Accountants need to provide more and better nonfinancial information to meet the increasing needs of investors, an IFAC report suggests. The report, which recommends five actions for accountants, reinforces the results of a joint AICPA/CIMA report that indicated that CEOs worldwide will consider more nonfinancial information as they create business plans.
Regulation and economic uncertainty are the biggest challenges faced by small businesses globally, an International Federation of Accountants (IFAC) survey of small and medium-size accounting practices (SMPs) suggests.
German sports apparel maker Puma is the first major company to quantify and report the monetary cost of its environmental impact in a formal profit and loss statement. The company’s chairman and chief executive explains the rationale and business benefits.
The global accounting profession has given a cautious welcome to the latest exposure draft on accounting standards for revenue recognition. Experts say that the proposed changes represent a move towards a clearer, more consistent standard, though some issues remain unresolved.
The US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are working together to reduce differences in their respective classification and measurement models for financial instruments.
