Financial reporting / International

Accounting bodies and regulators across the globe are wrestling with the task of how to improve the usefulness and clarity of disclosures in financial statements.

Following a public forum on the topic, the IASB has decided to facilitate more relevant disclosures with three main courses of action:

  • Possible changes to IAS 1. The board will consider narrow scope amendments to IAS 1, Presentation of Financial Statements, to address obstacles preparers face in exercising judgment.
  • Materiality education. With input from an advisory group, the IASB will develop educational material on materiality.
  • Disclosure project. As part of its research agenda, the IASB will consider a project on the broader challenges associated with disclosure effectiveness.

A 44-page Feedback Statement, available at, described the results of the IASB’s outreach to preparers, auditors, regulators, and financial statement users.


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.