2022 Strategic Plan Draft for Public Comment and is inviting public and stakeholder input on the plan’s contents. The comment deadline is July 22, 2022.

The draft plan includes the FAF’s mission and vision statements and describes six overarching goals for the organization. Among these are commitments to:

  • Champion the value of independent standard setting;
  • Sustain the relevance of the information generated by Generally Accepted Accounting Principles (GAAP);
  • Demonstrate leadership in global financial reporting; and
  • Invest in technology to support more effective standard setting.

The draft plan also describes the organization’s commitment to diversity, equity and inclusion, and to ongoing dialogue with relevant parties about future developments in financial reporting around sustainability.

Following the public comment period, the FAF Board of Trustees will meet to consider the public input. The Trustees intend to publish the final document later this year.

For more information, click here.

© 2022 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

NYSE SLICE: "Take a Step Back from the Daily Noise"

A resource offered by the NYSE is Slice. According to the website, it's "branded Slice because of the collaboration between Cheddar and Intercontinental Exchange, which operates the NYSE.

These in-depth interviews help viewers “slice” through the noise to get to the truth of what CEOs, entrepreneurs and innovators are doing to change our future."

Conversations air on Cheddar from 8-10am ET every Wednesday and coincide with the NYSE Opening Bell. You can find Cheddar on DirecTV, Hulu, Twitter, Amazon and cheddar.com.

For more information about Slice and/or to watch the current episode, please click here.

Cloud Computing –COSO Publishes Guidance on ERM for Cloud Computing

Summary - The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has published new guidance, Enterprise Risk Management for Cloud Computing.

COSO developed this guidance in view of the increased need for more remote and flexible work environments as a result of the pandemic as businesses are utilizing cloud computing more. COSO notes that use of cloud computing has become an essential element to compete in the marketplace.

“The speed at which cloud computing can be procured and implemented is one of its many valuable traits,” said Paul Sobel, COSO Chairman. “However, some organizations may not have had the capability to implement appropriate controls designed to mitigate the risks in their cloud environments. A structured adoption of cloud computing, including a holistic cloud computing governance program that addresses the associated risks and is incorporated into the ERM program, will enable an organization to derive the most value and enable the organization to achieve its strategic objectives.”

The project, commissioned by COSO and co-authored by Mike Grob, Principal, and Victoria Cheng, Managing Director, in Crowe LLP’s Consulting services, provides a concise roadmap to implement cloud computing and describe appropriate roles and responsibilities. The guide provides a structure to utilize the COSO ERM framework in thinking through evolving cloud computing risks.

The use of the COSO ERM framework enables cloud computing to be integrated with the organization’s ERM function. The guidance explains how to apply the COSO ERM framework by evaluating each component as well as the 20 principles to cloud computing governance. As noted in the guidance, those organizations that have not yet created a cloud governance program can do so at any time and continue to refresh as changes occur. By incorporating cloud governance into the organization’s cloud computing processes, the organization is better positioned to manage risks that threaten the strategy and objectives of the organization. 
 
For more information, click here.

© 2021 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

DTCC Perspectives: From Where We Stand

Summary - According to the DTCC website, it is "the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 15 countries, DTCC, through its subsidiaries, automates, centralizes and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers."

From Where We Stand is DTCC's thought leadership hub that offers perspectives and insights "on the innovations that are driving the transformation of global markets as well as the fintech revolution, the critical role of market infrastructures, opportunities to overcome the challenges of the complex regulatory environment and more.

For more information, please click here.

Going Concern – IFRS Foundation Publishes Educational Material on Going Concern

Summary - The IFRS Foundation has issued educational materials to support companies in consistent application of going concern requirements under International Financial Reporting Standards (IFRS).

The educational material, Going Concern—A Focus on Disclosure, neither changes nor adds to the existing IFRS requirements. IFRS requires companies preparing financial statements under IFRS to assess their ability to continue as a going concern. In the current stressed economic environment arising from the COVID-19 pandemic, deciding whether the financial statements should be prepared on a going concern basis may involve a greater degree of judgment than usual. To support companies, the educational material brings together the requirements in IFRS relevant for going concern assessments.

As discussed in the educational material, under International Accounting Standard (IAS) 1, Presentation of Financial Statements, companies must disclose material uncertainties relating to the entity’s ability to continue as a going concern. IAS 1 defines going concern by explaining that financial statements are prepared on a going concern basis unless management either intends to liquidate the entity or to cease trading or has no realistic alternative but to do so. Factors that management may need to consider when assessing whether the going concern basis of preparation is appropriate are those factors that relate to the entity’s current and expected profitability, the timing of repayment of existing financing facilities, and potential sources of replacement financing. As IAS 1 requires management to take into account all available information about the future, given the current stressed environment, entities may be affected by a wider range of factors than previously. Thus management needs to consider those additional factors. These include the effects of temporary shut-downs or curtailment of activities, potentially imposed by governments, the availability of government support, and the effects of longer-term structural changes in the market place, including changes in customer behavior.

