In light of recent changes to annual reporting requirements, the UK’s Financial Reporting Council has issued a reminder of the implications for those involved in the preparation of financial statements.
The IASB issued amendments and an exposure draft that focus on streamlining disclosures in financial reports. The amendment to IAS 1 and exposure draft for proposed amendments to IAS 7 are part of a broader initiative to make disclosures more relevant.
Board members of US public companies cite updating systems and policies and revising existing contracts with customers as the most challenging aspects of the new revenue recognition standard issued by the US Financial Accounting Standards Board (FASB), according to a new survey.
Companies need to keep pushing forward in their revenue recognition implementation despite the potential that the US Financial Accounting Standards Board (FASB) could defer the effective date of the new standard, experts said.
Members of the US Financial Accounting Standards Board (FASB) plan to visit various companies to gain insight into potential implementation problems as the board considers whether to delay the effective date of the new, converged revenue recognition standard.
Schnurr floated the possibility of keeping US GAAP for US public company financial reporting but also allowing companies the option of reporting supplemental information in IFRS. Schnurr plans to discuss options for additional IFRS reporting with SEC commissioners next year.
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.”
