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Weekly Catch-Up 13th November

Monday 18 November 2019

FASB’s hedge accounting standard to be clarified

A proposal by the board at the FASB has called for certain sections of the hedge accounting standard to be clarified. In 2017 the FASB made targeted changes to its hedge accounting standard in the hope of making hedge accounting simpler for preparers and easier for financial statement users to understand.

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KPMG hit with another embarrassment following Halford’s hit

Big four accountancy auditor KPMG’s partner, Peter Meehan is facing more embarrassment after car parts and cycle retailer Halford’s was hit with a £12 million write-down following accountancy changes. Meehan audited the business until 2018 when he was suspended following a regulatory investigation in KPMG’s audits of government outsourcer Carillion.

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Share based accounting update issued by FASB

An accounting standards update was issued on Monday by the FASB to simplify and increase the comparability of accounting for non-employee share based payments, specifically those made to customers.

In a statement FASB chairman Russell G. Golden said “The new standard continues our efforts to simplify and improve reporting of share-based payments — in this case, those paid to customers.”

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Toy making giant Mattel Inc. hides accounting error

The toy making giant Mattel Inc along with auditors at PricewaterhouseCoopers, hid an accounting error that affected its financial results in the second half of 2017, according to a published report. Employees at auditor as well as financial executives at the company discovered the error in early 2018 but it wasn’t reflected accurately until a whistleblower wrote to the company in August, according to the Wall Street Journal.

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