Financial Reporting


 


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FINANCIAL REPORTING

Following the World Trade Center's destruction, airlines, hotels, insurers and other financial services companies wrestle with financial reporting issues related to the disaster. In response, FASB's emerging issues task force takes tentative positions on when financial statements should classify as extraordinary certain losses or other costs related to the incident, when to recognize such losses or costs and whether financial statements should provide additional information about the attack's economic consequences. (www.fasb.org/eitf/issue01-10.pdf)

The Financial Executives International and the National Investor Relations Institute together issue best practices to help companies comply with SEC Regulation FD, which requires them to share earnings guidance and other material information equally with all market participants. For example, according to one recommendation, a company should offer as much guidance in its quarterly news releases as it is comfortable providing. (www.niri.org/publications/alerts/EA091001.cfm)

SPONSORED REPORT

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out