Accounting & reporting

The AICPA’s FinREC issued 12 working drafts of industry-specific accounting issues.

FASB is considering changing U.S. GAAP financial reporting taxonomy to improve usability.

FASB hopes to provide clarity by offering guidance on the scope of modification accounting for share-based payment awards.

In a letter, the Center for Audit Quality and two investor groups opposed a provision of a bill that would decrease the number of companies required to comply with the rules in Sarbanes-Oxley Act Section 404(b).

FinREC has published a working draft for its revenue recognition implementation guide that seeks feedback on an issue for telecommunications entities.