Annual reports continue to get longer but not necessarily better, a Deloitte UK report indicates. The survey shows that while the quality of reports has risen, so too has the quantity, and that’s not always a good thing.
The cumulative amount of revenue entities recognise under a new converged standard should not be subject to a significant revenue reversal or downward adjustment under guidance tentatively approved this week by the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB).
The new Current Expected Credit Loss (CECL) model FASB is developing for financial instruments treats impairment as the amount that an entity is not expecting to collect. FASB member Lawrence Smith said that is a significant change from existing GAAP, which recognizes impairment as the result of an incurred loss event whose occurrence is probable as of the reporting period. An exposure draft is expected before the end of the year.
Billy Atkinson, the chair of the new Private Company Council, said he favours embracing differential accounting standards for private companies only after first exploring with FASB whether changes can be made to the standards to accommodate all companies.
A report released by the IFRS Foundation staff examines the concerns expressed by the US Securities and Exchange Commission (SEC) staff about IFRS adoption in a report in July.
The new US Private Company Council (PCC) will hold its first public meeting December 6th at the offices of the US Financial Accounting Foundation (FAF) in Norwalk, Conn.
China’s slowing productivity growth is weighing down economic growth in the world’s second largest economy. Political leaders are addressing the problem in the current five-year plan, and the policy changes are affecting how companies will do business in China.
A new model for impairment of financial instruments is clearing hurdles as the US Financial Accounting Standards Board (FASB) pursues a different path than its international counterpart on expected credit loss.
An American Institute of Certified Public Accountants committee is weighing in on a recent International Auditing and Assurance Standards Board (IAASB) proposal that would require expanded commentary in auditors’ reports.
How should US audit firms and audit committees be talking to each other? The Center for Audit Quality (CAQ), affiliated with the American Institute of CPAs, examines the question in a brief guide released Wednesday on ways to enhance the flow of information on audit inspections and quality-control matters.
Stock market comparisons show that investors are aware of issues related to goodwill impairment before the impairment is announced, a Financial Executives International study shows. The report also shows that companies performing a discounted cash flow analysis with respect to goodwill have been inconsistent in matching the basis of projections with the discount rate applied.
FASB and the International Accounting Standards Board have tentatively agreed that adjustments for the time value of money should remain part of the converged revenue recognition standard the boards are developing. Such adjustments had generated some opposition because of their complexity.
A new study finds that developed markets in North America, Europe and Oceania have a lot of strengths that help businesses with growth potential flourish. But some emerging markets, especially in Asia, are competitive.
To continue to lift millions out of poverty, raise living standards of emerging middle-class consumers and entrench economic growth, African economies must accelerate the creation of wage-paying jobs.
Flexible reporting requirements based on relevance are the foundation of a project FASB is undertaking to attempt to reduce disclosure overload in notes to financial statements.
After rising significantly at the end of 2011 and the beginning of 2012, CPA business leaders’ optimism over the US economy has faded substantially in recent months, according to the latest American Institute of CPAs (AICPA) Business & Industry Economic Outlook Survey.
The US Financial Accounting Standards Board (FASB) is crafting a new expected credit loss impairment model in hopes of moving forward again in the joint accounting for financial instruments project the board is pursuing with the International Accounting Standards Board (IASB).
Despite worries about the euro-zone crisis and the economic slowdown in China, Australian CFOs remain bullish on economic growth and their companies’ hiring plans.
