Financial Reporting

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 ...

Under the new model, there is no trigger event before booking expected credit losses; rather, they are recognized on day one. This day-one recognition of expected credit losses is likely the most controversial provision of the new guidance.

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.

For Baby Boomers, however, financial confidence has edged up three percentage points, with 82 per cent now confident they will meet their goals.

The survey also reveals that many organizations face a large challenge in moving toward a higher maturity of GRC activities – 43 percent of respondents say they are operating their compliance efforts at an ad hoc or fragmented/siloed level.

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.

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 ...

A client asked his CPA for her opinion regarding an investment they were considering. Because the CPA did not have experience with this type of investment, she advised the client to consult with his own financial adviser, but she did not document the ...