The educational material provides guidance on how to assess the applicable factors for an entity’s particular situation. It includes a flowchart that considers four potential scenarios ranging from an entity with no significant doubts about going concern to an intention to liquidate. The flowchart uses the scenarios to provide guidance on assessing the effect of a deteriorating situation on the entity. The discussion includes how management can do a dynamic assessment of the applicable environment and effect on the entity, focus on disclosures relating to going concern, and evaluate assumptions management uses in reaching conclusions on the entity’s ability to continue as a going concern. 

For more information, click here.

© 2021 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

Journal of Accountancy: The Outlook of Finance Decision-Makers for 2020

Summary - According to the Journal of Accountancy, "positive sentiment about the U.S. economy is easy to find among CPA decision-makers in business and industry, despite obstacles and the uncertainty that regularly accompanies an election year. Ken Witt, CPA, CGMA, lead manager for management accounting and member engagement for the Association of International Certified Professional Accountants, breaks down the reasons for optimism and hesitance for the year ahead."

What you’ll learn from this episode:

  • Why the optimists in a recent survey see 2020 as a time for their businesses to grow.
  • The concerns of those that are pessimistic or neutral about business growth this year.
  • The issue that has ranked atop CPA decision-makers’ list of top challenges for 10 consecutive quarters.
  • How sentiment and spending plans are viewed in an election year.

For more information and to hear the episode, click here.

IFRS for SMEs – IFRS Draft Q&A on the IFRS for SMEs Standard Published for Public Comment


Summary - The IFRS Foundation is calling on stakeholders to comment on its draft Q&A on the application of the IFRS for SMEs® Standard.

The draft Q&A responds to a question from stakeholders about the application of the undue cost or effort exemption for investment property on the date of transition to the IFRS for SMEs Standard. The draft Q&A concludes that additional cost or effort due to the elapse of time between the date of transition and the date of preparing the first IFRS for SMEs financial statements is not considered.
The draft Q&A has been developed by the SME Implementation Group (SMEIG), which assists the IASB in supporting the application of the IFRS for SMEs Standard. Developing non-mandatory and timely guidance on applying the IFRS for SMEs Standard is one of the two main responsibilities of the SMEIG. The group also advises the IASB on amendments to the IFRS for SMEs Standard.

During the 2019 Comprehensive Review of the IFRS for SMEs Standard, the IASB will consider the guidance developed by the SMEIG since the issue of the 2015 amendments to the IFRS for SMEs Standard and decide whether to incorporate the responses in the IFRS for SMEs Standard.

The draft Q&A is the second to be published since the initial comprehensive review of the IFRS for SMEs Standard, completed in May 2015.

The consultation is open for comment until October 7, 2019.

For more information, please click here.
 
© 2019 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.
 
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Public Accounting Report: Personalized Career Itineraries Guide and Retain Talented Women

Summary - CCH has published a new edition of Public Accounting Report (PAR), Personalized Career Itineraries Guide and Retain Talented Women - May 2019. This special edition of PAR covers the Accounting MOVE Project, which surveys participating firms on key factors that drive the retention and advancement of women. Other topics in this edition of PAR include:
 
  • Why do rising women opt out; and
  • To retain rising women, invest in relationships.
 
For more information, please click here.
 
 
© 2019 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.
 
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Public Accounting Report: Professors Say Their Top Accounting Students Hope to Work...Where?

Summary - CCH has published a new edition of the Public Accounting Report (PAR), Professors Say Their Top Accounting Student Hopes to Work ... Where? - September 2018. Other topics discussed in this edition include:

  • News digest;
  • People, firms, and promotions; and
  • PAR's 37th annual professors survey editorial advisory board for 2018.

PAR is the leading provider of competitive intelligence for public accounting firms and the profession. It is renowned for its straight reporting and analysis of the news, developments, and trends that have defined the profession for more than 20 years. Public Accounting Report is written for public accounting firm partners and professionals, opinion leaders, and industry observers.

For more information on Public Accounting Report, click here.

© 2018 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

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Public Accounting Report - Early Industry Rotations Can Help Fill SEC Audit Pipeline with Women

Summary - CCH Incorporated has published a new edition of the Public Accounting Report (PAR), Early Industry Rotations Can Help Fill SEC Audit Pipeline with Women and Extra Issue - May 2018. Other topics discussed in this edition include:
 
  • News digest;
  • Checklist helps guide decision to become multi-office practice; and
  • People, firms and promotions.

This month's PAR also includes an extra edition that examines the Accounting MOVE Project that focuses on gender equality within accounting firms.

PAR is the leading provider of competitive intelligence for public accounting firms and the profession. It is renowned for its straight reporting and analysis of the news, developments, and trends that have defined the profession for more than 20 years. Public Accounting Report is written for public accounting firm partners and professionals, opinion leaders, and industry observers.

 

For more information on Public Accounting Report, click here.

 

© 2018 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.