Private Companies Getting a Pass from Coming FASB Proposal on Disclosure of Income Statement Expenses
Private companies should be exempted from the FASB’s coming proposal that aims to ratchet up disclosure rules for income statement …
SEC Chair Gensler Defends Staff Accounting Bulletin 121 in Crypto-Heavy House Hearing
SEC Chair Gary Gensler on April 18, 2023, defended the year-old Staff Accounting Bulletin (SAB) No. 121 before a House panel, pushing …
CFOs in all Industries can Learn from Bank Collapses, Institute of Management Accountants Says
It will take more time to get a full explanation behind the recent collapse SiliconValley Bank (SVB). But there is …
Coming FASB Proposal on Disclosures for Annual and Quarterly Expenses Will be Costly to Apply
The FASB on March 29, 2023, unanimously voted to issue a proposal that will add new disclosure requirements for reporting …
Enron Former CFO: ‘I am one of the Poster Boys’ for Fraud
Convicted felon Andy Fastow, the infamous chief financial officer of Enron Corp., ironically said accounting and auditing rules need to …
Consider Developing a Standard Definition of EBITDA for U.S. GAAP, FASB Advisers Say
Senior accountants said the FASB should consider standardizing the definition of EBITDA, the acronym for Earnings Before Interest, Taxes, Depreciation, …
Recent Bank Failures May Indicate Problems with Going Concern Standards, Liquidity Risk Disclosure Rules
By now almost everyone knows that Silicon Valley Bank (SVB), which largely lent to tech companies, failed almost overnight on …
FASB to Issue One New Accounting Standard and Three Proposals This Quarter
The FASB plans to issue one new standard and three proposals by the end of this reporting quarter, according to …
Present Crypto Assets Separately From Other Intangibles on the Balance Sheet, FASB Says
Companies should be required to present crypto assets separately from other intangible assets on the balance sheet because they have …
Insurance Sector Gets Accounting Relief for Disposed of businesses and Contracts
The FASB on Dec. 15, 2022, published a tweak to its long-term insurance accounting standard to make it easier for …