Financial reporting

The International Accounting Standards Board is looking into the standards for consolidated financial statements, or group accounting.

The commission says the company financial disclosures were misleading.

The restaurant chain failed to adequately disclose the financial impact of the pandemic.

An income statement summarizes revenues and expenses and then reports profits. Isn’t that just like the Christmas letter that summarized all the year’s activities?

Have you ever brought what you felt was an incredible presentation to your client, only to be met with glassy eyes and half-hearted nods?

The Securities and Exchange Commission voted to amend the disclosure requirements in the Management’s Discussion and Analysis portion of financial reports.

The board is postponing the effective date of its long-duration insurance standard for a year and making it easier to adopt it early.

Having started his transition at the beginning of the pandemic, Board Chair Richard Jones now faces the uncertainty of the presidential election and what Congress might do with accounting standards.

The commission has been busy helping public companies report the impact of COVID-19.

The update addresses the Reference Rate Reform ASU issued by the Financial Accounting Standards Board in March.