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Dodd-Frank Act: How does this affect CPAs and their clients?
Posted Wed, 08/25/2010 - 6:03am by Sukanya Mitra (Managing Editor)
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What are the implications to CPAs?
- Accounting Standards
- 522 reads
© 2012 Proformative, Inc.
Comments
Whoopee, guaranteed employment!
Just as SOX fury winds down to a more reasonable place than it started, we get a raft of new regulations which will cause companies within and near the financial services industries to continue to pay through the nose for audit and legal services. I can see the G&A Outside Service expense lines expanding as I write this - what with all of the auditing and oversight that will be required in these industries. Related to this are new rev rec rules (ASU 2009-13&14) and the eventual coming of IFRS.
Note that I am not in the covered industries, but my board is discussing risk and regulation constantly, and in the communications biz we are heavily regulated, so this speaks to me. And as a consumer of what is already a ton of audit and legal services, I can't say that I'm happy with more and more layers of oversight, and I'm sure it will only drive operating costs in one direction...