- COSO’s Internal Control-Integrated Framework makes it easier to design and evaluate the effectiveness of internal controls. The framework is also used by public companies to assess effectiveness of internal control over external financial reporting (ICEFR) under Sarbanes-Oxley (SOX) section 404.
- The Financial Accounting Standards Board recently issued two Accounting Standard Updates that provide private companies with accounting alternatives for the subsequent measurement of goodwill and the accounting for certain interest rate swaps. What should businesses consider before adopting these provisions?
- Since May 2012, the Financial Accounting Standards Board (FASB) has been working with the Private Company Council (PCC) to determine whether alternatives to existing US Generally Accepted Accounting Principles (GAAP) standards are appropriate for private company financial statements. Two new accounting standard updates mark the first concrete steps toward providing relief from burdensome and costly requirements for private companies that need or are required to have financial statements prepared in accordance with GAAP.
- The Financial Accounting Standards Board (FASB) and the Private Company Council (PCC) recently released new guidance that sheds light on how they will determine whether to grant private companies that adhere to Generally Accepted Accounting Principles (GAAP) some exceptions to those standards when preparing financial statements.
- On December 18, the Financial Accounting Standards Board (FASB) continued deliberations and tentatively decided to require all Not-For-Profit (NFP) entities to report expenses by functional and natural classification within their financial statements. Currently, all NFPs are required to report expenses by functional classification, but not by nature (salaries, benefits, repairs, etc.).
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