by Hiller Hardie
1. February 2012 11:21
My recent blog discussed the trend of the last several years of declining revisions of financial statements due to accounting errors or manipulations. As a member of the Accounting profession, I follow the activities of the PCAOB with interest (and often skepticism). Of particular relevance is their...
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by Kelley Owen
31. January 2012 10:12
One of the biggest reasons is because existing premiums have increased to very high levels. Any profession with errors and omission insurance, product liability exposure and/or cyber risk have seen large increases I premiums. Many companies have considered a captive but have yet ...
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by Rocco Romano
27. January 2012 10:35
Every 5 years the IRS releases updated Tax Gap estimates, and it has just published the findings for 2006, the most recent year for which figures were analyzed. The Tax Gap statistic measures compliance by comparing total tax liabilities to total tax receipts (including with enforcement collections ...
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by Ken Urish
23. January 2012 14:39
As a prison boss famously said to Paul Newman's character in Cool Hand Luke, "What we got here is... failure to communicate." Well, the PCAOB did not consider AU 380, it's standard on auditors' communications with audit committees, to be a failure of Cool Hand Luke proportions - but they have decide...
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by Justin Nescott
23. January 2012 12:47
Whether you use Internet Explorer, Firefox, Chrome, Safari, or another browser, you most likely use Google for your web searches. However in most browsers, the Google toolbar has to be installed or you must navigate to Google.com to use the Google search engine.
In just over three y...
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by Steven Sodini
18. January 2012 10:45
Each year, there are many important changes to various tax amounts, limitations, etc. (see Important Tax Figures for 2012). This article will highlight some of the major changes from 2010 through 2012.
Most of the major changes occurred in the area of tax depreciation. Fi...
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by Jessica Moore
18. January 2012 10:25
A BDO USA survey has indicated that investment bankers are increasing their due diligence related to Chinese based offerings due to Chinese accounting scandals in recent years. Expanded efforts have been reported when reviewing internal controls over financial reporting and corporate governance stru...
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by Laura Lewis
6. January 2012 16:00
The Internal Revenue Service (IRS) has recently announced that the tax deadline for this year's federal tax returns will be extended until April 17, 2012. The traditional deadline date of April 15 falls on a Sunday this year and April 16 is Emancipation Day which is a recognized...
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by Ken Urish
27. December 2011 15:37
As we witnessed recently in the buildup to Groupon’s IPO, the manner that revenue is recognized is a critical accounting issue. In Groupon’s case, they were forced to restate their financial statements. Revenue recognition has been the cause of audit failures and the focus of cor...
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by Hiller Hardie
27. December 2011 15:25
As noted by The Wall Street Journal on November 30, the number of financial statement restatements at large US companies had declined for the 5th year in a row. Restatements spiked upward significantly in the initial years of Sarbanes Oxley implementation (2004-2005). This was due largely to the inc...
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