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 tinyurl.com/k6fp3cf, described the results of the IASB’s outreach to preparers, auditors, regulators, and financial statement users.

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.

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.