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

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

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

News quiz: Taking an economic snapshot and looking to the future

Recent news included IRS actions that affect individuals and partnerships and a possibly influential move by a Big Four accounting firm.Take this short quiz to see how much you know about the news.