Former Central Florida Football Player Sues School over Scholarship Withdrawal
A former University of Central Florida football player is suing the school for allegedly rescinding his athletic scholarship due to compensation he received from his YouTube channel. Donald De La Haye accuses Central Florida of violating his right to free speech and denying him due process when the National Collegiate Athletic Association declared him ineligible for making money from his likeness and reputation on the website. De La Haye argues that the First Amendment protects his speech on social media platforms, and Central Florida took away his scholarship in an unreasonable manner since it was unrelated to his academic or. Read More.
PCAOB Standard-Setting Update as of March 31, 2018
Available on the Public Company Accounting Oversight Board’s (“PCAOB”) website is the organization’s most recent standard-setting agenda. Updated as of March 31, the standard-setting agenda features the statuses of the following current PCAOB projects: Auditing Accounting Estimates, Including Fair Value Measurements: Developing a recommendation for action. The Auditor’s Use of the Work of Specialists: Developing a recommendation for action. Supervision of Audits Involving Other Auditors: Reviewing comments and deciding the next steps. Going concern: Outreach, monitoring, and research. The PCAOB also has projects on its research agenda related to: Quality control standards; Changes in how data and technology in audits. Read More.
Government Watchdog Says SEC’s Climate Change Disclosure Rules are Clear
After a comprehensive review, the Securities and Exchange Commission’s (“SEC”) documents related to its climate change disclosure requirements have received the Government Accountability Office’s (“GAO”) approval. In a March 22 report, the government watchdog group said that the SEC’s disclosure requirements concerning climate-related risks under Release No. 33-9106, Commission Guidance Regarding Disclosure Related to Climate Change, are clear and do not need additional guidance. Release No. 33-9106 requires companies to disclose to investors the climate change risks they face, such as lawsuits or regulatory supervision. Effects caused by climate change could potentially impact a public company’s operations and financial stability.. Read More.
Congress Increases Spending for Higher Education Programs
Congress’ latest budget bill offers spending increases for several programs imperative to higher education. Programs that will have higher appropriations in 2018 include Supplemental Educational Opportunity Grants (14.6 percent increase), the National Technical Institute for the Deaf (4.4 percent increase) and Historically Black Colleges and Universities Capital Financing (47.1 percent increase). A full list of the amounts appropriated to higher education is available on the Inside Higher Ed website.
New Tool to Help with Implementing FASB Leases Standard
The Center for Audit Quality (“CAQ”) has designed a tool to support audit committees in their implementation of Accounting Standard Codification Topic 842, Leases, by the Financial Accounting Standards Board (“FASB”). Preparing for the Leases Accounting Standard: A Tool for Audit Committees includes a synopsis of Topic 842 and the standard’s requirements. The new tool also lists which questions audit committee members should consider for a successful application. Topic 842, Leases, will be effective in January 2019. A recent poll, however, found that only 21 percent of professionals say their organizations are either “extremely” or “very” prepared to implement the new leases standard.
Cathie Stanton Hears Supreme Court Case on Sales & Use Tax
Today, April 17, the Supreme Court of the U.S. heard oral arguments for a landmark sales and use tax case, South Dakota v. Wayfair, Inc. et al. What did each side say, and how persuaded did the justices seem? What was the discussion surrounding the burden on businesses of collecting sales tax across multiple jurisdictions? Get the initial impressions of Cathie Stanton, National Leader of State and Local Tax Services at Cherry Bekaert, who was in the courtroom for the arguments and shared this video from outside the Supreme Court building in Washington, D.C.