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The US Securities and Exchange Commission (SEC) is considering the merits of an informal proposal that would allow voluntary filing of supplemental material in financial statements by US public companies, according to SEC Chief Accountant James Schnurr.
Proxy reports filed by US public companies often discuss how nonaudit services may affect independence, according to a new report. But other elements of relationships with auditors are disclosed less often.
The UK Financial Reporting Council (FRC) advised companies not to publish the results of their Audit Quality Report, contrary to recommendations made by the Competition and Markets Authority (CMA) earlier this year.
A popular session at the 2014 World Congress of Accountants in Rome explored the changing demands being placed on the audit committee and how to ensure committee members have the right blend of skills to effectively safeguard stakeholders.
Corporate financial reporting in 10-K annual reports mandated by the SEC can become more effective and useful to investors by implementing 11 recommendations, a new report says.
Nick Topazio, ACMA, CGMA, explains how companies can adopt integrated thinking and decision-making processes that are fundamental to the creation of an integrated report.
The European Council adopted a directive that will require about 6,000 large companies and groups across the European Union to disclose nonfinancial information on their environmental and social impacts as well as diversity policies for boards of directors.
Companies using integrated reports say they have seen improvements in decision-making, collaboration by board members, and understanding of risks and opportunities. Research by the IIRC also shows most organisations in its pilot programme think the reporting helps educate investors.
The UK Financial Reporting Council published revised XBRL tagging conventions to meet the needs of companies as they implement new accounting standards.
The early stages of implementation are over for many companies using the updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
The UK’s Financial Reporting Lab conducted a review of current practice and has drawn up suggestions on how to reduce the length of annual reports, citing examples of best practices from BP and Prudential.
Ian Mackintosh, vice-chairman of the International Accounting Standards Board (IASB), said in Johannesburg that the goal of global accounting standards is achievable. Mackintosh said the pace of globalisation in business makes adoption “inevitable.”
The UK Financial Reporting Council issued amendments that are expected to result in more financial instruments being measured by reference to cost rather than fair value.
A lively discussion by a new revenue recognition transition resource group gave FASB and the IASB plenty of views to consider as they ponder how to help preparers with implementation questions related to the revenue recognition standard issued in May.
Cost-cutting is the top priority of CFOs’ bosses, and staffing projections for the coming year are lower, according to the quarterly Deloitte CFO Signals survey. The survey also says talent costs are a rising concern for North American finance chiefs tasked with trying to save money.
Employees endured salary freezes and pay cuts while their employers suffered through economic hard times. But now they are ready for their pay cheques to recover along with the economy.
Strategic reports that are newly required for some UK companies should provide investors with concise, useful information, according to new guidance released by the UK Financial Reporting Council.
New guidance for UK companies from the UK Financial Reporting Council reconfirms that accounting standards should be overridden when compliance with the standards results in accounts that do not portray a true and fair view in financial reporting.
