Financial Reporting


The SEC proposes disclosure requirements pertaining to companies’ adoption of accounting policies that could materially affect their financial statements and to the estimates they make in applying such policies ( www.sec.gov/rules/proposed/33-8098.htm ). The commission recommends the companies explain in their annual reports and in registration and proxy information statements the events or transactions that led them to adopt the accounting policies. And if their accounting estimates require assumptions about then uncertain matters—because different projections are reasonably possible—companies also would have to explain in management’s discussion and analysis the judgments they made in formulating their estimates and any factors likely to change as a result. Comments are due July 19.

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.