Financial Reporting


In speeches and advisory announcements, the SEC’s chairman, Harvey L. Pitt, and chief accountant, Robert K. Herdman, lay out the commission’s plans for enhancing the accuracy and completeness of corporate financial disclosures, simplifying the standard-setting process, modernizing the financial reporting model and responding more swiftly to registrants’ requests for proactive accounting and reporting guidance. ( www.sec.gov/news/speech/spch523.htm ; www.sec.gov/news/speech/spch525.htm ; www.sec.gov/rules/other/33-8039.htm ; www.sec.gov/news/speech/spch526.htm ; www.sec.gov/pdf/33-8040.pdf )

Commissioner Laura S. Unger says in a report on regulation FD that the SEC should clarify relevant materiality issues, support greater use of technology to publicly disseminate company financial reports and analyze the regulation’s effect on the extent and quality of information available to the public. ( www.sec.gov/news/studies/regfdstudy.htm )

FASB’s emerging issues task force (EITF) releases staff announcements ( www.fasb.org/eitf/announce.html ) on accounting for rescission of the exercise of employee stock options and other technical matters not related to a numbered EITF issue and questions and answers on implementing FASB statement no. 140.

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.