- Deferred compensation plan errors can be the result of one-time circumstances or can be systemic in nature. The issues discussed in this Insight are among the more common.
- In this webinar, Baker Tilly and Runzheimer discuss the new lease accounting standard, ASC 842, Leases, and the widespread impact of the new standard on their fleet.
- The PCAOB’s staff is continuing to research whether the board’s standard on going concern evaluations needs to be revised to accommodate the accounting changes from the FASB that now require company managements to assess their business’s financial viability. The audit regulator and the accounting board employ standards that use different thresholds that compel disclosure, and the PCAOB is not sure if it should try to align its guidance with the FASB’s.
- The PCAOB proposed strengthening the requirements for auditors when they use the work of specialists in an audit. As the use of estimates has become more prevalent in financial reporting, the reliance upon valuation specialists has also grown, and PCAOB inspectors have uncovered an unevenness in the work auditors do when examining specialists’ work.
- The PCAOB is proposing an expansion of auditors’ responsibilities for examining clients’ use of accounting estimates. The board said additional guidance is necessary because there has been a proliferation of complex accounting estimates in financial statements in the past several years, and auditors have had difficulty checking them.