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.
A new group devoted to dealing with transition issues related to the new, converged revenue recognition standard will meet twice in 2014 and four times in 2015.
Financial statement preparers are embarking on a daunting task as they begin to ramp up for implementation of the new, comprehensive, converged standard on revenue recognition.
As organisations look to expand in emerging markets, they increasingly must decide whether to hire locally or send somebody from the home office. Each has its own set of unique challenges and benefits. CGMA road warriors offer their insights.
Many companies are going to find that the attention of finance and accounting will not be enough to ensure successful implementation of the new revenue recognition standard.
Members of the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have a good sense of the most important things to consider as a result of the new standard, beyond the obvious takeaway of greater comparability across industries and jurisdictions.
