Financial reporting

Under Armour Inc. shares plunged after the company disclosed that federal officials have been probing its accounting practices for more than two years, bringing a fresh headache to investors just as the sports brand prepares for a CEO transition.

Public companies reached the deadline for compliance with the new lease accounting rules in January, but their journey is far from over.

The American Institute of CPAs’ Financial Reporting Committee has sent a letter to the Financial Accounting Standards Board questioning the costs and benefits of FASB’s current goodwill impairment model.

The president, under siege from House Democrats weighing impeachment, suffered a stinging blow as a federal appeals court upheld a subpoena ordering his accountants to provide Congress with his financial records.

As FASB considers additional interventions in the way public companies account for goodwill, they would do well to remember one of Hippocrates’ maxims for physicians.

Workiva, which makes reporting and compliance software for accounting, finance, audit, and internal controls, has entered into a partnership with FilePoint, a full-service filing agent.

The clock is ticking on the countdown to the implementation of the new accounting rules for private companies.

Small banks are likely to benefit from the proposed delay, allowing them to learn the lessons from larger banks that have already begun using the new rules.

Will spreadsheets help in implementing the new lease standard?

The former Soviet republic of Georgia is another jurisdiction where interest payments must be reported.