IASB Proposes Updates on Revenue Standard
The International Accounting Standards Board has floated a few ideas to help clarify the new revenue recognition standard, and is asking for public comment on the proposals. All three clarifications address performance obligations under the new standard and seek to clarify questions such as who is a principal or agent, ...
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Taxing Times Ahead on Revenue Standard
Among the many issues companies must address as they adopt the new revenue recognition standard, tax consequences are gaining more attention. The IRS is seeking comment on how burdensome tax reporting might become, and the standard’s fundamental shift in recognizing revenue could make the burden quite heavy. “There’s a lot ...
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OpinionThe Compliance - Audit gap in ESG and financial reporting
ESG reporting has moved from a voluntary PR exercise to an expectation for regulators and investors, but the compliance audit gap now threatens credibility.
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PremiumU.K. financial regulator looks to streamline audit enforcement procedures
Auditors are supposed to keep businesses honest, but how much regulation is the optimum for the auditors – and how onerous and punitive should the enforcement regime be? A new consultation by the U.K. regulator, the Financial Reporting Council, opened on Oct. 1 and has put the vexed question of ...