The serious new pressures facing governments of all sizes are changing their financial reporting, says Joel Black, the chair of the Governmental Accounting Standards Board — and GASB has a lot of projects underway to help them. Transcription: Transcripts are generated using a combination of speech recognition software and human
The Governmental Accounting Standards Board added several items to its research agenda on digital assets and on an issue related to pensions and other post-employment benefits during a meeting this week, but decided against adding a research project on cybersecurity disclosures. Processing Content On the matter of crypto, it will
There’s a ticking time bomb on many companies’ balance sheets, and it’s getting larger by the day: paid time off liabilities. Processing Content PTO accounts for a quarter of the overall cost of benefits, which is over $1 trillion — around $7,600 per full-time employee. But the majority of employees
The Securities and Exchange Commission is proposing to allow public companies to report twice a year, instead of quarterly, at the urging of President Trump. Processing Content Last year, President Trump reiterated his proposal from his first administration, in 2018, saying on Truth Social, “Subject to SEC Approval, Companies and
The Federal Accounting Standards Advisory Board issued an exposure draft of a proposed Statement of Federal Financial Accounting Standards that would provide a practical expedient when it comes to reporting on embedded leases in federal government contracts. Processing Content Under the proposed SFFAS, Embedded Leases Practical Expedient, reporting entities could
The Financial Accounting Standards Board met this week to discuss its projects on accounting for transfers of cryptocurrency assets and enhancing the disclosures around certain digital assets, such as stablecoins. Processing Content During Wednesday’s meeting, FASB’s board made certain tentative decisions, according to a summary posted to FASB’s website. FASB
Global economic confidence has been shaken by the war in Iran and surrounding countries, according to a new survey of accountants. Processing Content The quarterly survey, released Wednesday by the Association of Chartered Certified Accountants and the Institute of Management Accountants, polled 485 ACCA members and 72 IMA members in
Epstein accountant Richard Kahn during his congressional testimony In the decade-and-a-half that he worked for Jeffrey Epstein, accountant Richard Kahn never saw anything untoward — either in the child trafficker and sex offender’s financials, or in person. Processing Content “In the years that I provided accounting and bookkeeping services for
The Swiss actress Ursula Andress, whose breakthrough came in “Dr. No” in 1962, accused a former wealth manager of embezzlement. He died in an apparent suicide last year.
Courtesy of IAASB and IESBA The International Ethics Standards Board for Accountants is launching a project to determine whether they need to set ethical standards for firms with alternative practice structures — including those that take private equity money. Processing Content The project will gather and analyze information to determine