• Debate about role of sustainability information in IFRS continues

    The IASB is researching what it may do to help promote consistent environmental, sustainability and governance (ESG) information that companies increasingly report, largely on a voluntary basis. Its main advisory panel has given mixed feedback on how the board should proceed, but IASB Chairman Hans Hoogervorst said he is still convinced the international board needs to take action.
  • Rule to expand auditor’s report delayed again

    The PCAOB delayed finalizing a rule to expand the auditor's report and make it more useful for investors. All major board decisions have to be approved by the SEC and the PCAOB has been waiting for the Senate to confirm Jay Clayton to be the next SEC chairman.
  • Update of Dodd-Frank Act rewrite to be released soon

    House Financial Services Committee Chairman Jeb Hensarling is set to release an updated version of his sweeping bill to rewrite the Dodd-Frank Act "in the next few weeks," according to a committee spokesperson. The latest version of the Financial Choice Act contains a host of changes over the original, including broader exemptions for small companies from the auditor attestation requirements in Section 404(b) of the Sarbanes-Oxley Act of 2002.
  • Planned changes to hedge accounting near completion

    The FASB completed the technical deliberations on its planned changes to hedge accounting by agreeing to simplify a piece of the test businesses perform to prove that a hedging transaction is a legitimate risk management tool. The board agreed to add the measurement of credit risk in a specialized type of foreign exchange swap to the list of items that can be excluded from the assessment of hedge effectiveness.