All Financial Reporting articles
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Article
FASB proposes new chapter for financial reporting framework
The Financial Accounting Standards Board has proposed a new chapter to Concepts Statement No. 8 that would define 10 elements of financial statements.
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Article
What FASB’s recent updates might mean for you
The Financial Accounting Standards Board has issued updates to its standards on hedging and share-based payments and is offering guidance on reference rate reform.
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Blog
When earnings precede audit, auditors cave, study finds
Absent a strong audit committee, management can get an upper hand over auditors when it releases unaudited earnings results to the market, a new study says.
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Blog
Hertz to pay $16M civil penalty for accounting violations
Car rental company Hertz Global Holdings will pay a $16 million civil penalty to settle a case concerning inaccurate financial reporting, the Securities and Exchange Commission announced in an order filed Dec. 31.
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Article
SEC, FASB issue changes aimed at simplifying disclosure requirements
Companies need to update their disclosure controls and procedures now that the SEC and FASB are starting to trim unnecessary bulk out of disclosure requirements.
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Article
Global aspects of tax reform prove particularly difficult
Elation morphed into confusion in the first quarter as companies celebrated tax reform, then dug in to figure out what it all means and how to comply.
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Article
Filing problems? SEC invites companies to ask for help
Where one entity’s financial statements get impossibly tangled with another’s, the SEC is inviting companies to reach out and ask for some relief.
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Article
Auditors develop early plans for how to audit blockchain
Blockchain is evolving rapidly from enigma to imperative in financial reporting circles, and one audit firm has even introduced an audit approach.
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Blog
SEC relieves year-end tax reform reporting crisis
With tax reform signed into law, the SEC has issued guidance explaining its expectations with respect to the related financial reporting requirements.
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Blog
SEC halts initial coin offering, calling it fraud
Companies can expect no new guidance from the SEC anytime soon on digital currencies, but they can expect its enforcement arm to act if it sees indications of fraud.
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Blog
Tax reform pace could produce major year-end reporting
If tax reform is enacted by the end of 2017, companies could be facing a mad scramble to report the effects in their year-end financial statements.
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Blog
Radius introduces Global Compliance platform
Radius—a firm that helps companies expertly plan, execute, and manage international operations worldwide—has introduced Global Compliance, a new application that provides total visibility into each client’s unique compliance calendar so they can avoid surprises associated with corporate taxes, financial reporting, indirect taxes and other obligations.
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Blog
Natural disasters raise accounting, reporting implications
Companies affected by recent natural disasters may need to consider the effects on their accounting, financial reporting, and tax compliance.
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Blog
FASB plans to distinguish liabilities from equity
The FASB plans to distinguish liabilities from equity in financial statements to make the accounting rules less complex and easier to understand.
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Article
Still battling over internal control? Focus on risk assessments, communication
In the continually evolving battle over internal control reporting and auditing, the strategy for the next front should include better risk assessments and timely communication with auditors. Tammy Whitehouse has more.
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Article
The PCAOB must provide better guidance for ICFR
When it comes to better understanding how to live up to Auditing Standard No. 5, “talk to your auditors” is poor advice, writes Bob Conway.
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Blog
CFOs, controllers struggle with pace of change, poll says
CFOs and controllers are struggling to keep up with the pace of change in financial reporting, having a significant impact on effectiveness, according to a global EY survey. Tammy Whitehouse has the results.
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Article
Despite heightened risks, auditors limit cyber-questions
Auditors are arming up to be more proactive in the escalating cyber-war, but this year they’re still limiting their focus to financial statement risk. Tammy Whitehouse has more.
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Blog
Accountants tally Brexit effect in financial statements
To prepare for Brexit, companies need to consider how they might be exposed to new risks, assuring they are reflected in accounting and financial reporting. Tammy Whitehouse analyzes a new PwC report that discusses what near- and long-term issues companies can expect.
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Blog
CFA Institute: Use data structuring, like XBRL, end to end
Analysts are calling on public companies and regulators to reduce error and improve utility by using structured data like XBRL throughout financial reporting. Tammy Whitehouse reports.