US GAAP Undergoes ‘Evergreen’ Refresh, Aiming to Simplify Financial Reporting for Businesses
Companies will operate under clearer accounting guidance within the next two years, as the Financial Accounting Standards Board (FASB) on …
Institutional Investors Call for SEC Action on Non-GAAP Compensation, Proxy Voting
As the Securities and Exchange Commission (SEC) sets its next short-term agenda, the Council of Institutional Investors (CII) has highlighted …
Accounting Firms Say Foreign Issuers Face Major Obstacles if SEC Mandates US GAAP
In comment letters, prominent accounting firms highlighted the costs and practical challenges for foreign private issuers (FPIs) if the Securities …
PCAOB Criticizes EY for Quality Control Issues Third Time in a Row; Finds Deficiencies at 4 Small Firms
The Public Company Accounting Oversight Board (PCAOB) criticized Ernst & Young LLP for failing to address quality control (QC) problems …
PCAOB Investor Panel Picks Deloitte, EY for Having 3 Most Useful Critical Audit Matters in 2023
The Public Company Accounting Oversight Board’s (PCAOB) Investor Advisory Group (IAG) has presented three examples of the most decision-useful critical …
The Hidden Truth: Why Cash Flow Statements Are Failing Investors
In the high-stakes world of finance, one critical aspect of corporate reporting has long been shrouded in mystery: cash flow. …
FASB Floats 5 Areas of Key Reforms to Simplify Hedge Accounting Rules
The FASB proposed five areas of targeted changes to hedge accounting rules on September 25, 2024, to better align financial …
FASB Urged to Revamp Personal Financial Statement Rules Amid Trump Case Controversy
The Financial Accounting Standards Board (FASB), the primary standard-setter for financial accounting in the U.S., is being pressed to overhaul …
Crypto Sector Slow to Adopt New Accounting Rules Despite Years of Advocacy
Despite years of pressing the FASB to develop a standard, the crypto sector has not been scrambling to adopt new …
FASB Moves to Clarify Accounting Rules for Complex Business Deals
The FASB took a step towards simplifying the complex world of business combinations involving Variable Interest Entities (VIEs), voting unanimously …