Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
IASB News Trustees Reappoint Liu and O’Donovan to Interpretations Committee, Launch Search for New Members The IASB’s trustees have reappointed Yanli Liu and Brian O’Donovan…
FASB News Accounting Chiefs Weigh in on Consolidation Rules, Single Model Debate A recent conference of top accountants explored the challenges of consolidation accounting, including…
FASB News Proposed New Rules for Environmental Credits and Obligations. FASB has proposed a new accounting standard to improve the consistency and transparency of financial…
FASB News Goodwill Accounting Back on New Agenda Consultation Plan FASB will revisit goodwill accounting in its upcoming agenda consultation document, a topic it previously…
FASB News Public Input Sought on Proposed Tweak to Income Statement Expense Disclosure Rules FASB is seeking public input on a proposed adjustment to the…
FASB News FASB Seeks Input on Standardizing Non-GAAP Financial Measures FASB is taking aim at the confusing array of non-GAAP financial measures that companies use…
FASB News Proposal Clarifies Interim Reporting Requirements for Companies FASB issued a proposal on November 13 that would simplify its guidance on interim reporting, aimed…
FASB News New Guidance to Boost Transparency in Corporate Expense Reporting FASB has issued new guidance aimed at enhancing the transparency and clarity of corporate…
FASB News Proposal for Variable Interest Entities Deals Seeks to Simplify Tricky Guidance FASB has proposed narrow changes to the way companies determine the “accounting…
IASB News ISSB Defers Decision on Sustainability-Related Disclosures in Management Commentary The International Sustainability Standards Board (ISSB) has decided to put off a formal vote…
AICPA News Mark Koziel Appointed Next CEO of AICPA and CIMA The Association of International Certified Professional Accountants (AICPA) on October 16, 2024, announced that…
IASB News Revamped Management Commentary Guidelines on Track for 2025 The International Accounting Standards Board (IASB) is on track to release a revised management commentary…
FASB News Accounting Challenges Mount as Private Firms Embrace Sophisticated Financial Tools Private companies are increasingly turning to complex financing arrangements, featuring embedded derivatives and…
FASB News Five Areas of Key Reforms to Simplify Hedge Accounting Rules Floated On September 25, FASB proposed five areas of targeted changes to hedge…
FASB News Proposal to Clarify 34 Narrow Accounting Issues In a move aimed at bringing greater accuracy to financial reporting, FASB voted on September 18…
FASB News GAAP Codification Improvements to be Deliberated FASB is set to convene on September 18 to deliberate on improvements to the U Accounting Standards…
AICPA News Discussions Continue on Standard-Setting Project on Fraud The AICPA’s Auditing Standards Board (ASB) discussed a draft proposal to revise its standard on fraud…
FASB News State Treasurers and Auditors Urge FASB to Reject Climate-Related Reporting Standards A group of state treasurers and auditors has sent a preemptive letter…
FASB News Draft Guide Aims to Improve GAAP Taxonomy for Employee Benefit Plans FASB’s taxonomy team released a draft of the 2024 GAAP Taxonomy Implementation…
IASB News New Accounting Standard for Rate-Regulated Sectors Approved In a move to boost transparency and consistency, the IASB has approved new accounting rules for…
FASB News Overhaul of Conceptual Framework Completed with New Measurement Chapter In a major milestone, FASB has completed a sweeping overhaul of its accounting rulebook,…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
FASB News Chair Jones: Environmental Credits Proposal Won’t Open Door to Political Pressure FASB Chair Richard Jones recently reassured stakeholders that the board’s forthcoming proposal…
FASB News Private Companies to See Easier Hedge Accounting Rules Under Proposal. Private companies will reap significant benefits from a forthcoming FASB proposal that will…
FASB News FASB and IASB Confirm Support for Converged Revenue Recognition Standards FASB, the primary standards-setter for financial reporting in the United States, and the…
FASB News Narrow Proposal on Accounting for Software Costs Issued FASB has unanimously voted to issue a proposal aimed at modernizing accounting for software costs…
FASB News No New Efforts on Digital Assets Underway FASB has concluded its work on crypto assets, with no new projects related to digital assets…
IASB News Board Defends Streamlining Efforts, Addresses Skepticism Over Prioritization Framework The IASB is facing scrutiny over its proposed prioritization framework, aimed at streamlining project…
IASB News Chair Barckow Prioritizes ‘Connectivity’ in Financial Reporting IASB Chair Andreas Barckow said “connectivity” has become increasingly important in financial reporting, a concept not…