Financial reporting

The number of companies that have restated their financial results or disclosed accounting problems has increased significantly in recent years.

GTT Communications self-reported that it has difficulty reconciling data from two different systems, and overreported its income as a result.

The Financial Accounting Standards Board voted to adopt its eagerly awaited standard for cryptocurrency like bitcoin held by companies.

The trend toward digitization of government data has been affirmed as a priority by the passage of recent legislation.

The Financial Accounting Standards Board voted to require companies to tell the public more about the taxes they pay, starting as early as 2025.

The Financial Accounting Standards Board released another chapter of its conceptual framework related to the recognition and derecognition of an item in financial statements.

While companies are working in overdrive to fill accounting positions, they are finding themselves up against a confluence of factors.

The board finalized a new standard aimed at providing more useful information on a venture's financial statements and curbing differences in reporting practice.

Ultimately, ChatGPT can help teams improve, not replace them, and that's a critical distinction that too often gets buried in the hype.

Garbage in, garbage out — and sometimes garbage in between: Figuring out where these errors come from is critical for you and your clients.