The number of enforcement actions the Securities and Exchange Commission brought against public companies and their subsidiaries shot up in the second half of fiscal 2018, according to a report from the New York University Pollack Center for Law & Business and Cornerstone Research. The SEC filed 55 cases in that period, compared with 71 for the year, the report said.
The new concept of "individually tailored" accounting disclosures has been a challenge for accountants and auditors. Securities and Exchange Commission officials have provided some clarity on this topic, as well as on disclosures about cybersecurity, Brexit and Libor.
The Internal Revenue Service has issued guidance outlining how to determine the amount of parking expense that is nondeductible under Sec. 274(a)(4) when employers provide parking for employees. The notice also describes how tax-exempt organizations increase unrelated business taxable income in those circumstances.
The Public Company Accounting Oversight Board will meet Dec. 20 to consider adopting rules for public-company auditors on auditing accounting estimates, including fair-value measurements, and on use of specialists.
If stock market volatility has drained value from your traditional IRA, this might be a good time to convert the account into a Roth IRA to take advantage of tax-free asset growth.
Emerging technologies can provide substantial efficiencies in business processes and can enhance the quality of financial reporting. But these technologies also pose risks that audit committees must address in their oversight role.
Brackman was chief accounting officer.
Wall Street banks are scrutinizing US financial and economic data for any early warning of a recession in 2019. JPMorgan Chase puts the odds of a recession next year at 35%, while Bank of America sees a 20% to 30% chance.
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