On October 2, 2009, the SEC announced its final extension of the auditor-attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 for smaller reporting companies. [to read more, click on title above]
The financial close process is one of the most important functions the accounting department performs . . . Standardization of the close process through the use of a checklist promotes efficiency and greater certainty with respect to the accuracy of your accounting . . . [to read more, click on the title above] Submitted by Rachel Polson, Baker Tilly Virchow Krause, LLP; and Abigail Grenfell, Internal Control & Anti-Fraud Experts, LLC.
During May 2009, the FASB issued Statement of Financial Standards No. 165 (“SFAS 165”), Subsequent Events. SFAS 165 (with FASB codification change, new reference ASC 855) requires . . . [to read more, click on the title above] – Posted by Rachel Polson, Partner, CPA, Baker Tilly Virchow Krause, LLP
On July 1, FASB launches its Accounting Standards Codification (FASB ASC) as authoritative. Following this date, companies should search through their financial statements for any historical references to accounting pronouncements and update those references to reflect the FASB Codification. (read more) – Submitted by Rachel Polson, audit partner at Baker Tilly Virchow Krause, LLP
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