posts on Legislative / Regulatory

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SCOTUS delivers one class-action victory for CPAs … but not two

Posted By: Bill Sheridan on June 24, 2014 in Legislative / Regulatory
The Supreme Court has delivered a big victory to CPAs and the rest of the business world — though not as big as some would have liked. A unanimous SCOTUS ruling on June 23 gives more power to businesses to defend themselves against class-action lawsuits and could begin to curb the number of huge settlements that companies must pay in the wake of such lawsuits. The ruling deals specifically with a case involving Halliburton Co., one of the largest oil-field service companies in the world. A...
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Practitioners associated with Form 5500: Have you met your peer review requirements?

Note: The following article is reprinted with permission from the “CPA Now” blog, a publication of the Pennsylvania Institute of Certified Public Accountants. The AICPA is working on an initiative to make sure that all firms associated with certain Form 5500 filings that are required to have a peer review have gone through with the peer review and that the scope of the review was correct. So, if your firm has been associated with filing certain Form 5500s, you need to consider whether...
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Revenue recognition roundup: Here’s everything you need to know

By now you’ve heard the news: The Financial Accounting Standards Board and the International Accounting Standards Board have joined forces to release a new set of revenue recognition standards that are meant to standardize — at lease somewhat — the rules that different countries and industries use when accounting for revenue. “The standard for the recognition of revenue from contracts with customers is intended to improve the financial reporting of revenue and improve...
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A year later, the key to COSO’s internal control framework is ‘a reasonable approach’

A year ago today, COSO (don’t ask what it stands for — you’re better off not knowing) released its updated “Internal Control — Integrated Framework,” a blueprint for how companies can design and implement internal controls in an era of chaos, change, and almost constant re-regulation. In the aftermath of Sarbanes-Oxley and Dodd-Frank, it’s an extraordinarily important document. Trust us. One year after its release, our friend Edith Orenstein and the rest of...
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DATA Act breezes through Congress; Obama signs it into law

Posted By: Bill Sheridan on May 12, 2014 in Legislative / Regulatory&XBRL
UPDATE: President Obama has signed the DATA Act into law. "It's no secret that political rhetoric too often diverges from reality, but there's no truer testament to a government's priorities than how it spends money," said Hudson Hollister, the Executive Director of the Data Transparency Coalition. "The DATA Act will unlock a new public resource that innovators, watchdogs, and citizens can mine for valuable and unprecedented insight into federal spending. America's tech sector already has the tools...

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