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

Solving the lease accounting challenge

The challenges of the new lease accounting standard have been pervasive to say the least. In this free, independently-written report, you'll learn effective adoption strategies as well as resources for easing the transition to the new standard.

FEATURE

Tackling TCJA changes this tax season

Return preparers must be ready for how the Tax Cuts and Jobs Act has modified many common features of individual and business returns.