Technical Corrections for Hedge Accounting Standard Put on Hold At its February 14 meeting, FASB backed away from issuing a limited, technical correction for its…
Accounting for Credit Losses Under ASU 2016-13
Anticipating the Impact on Reporting and Disclosure
The method used in determining the appropriateness of an allowance for credit losses (ACL) has been a challenging financial reporting issue for decades. The 2008…
The Audit Report Returns to Its Roots
An Historical Perspective on Critical Audit Matters
The evolution of the standard audit report has been slow and cautious over the past century. Most recently, in 2011, the AICPA's Auditing Standards Board…
CAM versus KAM—A Distinction without a Difference?
Making Judgments in Reporting Critical Audit Matters
In Brief Since the last economic downturn, attention has turned to the auditor's report, which had remained largely unchanged for decades. In response to a…
To make informed decisions, financial statement users need to understand the nature of the items on a company's income statement, particularly whether they are persistent…
Reporting of Discontinued Operations
Past, Present, and Future
In April 2014, FASB issued Accounting Standards Update (ASU) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which is effective…
Imminent Changes to Corporate Social Responsibility Reporting
An Overview of the Updated GRI Guidance
Corporate social responsibility (CSR) reporting is the disclosure of business practices that fall outside of the activity normally disclosed in GAAP-based financial statements and that…