Many of the most well-known accounting scandals were associated to related party transactions (RPT) such as Enron, Wordcom or Parmalat. In general there are two contrasting views on RPT: they represent either conflicts of interest as they can violate against management’s agency responsibility...

Shortly before the COVID-19 crisis emerged worldwide accounting standard boards reformed the accounting requirements for the modeling and the accounting of credit loss allowances. The Financial Standards Board (FASB) issues new requirements effective 2020 and the International Accounting...

The International Financial Reporting Standards (IFRS) are followed and adopted in more than 140 jurisdictions worldwide nowadays. This tremendous success for the last 20 years in terms of worldwide coverage is also attributable to the main principles-based character of IFRS. This also makes...

Auditors take over a crucial role in corporate governance and capital markets. A main contribution of auditors is to enhance firms ‘cost of capital by fostering trust among public and private investors. Moreover, auditors have to discipline corporate insiders to avoid misbehavior and prevent...

A Robotic Process Automation (RPA) enabled by Artificial intelligence (AI) has become an important field within the digitalisation of the economy. AI-driven robots and machines are forecasted to grow dramatically in the next years. AI-enabled RPA replaces the work a human would normally do by...

We investigate the application of agile methodology to regulatory compliance projects. Regulatory compliance projects normally apply waterfall approach given the regulatory explicit specified requirements. We identify the major advantages and disadvantages. The findings have implications for...

National standard setters and external accounting observers continue to express concerns over a principles-based developed IFRS taxonomy. Considering the anticipated but unexpected SEC decision on March 3rd 2017 to adopt the IFRS taxonomy for electronic filings for Foreign Private Issuers by...