Financial reporting

Few CFOs give themselves high marks for effectiveness, and only a small proportion have the necessary traits to qualify as finance leaders, according to a new report.

The Financial Accounting Standards Board has proposed an accounting standards update to reduce the cost and complexity of financial reporting related to the consolidation of variable interest entities, based on recommendations from FASB’s sister organization, the Private Company Council.

Proxy adviser Glass Lewis & Co. blasted Toshiba Corp.’s board for poor governance amid repeated scandals and recommended investors vote against all directors at the company’s shareholders meeting later this month.

A unit of Booz Allen Hamilton Holding Corp. is the focus of criminal and civil probes by the Justice Department related to how it billed the government for contracting work, the company disclosed in a filing.

Sustainability information is increasingly a part of corporate reporting, but many companies are still relying on boilerplate language in their disclosures, according to a recent report.

As Spotify prepares for an initial public offering, the music-streaming site has flagged a number of errors in its previous results, revealing a significant increase in losses.

Academic research finds that readable financial disclosures help not only investors, but companies as well.

Many businesses are slow-walking to implementing the revenue recognition standard, even as the effective date approaches next year.

The Financial Accounting Standards Board voted Wednesday to proceed to a final standard on hedge accounting, part of the financial instruments project that FASB had been working on for years with the International Accounting Standards Board before the two boards went their separate ways.

Many companies are at risk of falling behind schedule on implementing the revenue recognition standard, according to a new survey by Ernst & Young, and CFOs and CIOs are not in agreement on the reason why.