March 29, 2021
SEC Accepts 2021 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
The 2021 GAAP Taxonomy contains updates for accounting standards, improvements for two SEC final rules, and other recommended improvements.
March 4, 2021
GASB Requests Input on Proposal to Improve Guidance on Compensated Absences, Amend Certain Disclosures
The proposed Statement would supersede the guidance issued by the GASB in Statement No. 16, Accounting for Compensated Absences, which was issued in 1992. The proposal is in keeping with the Board’s commitment to periodically reexamine its standards to...
February 23, 2021
FASB Announces New Investor Education Video on Convertible Instruments
They also walk viewers through examples that demonstrate how the standard will impact the income statement, earnings-per-share calculations, and other related areas.
June 1, 2018
IFRS 17 is Coming: Wolters Kluwer Tax & Accounting Offers Webinars and eBook
On January 1, 2021 - IFRS 17 - one of the biggest changes to insurance accounting in more than 20 years, goes into effect. According to the International Accounting Standards Board, $13 trillion total assets of 450 listed insurers using International ...
December 18, 2017
IFRS Taxonomy Guide for Companies Now Available
The IFRS Taxonomy facilitates the digital creation and consumption of financial information. It improves investors’ access to financial information by listing and defining specific codes, or elements, that can be used to tag items of data.
August 8, 2016
FASB Changes How Business Financial Assets Are Measured
FASB’s objective was to address stakeholder concerns that arose during the 2008-2009 financial crisis regarding the delayed recognition of credit losses. The new model removes the current GAAP threshold that delays the recognition of a credit loss ...
August 2, 2016
New FASB Update to Enhance Tax Disclosure Requirements
The proposed ASU is part of the FASB’s broader disclosure framework project to improve the effectiveness of disclosures in notes to financial statements by clearly communicating the information that is most important to users of a reporting ...
July 26, 2016
Report Focuses on New Accounting Model for Leases
Leasing is an important source of financing for many entities in the United States and around the globe. Many entities enter into leasing arrangements to gain access to assets, obtain financing, or reduce exposure to the risks of ownership of an asset.
June 27, 2016
Most U.S. Companies Lagging On New FASB Revenue Recognition Standard
60 percent of respondents indicated that they are running behind schedule in their overall implementation of the standard, which has an effective date as early as January 1, 2018, for many organizations.
June 21, 2016
FASB Finalizes Standard for Credit-Loss Accounting
After numerous delays and extensions, the Financial Accounting Standards Board (FASB) issued its long-awaited final standard on accounting for credit losses on Thursday. After meeting with concerned community bankers, auditors and regulators, the ...
May 20, 2016
The Value of Non-GAAP Measures and Other KPIs
Non-GAAP measures and other key performance indicators (KPI’s) have made headlines recently as more and more companies are including non-GAAP measures in their SEC filings and public communications.
May 11, 2016
2016 Pocket Guide to IFRS Standards Now Available
80 jurisdictions now require or permit use of the IFRS for SMEs Standard—a self-contained Standard specifically designed for small and medium-sized companies without public accountability—which was first issued in 2009.