US SEC heightening scrutiny of auditors' crypto work : report

US Accounting

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31st December, 2023

The US Securities and Exchange Commission (SEC) is heightening the scrutiny of the work audit firms do for cryptocurrency companies, a senior official of the regulator told the Wall Street Journal. "We're warning investors to be very wary of some of the claims that are being made by crypto companies," said Paul Munter, SEC's acting chief accountant in an interview with the journal.The SEC did not immediately respond to a Reuters request for comment on the report.
The development comes as the implosion of FTX has rippled across the industry, hobbling liquidity at firms with exposure to what was once one of the world's biggest crypto exchanges, and has prompted investigations by regulators in several countries.
The development comes as the implosion of FTX has rippled across the industry, hobbling liquidity at firms with exposure to what was once one of the world's biggest crypto exchanges, and has prompted investigations by regulators in several countries.
Last month, FTX filed for US bankruptcy protection and its founder Sam Bankman-Fried resigned as chief executive, after rival exchange Binance walked away from a proposed acquisition.

FASB Staff Issues Proposed Changes for 2022 US GAAP Financial Reporting Taxonomy

US Accounting

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2nd Janurary, 2023

The Financial Accounting Standards Board (FASB) has issued proposed technical and other conforming changes for the 2022 U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and the related release notes for public comment. These proposed changes include element additions for various accounting topics, and element deprecations for superseded accounting guidance and for improved consistency and structure for the topical projects and other reviews. Standard and documentation labels were modified to clarify elements and improve appropriate usage, and references were modified to assist with element selection.
 The FASB is seeking feedback on whether users of the U.S. GAAP Financial Reporting Taxonomy agree with the proposed technical and other conforming changes, and whether additional technical and other conforming changes are needed. The comment period for the proposed changes ends on November 1, 2021. Comments should be submitted directly to the FASB. The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to participate in this public review to continue to improve the process for creating and using XBRL-structured financial statements.
 
 

Decoding how the CPA Program brings in a volley of global opportunities

US Accounting

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31st December,2022

Manu Vishwas Trivedi, CPA (Aust.), Finance Manager at Cyprium Metals Limited, worked successfully across the globe before setting his sights on building a new life in Australia. 

Trivedi knew early on as an accountant that he wanted to work internationally but the plan to come to Australia only developed after he had established an enviable career in accounting.

Trivedi’s career journey started after graduating with a commerce degree and completing his Chartered Accountancy in India. His skills and interest in gaining international exposure led him to work for businesses in Vietnam, Singapore, China, and South Africa. He moved around the world, working in hospitality and education, but it was the mining industry that gave him the challenge he sought in the line of work he enjoyed most: accounting.

 

FASB releases GAAP Taxonomy reports

US Accounting

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17th December,2022

FASB on 17 Dec. 2022 released its Annual GAAP Taxonomy, which includes the 2023 GAAP Financial Reporting Taxonomy (GRT) and the 2023 SEC Reporting Taxonomy (SRT). The 2023 GRT contains updates for accounting standards and other improvements since the issuance of the 2022 Taxonomy as used by issuers filing with the SEC. According to a FASB news release, the 2023 SRT includes changes to SEC Staff Accounting Bulletin No. 121 on obligations to safeguard crypto assets that an entity holds for platform users.

FASB amended transition guidance in Accounting Standards

US Accounting

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15th December,2022

The amendments to the ASU require that an insurance entity apply a retrospective transition method as of the beginning of the earliest period presented or the beginning of the prior fiscal year if early application is elected. In FASB's summary of the amended standard, the board said it received feedback from stakeholders "indicating that applying the LDTI guidance to contracts that were derecognized because of a sale or disposal of individual or a group of contracts or legal entities before the LDTI effective date likely would not provide decision-useful information to investors and other allocators of capital and may result in significant operability challenges for insurance entities to apply the guidance." The update was issued to reduce implementation costs and complexity related to the adoption of LDTI for contracts derecognized before the LDTI effective date.

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