Please ensure Javascript is enabled for purposes of website accessibility

Accounting News Roundup: PCAOB’s Unanswerable Question; Your Revenue Recognition Cheat Sheet; No Selfies for KPMG CEO | 05.29.14

U.S. Economy Shrank for First Time Since 2011 [Bloomberg]
People who follow these things suggest there's nothing to worry about: "A pickup in receipts at retailers, stronger manufacturing and faster job growth indicate the first-quarter setback will prove temporary as pent-up demand is unleashed. Federal Reserve policy makers said at their April meeting that the economy has strengthened after adverse weather took its toll."

The PCAOB Asks the Auditors an Unanswerable Question: Do Company Controls “Work”? [Re:Balance]
Jim Peterson thinks PCAOB member Jay Hanson's poor choice of words could cause some problems: "So framed, the question is more than 'tough.' It is fundamentally unanswerable – presenting an existential problem and, unless revised, having potential for on-going regulatory mischief if enforced in those terms by the agency staff. That’s because whether a control actually “works” or not can only be referable to the past, and cannot speak to future conditions that may well be different.

At a Glance: New Accounting Rules on Revenue Recognition [WSJ]
Michael Rapoport sums everything up in 7 sentences.

New revenue guidance: Six things to consider [JofA]
In case you just can't get enough.

John Veihmeyer sides with Joe E. on the selfie vs. traditional photo op.

Accused of stealing $863,000, American Canyon accountant to stand trial [NVR]
Leslie Krzan allegedly used the funds to keep her credit card balance manageable. She made a crucial mistake, however: "The alleged thefts came to light in mid-July 2013 after Tulocay & Co. owner Richard Long discovered two company check stubs on Krzan’s desk for a Citibank AAdvantage business card. Long became suspicious because Tulocay did not have an account with Citibank, according to a search warrant."

CFOs Cash In Big with MBAs from Elite Schools [CFO]
FYI.

Sriracha Factory No Longer Considered a Public Nuisance [Gawker]
The Irwindale, CA city council changed its mind.

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

a dog wearing VR

Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

Happy Monday! Here’s some stuff that’s going on. Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG […]

woman working on a laptop with a dog beside her

Monday Morning Accounting News Brief: The Leadership Void; KPMG Gets Fined (Again); PwC Ups Leave | 10.3.22

Deloitte launches Global Sustainability & Climate learning program that aims to enhance skills and capabilities of Deloitte people to help address a global societal challenge. Dubai’s financial regulator has provisionally fined KPMG and one of its former partners $2 million over the firm’s auditing of Abraaj, the emerging markets private equity group that collapsed in […]