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  • FASB document (blue) Image
  • FASB proposes improvements to income tax disclosures

    Jul 26, 2016

    As part of its disclosure framework project, the FASB has issued a proposed Accounting Standards Update (ASU), “Disclosure Framework — Changes to the Disclosure Requirements for Income Taxes.”

  • SEC (US Securities and Exchange Commission) (dark gray) Image
  • SEC names interim chief accountant

    Jul 21, 2016

    The SEC has named Wesley Bricker as the interim chief accountant in the SEC’s Office of the Chief Accountant, which oversees accounting interpretations, professional practice issues, and international accounting matters. Mr. Bricker will hold the position while Chief Accountant James Schnurr recovers from a bicycle accident.

  • PCC meeting (mid blue) Image
  • Summary of the July 2016 PCC meeting

    Jul 19, 2016

    At today’s meeting, the Private Company Council (PCC) discussed the FASB’s projects on (1) short-term improvements to the accounting for financial instruments with characteristics of both liabilities and equity, (2) balance sheet classification of debt, (3) disclosures by business entities about government assistance, and (4) financial performance reporting.

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  • Heads Up — Controls and non-GAAP measures Image
  • Heads Up — Controls and non-GAAP measures

    published Jul 19, 2016

    As part of its current focus on non-GAAP measures, the SEC has questioned whether companies and audit committees have implemented appropriate controls regarding the disclosure of such measures. This Heads Up discusses the types of controls that could be established and provides high-level examples of control issues and related responses for consideration in connection with non-GAAP measures.

  • Heads Up — SEC proposes to eliminate outdated and duplicative disclosure requirements Image
  • Heads Up — SEC proposes to eliminate outdated and duplicative disclosure requirements

    published Jul 18, 2016

    This Heads Up discusses the SEC’s July 13, 2016, proposed rule, Disclosure Update and Simplification, which would amend certain of the Commission’s disclosure requirements that may be redundant, duplicative, or outdated, or may overlap with other SEC, U.S. GAAP, or IFRS disclosure requirements. The proposal also seeks comment on whether certain of the SEC’s disclosure requirements that overlap with U.S. GAAP requirements should be retained, modified, eliminated, or referred to the FASB for potential incorporation into U.S. GAAP.

  • Audit Committee Brief — July 2016 Image
  • Audit Committee Brief — July 2016

    published Jul 18, 2016

    This edition highlights recent news items, publications, articles, and other topics of interest to audit committee members, with links for further information.

  • Thinking Allowed — The future of corporate reporting Image
  • Thinking allowed — The future of corporate reporting

    published Jul 13, 2016

    Some commentators and organizations are asking whether evolution in reporting requirements is enough, or whether it is time for a more fundamental rethink about corporate reporting, particularly our reliance on an annual report with annual financial statements.

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