Financial Reporting


  FASB issued a proposal intended to improve financial reporting by resolving some potential ambiguity about the breadth of the embedded credit derivative scope exception in Statement no. 133, Accounting for Derivative Instruments and Hedging Activities. The proposal would amend certain accounting and reporting requirements of paragraph 14B of Statement no. 133 to clarify when embedded credit derivative features, including those in collateralized debt obligations (CDOs) and synthetic CDOs, are not considered embedded derivatives subject to potential bifurcation and separate accounting. Comments on the proposal were due Feb. 13. The proposal is available at www.fasb.org/derivatives/01-14-09_C22.pdf.

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