CPAs and Advisors with Your Growth in Mind

PCAOB Guidance Issued for Audits of Broker-Dealers

Assisting auditors of brokers and dealers registered with the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board (“PCAOB”; “the Board”) has issued Staff Guidance for Auditors of SEC-Registered Brokers and Dealers (“the Guidance”). Effective for fiscal years ending on or after June 1, 2014, the Guidance will help auditors complete audits in line with the Board’s standards required by the Dodd-Frank Act and SEC. During the transition period, auditors can reference the Guidance to note any requirements for SEC-registered broker-dealer audits and attestation engagements. Additionally, the new Guidance offers assistance on implementing PCAOB standards to such. Read More.

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Sustainability Reporting Increasing Among S&P 500 Companies

According to a June report by the Governance & Accountability Institute (“the Institute”), sustainability reporting among companies in the Standard & Poor’s 500 (“S&P 500”) is growing at a staggering rate. Through the Institute’s research, it was discovered that 72 percent of S&P 500 companies submitted reports last year covering environmental, social and governance (ESG) matters. The number marks a 19-percent increase (53 percent) from 2012. By these numbers, the Institute’s research concluded that corporate sustainability disclosure is a major concern for companies, especially in the eyes of investors and stakeholders. The report’s findings also noticed a strong link between. Read More.

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SASB Standards for Non-Renewable Resources Industry Released

Tackling environmental, social and governance concerns, the Sustainability Accounting Standards Board (“SASB”) has issued standards for companies in the non-renewable resources industry . In a provisional phase for a year after their issuance date, the standards cover issues such as greenhouse gas emissions, air quality and community relations. During this phase, the SASB will accept feedback on the standards. As the SASB’s fourth set of industry specific standards, the Non-Renewable Resources edition joins the Health Care, Financials, and Technology and Communications sectors. This brings the SASB’s project of creating a set of industry standards for capital markets’ use of material sustainability factors to 40 percent completion. The organization. Read More.

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SEC Approves Rules on Over-the-Counter Derivatives

Approved by unanimous vote, the U.S. Securities and Exchange Commission (“SEC”) will adopt rules on how to apply “Security-Based Swap Dealer” and “Major Security-Based Swap Participant” definitions to cross-border security-based swap actions under the Securities Exchange Act of 1934 and Title VII of the Dodd-Frank Act. The new rules are part of a bigger framework suggested under the Dodd-Frank Act that would control over-the-counter derivatives. Through the Dodd-Frank Act, the SEC can carry out a regulatory framework for security-based swaps. At this time, security-based swaps trade solely in over-the-counter markets with little oversight. To counter future financial crises, various SEC. Read More.

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New DoD Requirement to Perform its own Price Reasonableness Determination

On March 13th of this year, the Office of the Under Secretary of Defense for Acquisition Technology and Logistics issued a memorandum directing contracting officers to comply with a deviation from the Federal Acquisition Regulation (“FAR”) 8.404(d). The class deviation is applicable to Department of Defense (“DoD”) entities buying off Schedule contracts and remains in effect until the language is incorporated into the Defense Federal Acquisition Regulation Supplement. This deviation provides that “GSA has determined the prices of supplies and fixed-price services, and rates for services offered at hourly rates, to be fair and reasonable for the purpose of establishing. Read More.

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Overall College Enrollment Dropping

After a six-year rise, colleges overall are experiencing their second consecutive year of decreased student enrollments. Although traditional universities experienced slight increases last year, at for-profit colleges like University of Phoenix and Strayer University had the largest enrollment drops. A major factor many contribute to the decrease is an improving economy. With more job openings that don’t require a four-year degree, some high school graduates are taking jobs in construction or manufacturing, or attending technical schools. For the full story, click here .

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