In January, the FASB adopted a final Accounting Standards Update that eliminates the requirement that preparers report events that meet the criteria for extraordinary classification separately in an income statement, net of...more
On December 8 and 9, staff members of the SEC’s Office of the Chief Accountant, including the SEC chief accountant in his first published speech since he arrived at the SEC, discussed various accounting and financial...more
The PCAOB recently issued Staff Audit Practice Alert No. 12, which outlines significant audit deficiencies relating to revenue that PCAOB inspections have identified. ...more
A new FASB standard should diminish the current diversity in disclosures regarding substantial doubt about an entity’s ability to continue as a going concern, which has been caused, in part, by the absence of any GAAP in this...more
Recent restatement studies released by the Center for Audit Quality (CAQ) and Audit Analytics show that an increasing percentage of restatements are filed by companies that do not disclose that prior financial statements are...more
The FASB has a number of projects on its agenda that are intended to enhance the usefulness of financial statements for investors and to simplify the statements’ preparation. Among the projects are the following...more
U.S. companies will need to comply with a new converged revenue recognition standard that the FASB and the International Accounting Standards Board (IASB) issued on May 28. The converged standard—which applies to fiscal years...more
The FASB decided in February to direct the FASB staff to draft a final Accounting Standards Update that will eliminate the special accounting treatment for development stage entities. The final update is scheduled to be...more
The FASB recently issued an Accounting Standards Update that should reduce reporting of discontinued operations (disc ops) in some circumstances. The revised standard provides that only the disposal of a part of an entity...more