Accounting & reporting news and resources

TOPICS

February 27, 2023

Opportunity knocks for firms as ESG reporting, assurance levels rise

More large companies than ever are reporting ESG data and obtaining assurance, according to a global survey, prompting many U.S. audit firms to explore how to best position themselves for an increased role.

February 23, 2023

First global sustainability standards approach the finish line

The International Sustainability Standards Board announces that IFRS S1 and IFRS S2 will be released in June and effective for some companies in 2024.

February 15, 2023

SEC adopts rule changes to reduce risks, proposes two other rules

The SEC adopted rule changes to reduce risks in clearance and settlement, shortening the standard settlement cycle for most broker-dealer transactions in securities, and proposed two other rules.

February 6, 2023

GASB proposes implementation guidance on subscription-based IT arrangements

GASB issued a proposed implementation guidance that is intended to clarify, explain, or elaborate on existing guidance on subscription-based information technology arrangements.

January 23, 2023

FinCEN provides time estimates for compiling beneficial ownership details

FinCEN estimates that most companies will have a simple structure that will require 90 minutes per response, but complex entry filings will require much more time.

January 13, 2023

FASB provides update on disaggregation project

Tentative board decisions call for entities to disaggregate costs incurred that are expensed as occurred and costs incurred that are capitalized as inventory.

January 12, 2023

FinCEN proposes rules about access to beneficial ownership information

Proposed regulations under the Corporate Transparency Act address protocols for access to beneficial owner information by authorized recipients.

January 6, 2023

Addressing ESG: Experts advise action but also patience

Regulation is an important step to establishing a baseline for ESG reporting, but it’s only a first step, according to panelists at the AICPA & CIMA Conference on Current SEC and PCAOB Developments.

January 1, 2023

Initial direct cost and deferred rent under FASB ASC 842

Topic 842 requires that initial direct costs be added to the right-of-use asset and included in its subsequent amortization.

December 21, 2022

FASB defers sunset date of reference rate reform guidance

FASB extended the period of time preparers can use the reference rate reform relief guidance by two years, to 2024.

December 16, 2022

FASB releases GAAP Taxonomy reports

FASB has released its annual GAAP Taxonomy, which includes the 2023 GAAP Financial Reporting Taxonomy and the 2023 SEC Reporting Taxonomy.

December 16, 2022

FASB set to draft cryptoasset disclosure standard

The board made several tentative decisions related to the project, which will affect public and private entities, including investment companies and not-for-profits.

December 16, 2022

SEC adopts insider trading rule, proposes 4 rules to protect stock traders

While the adopted rule adds more checks and balances related to insider trading, the proposed rules aim to remedy SEC Chair Gary Gensler’s concerns that capital markets “are not as fair and competitive as possible for individual investors.”

December 15, 2022

FASB issues updated insurance standard

The amended standard provides transition guidance for improving the accounting for long-term duration contracts.

December 14, 2022

Highlights: AICPA & CIMA Conference on Current SEC and PCAOB Developments

Regulators encourage accounting professionals to continue to tell their clients’ story while providing updates on the standards they’re required to uphold in the process.

November 30, 2022

FASB proposes update to leases guidance

FASB is seeking comments on a proposed Accounting Standards Update intended to improve accounting guidance on related-party arrangements between entities under common control.

November 28, 2022

SEC publishes 5-year strategic plan

Plan calls for a focus on protecting the public against fraud, implementing robust regulations, and supporting a skilled and diverse workforce.

November 22, 2022

FASB seeks input on proposed new chapter of its Conceptual Framework

FASB is seeking comments on a proposed new chapter of its Conceptual Framework related to recognition and derecognition criteria and guidance for items’ addition to and removal from financial statements.

November 22, 2022

New year, new challenges: Preparing for sustainability disclosures

Those on the front line of the sustainability reporting landscape share what’s to come in 2023 and what accounting professionals need to know to prepare.

November 21, 2022

FAF publishes new strategic plan

The Financial Accounting Foundation released its new strategic plan, which outlines the strategic goals that the organization will address over the next several years.

FROM THIS MONTH'S ISSUE

How to replace running totals in Excel

Accountants routinely copy down formulas in Excel to track cumulative balances, such as cash flow and retained earnings, but there is a better way. This JofA Technology Q&A article shows the way with step-by-step instructions and a video walkthrough.