- FASB has released a new accounting standard that provides much-needed guidance on management’s responsibility in evaluating and disclosing adverse conditions or events that raise substantial doubt about a company’s ability to continue as a “going concern.” The guidance, published in ASU 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, applies to all companies that prepare their financial statements in accordance with US Generally Accepted Accounting Principles (GAAP). This article details the new guidance.
- The North American Electric Reliability Corporation (NERC) announced plans for a new Cybersecurity Risk Information Program (CRISP).
- The OECD releases first deliverables of its 15-item Base Erosion and Profit Shifting (BEPS) action plan, offering increased tax certainty and predictability to multinational companies.
- The IRS recently finalized regulations making it easier for businesses to deduct research and experimentation expenses.
- The Commodity Futures Trading Commission (CFTC) recently approved measures that ease registration requirements for financial firms that enter into swap transactions with government-owned utilities.
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