Grim Outlook Predicted for Accounting Firms for Next Four Years—With Hope
The next four years will be much harder for accounting firms than the past four, and many are going to …
Don’t Wait Until the Last Minute to Adopt FASB’s Income Tax Disclosure Rules, Some Caution
The FASB’s income tax disclosure rules take effect next year, but companies should not wait until the last minute to …
Fund Manager Asks SEC to Write Rule for Disclosure of Revenues From Tobacco
The Securities and Exchange Commission (SEC) already has a jam-packed rulemaking agenda planned for this year, altogether about three dozen, …
Cash Flows Rules Causing Misleading Valuations of Tech Firms? Some Want FASB to Study
The FASB should add another project to its agenda on the statement of cash flows because current rules cause analysts …
Accountants Predict Easier Year as Big Ticket FASB Changes Aren’t on the Table
This year will be easier for reporting companies than prior years because the FASB scaled back somewhat on major standard-setting …
Use of Employee Stock Ownership Plans Growing but Disclosures Inadequate
More private companies are using employee stock ownership plans (ESOPs) these days, but risk managers are not getting enough information …
FASB Votes Against 5 Technical Agenda Requests: Would do More Harm Than Good
The FASB on December 20, 2023, voted against adding five new projects to its technical rulemaking agenda, including on accounting …
FASB Decision Not to Consider Eliminating Held-to-Maturity for Debt Securities Disappoints Investor Advocates
Some investor protection advocates expressed disappointment following the Financial Accounting Standards Board’s (FASB) decision last week not to add a …
Newly Issued FASB Rules Require Fuller Disclosure of Taxes Paid in US, Other Countries
The nation’s main accounting rulemaker on December 14, 2023, published new disclosure rules that require more transparency about income taxes …
House Bill Reintroduced to Add FASB Procedural Checks, Require Annual Chair Testimony
A House Republican on December 12, 2023, reintroduced legislation requiring the chair of the FASB to testify annually before two …