Latest Articles

  • Regulatory Penalties Down Two-Thirds Compared with Last Year

    By:
    Chris Gaetano
    |
    Aug 7, 2017
    Securities and Exchange Commission, the Commodity Futures Trading Commission and the Financial Industry Regulatory Authority in the first half of 2017 were down nearly two-thirds compared with the first half of 2016. 
  • PCAOB Slaps PricewaterhouseCoopers with $1 Million Fine

    By:
    Chris Gaetano
    |
    Aug 4, 2017
    The Public Company Accounting Oversight Board (PCAOB) imposed a $1 million penalty against PricewaterhouseCoopers over issues in its audit of Merrill Lynch's compliance with SEC rules. 
  • Poll: 25 Percent Believe Time Travel Will Happen Before Female Parity in Fortune 500

    By:
    Chris Gaetano
    |
    Aug 4, 2017
    A recent survey done by the Rockefeller Foundation has discovered that 25 percent of people believe we'll have time travel before female parity in Fortune 500 leadership. 
  • Poll: Execs Unsure of Ability to Implement Lease Standards on Time

    By:
    Chris Gaetano
    |
    Aug 2, 2017
    A recent poll undertaken by Deloitte has found that nearly half of corporate executives are unsure of whether or not they will be able to implement the new lease standards in time for the 2019 effective date. 
  • Dow Jones Industrial Average Hits 22,000 for First Time

    By:
    Chris Gaetano
    |
    Aug 2, 2017
    The Dow Jones Industrial Average has reached a new milestone, hitting 22,000 points for the first time in history, buoyed by promising results from Apple.  
  • FASB Weighing Digital Currency Rules

    By:
    Chris Gaetano
    |
    Aug 2, 2017
    The Financial Accounting Standards Board (FASB) is planning to consider rules for digital currencies like Bitcoin to address inconsistent accounting practices regarding their use. 
  • 15 Years Later, Does SOX Still Matter?

    By:
    Chris Gaetano
    |
    Aug 2, 2017

    Signed into law 15 years ago, on July 30, 2002, the Sarbanes-Oxley Act (SOX) transformed the public accounting arena in significant ways. From mandatory internal controls testing to regular inspections from the Public Company Accounting Oversight Board, SOX introduced changes that today are seen as the standard features of any worthwhile audit. But now, a decade and a half later, lawmakers and business leaders have questioned the legacy of these changes and, indeed, are seeking to roll some of them back. 

  • Regulators to Loosen Volcker Rule

    By:
    Chris Gaetano
    |
    Aug 1, 2017
    Five regulatory agencies―the Federal Reserve, Securities and Exchange Commission, Federal Deposit Insurance Corp., Commodity Futures Trading Commission and the Office of the Comptroller of Currency―said they will work together to loosen the restrictions imposed by the Volcker Rule, a crisis-era regulation that made it more difficult for banks to conduct certain investment activities with their own accounts. 

  • Tax Court Reverses Decades-Old Policy on Foreign Partner Taxation

    By:
    Chris Gaetano
    |
    Aug 1, 2017
    A tax court recently ruled that when a foreign partner redeems its partnership interest from a U.S. entity, then the resultant income counts as a capital gain not connected to U.S.-sourced income, and therefore is not taxable, overturning decades of IRS policy saying that it was. 
  • Regulatory Roundup: July 26-August 1

    By:
    Chris Gaetano
    |
    Aug 1, 2017
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA’s regular series that collects relevant regulatory announcements from the past week, and puts them in one place to help you stay on top of the issues.