Financial Reporting

The IASB issued International Financial Reporting Standard (IFRS) 8, Operating Segments, which requires entities to adopt a “management approach” to reporting the financial performance of operating segments. This approach requires management to disclose information used internally in evaluating segment performance and deciding how to allocate resources to operating segments. Management would have to explain the basis on which segment information is prepared and reconcile differences with amounts recognized on the income statement and balance sheet.

IFRS 8 replaces IAS 14, Segment Reporting, and aligns segment reporting with FASB Statement no. 131, Disclosures About Segments of an Enterprise and Related Information.

The change is part of a joint short-term convergence project the IASB and FASB have under way to reduce the differences between international financial reporting standards and U.S. GAAP. IFRS 8 applies to periods beginning on or after January 1, 2009, but earlier application is permitted.


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.