Financial reporting

A group of 16 House Democrats has sent a letter to the Financial Accounting Standards Board asking it to require multinational companies to disclose more country-by-country reporting information in their public financial statements about where they pay taxes and book profits.

Extensible Business Reporting Language is starting to become more widely used, thanks to the SEC’s rules requiring the use of XBRL in financial filings in recent years and a new rule requiring XBRL for foreign issuers.

Organizations are finally starting to prepare for the new lease accounting standard that will be taking effect in 2019, but as they do they’re running into some unexpected complexities.

The American Institute of CPAs’ Financial Reporting Executive Committee has released several more working drafts of industry-specific guidance related to various implementation issues involving the revenue recognition standard and is asking for feedback on them.

Accounting standards -- and accountants -- are struggling to achieve relevance in the 21st century

The financial reporting process keeps 97 percent of CFOs awake at night, according to a recent survey, with only 3 percent of the senior finance execs polled saying they don’t lose any sleep over their organization’s reporting processes or deadlines.

The United States has the smallest “shadow economy” of underground trade in goods and services, compared to 28 other countries, according to a new report from the Association of Chartered Certified Accountants.

A group of more than 100 business leaders and companies are backing the recommendations of a task force on providing a voluntary framework for disclosing climate-related information in financial filings.

Many companies are lagging behind on preparations for the new lease accounting standard as they are still working on the revenue recognition standard, according to a pair of new surveys.

The lobbying group for Hollywood’s top studios is auditing China’s box-office figures amid concern that ticket sales have been reported inaccurately, according to a person familiar with the matter.