Financial Reporting


AICPA Board Chairman James G. Castellano testified in February before the House Energy and Commerce Committee in support of accounting, auditing and financial reporting reforms. He called for a modernized financial reporting model, more frequent reporting, revised accounting rules for special purpose entities, a new auditing standard enabling auditors to better detect financial statement fraud and a requirement that companies’ management ensure and testify to the effectiveness of their internal control systems, with subsequent auditor reporting on the effectiveness of management’s assertion. ( http://ftp.aicpa.org/public/download/news/stmt_jgc_021402.pdf )

FASB Chairman Edmund L. Jenkins, who testified before the same House committee, said in the second quarter the board will propose guidance on consolidated reporting for special purpose entities.

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