Financial reporting

The Financial Accounting Standards Board issued a one-page Q&A document Thursday from its staff letting private companies and nonprofits apply recent staff guidance from the Securities and Exchange Commission on the tax accounting implications of the recently passed Tax Cuts and Jobs Act and plans future Q&A documents, along with an accounting standards update.

Revenue recognition is one of the accounting topics most examined by investors and regulators.

Marisa Garcia, managing director of CohnReznick Advisory, discusses what companies should be doing to prepare for the new revenue recognition standard.

Marisa Garcia, managing director of CohnReznick Advisory, discusses what companies need to know about FASB's new revenue recognition standard and what they should do about it.

The changes would simplify some of the transition requirements and offer lessors a practical expedient for separating nonlease from lease components.

Steinhoff International Holdings NV, the South African retail giant consumed by an accounting scandal, said some of its business units need “significant near-term liquidity” as its chief financial officer stepped down to focus on rescue efforts.

If you have reservations about the new expected credit loss model for financial instruments, let’s take a high-level look at the guidance and try to answer some immediate questions.

Auditing firms cannot be expected to root out evil, or to conduct full forensic investigations.

RSM partner Rich Stuart dives into the potential impact of FASB’s incoming standard for leases.

Shares of Steinhoff International Holdings NV rose after the South African retail giant said it will restate financial results going back as far as 2015 amid a probe into accounting irregularities.

Goldman Sachs Group Inc. said the U.S. tax reform will cut profit this year by about $5 billion, mainly because of a tax targeting earnings held abroad.

The AICPA’s framework for financial reporting could save the audit.

The drop in corporate rates could causes issues with deferred tax assets and liabilities.

The Securities and Exchange Commission is giving companies some leeway as they prepare their quarterly financial statements after passage of the Tax Cuts and Jobs Act.

Thomson Reuters’ Checkpoint Catalyst research service has added guidance on the Financial Accounting Standards Board’s new impairment rules requiring companies to recognize estimated credit losses sooner.

The Financial Accounting Standards Board has made available the 2018 GAAP Financial Reporting Taxonomy along with the 2018 SEC Reporting Taxonomy, pending final acceptance by the Securities and Exchange Commission.

Steinhoff International Holdings NV assembled a crisis team of insiders to try to rescue the global retailer amid a crunch meeting with bankers that may determine the company’s future.

It looked like Steinhoff International Holdings NV had reached escape velocity from South Africa’s deepening economic gloom: A furniture retailer emulating Ikea’s model and global ambitions, built by men with their own compelling rags-to-riches stories.

Two years ago, the Financial Accounting Standards Board decided to defer the effective date of the revenue recognition standard for a year until Dec. 15, 2017 for public companies to give them more time to adjust to the new standard and to work out some kinks in the far-reaching rules. The deferred effective date arrived Friday, and many companies still aren’t ready.

Christo Wiese’s grip on his global furniture retailing empire is slipping after the South African billionaire resigned from the board of troubled Steinhoff International Holdings NV and creditors forced a sale of part of his stake.