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

6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.