GAAP and IFRS Archives - CFO

The House Sticks its Nose into Audit Rotation

Management Accounting

The House Sticks its Nose into Audit Rotation

U.S. Representatives are not merely waging a fight against auditor rotation. They are trying to marginalize the Public Company Accounting Oversight Board.

By Vincent Ryan | October 24, 2021

Revised Fair-Value Rule Is Weaker: Moody’s

Revised Fair-Value Rule Is Weaker: Moody’s

It's harder for investors to compare banks' financial statements now that IAS 39 lets them decide whether to reclassify "held for sale" assets as "held to maturity," the rating agency says.

By Marie Leone | October 24, 2021

Two PCAOB Members Resigning

Two PCAOB Members Resigning

The departures of Rebekah Goshorn Jurata and Megan Zietsman come as the SEC weighs the appointment of an entire new board.

By Vincent Ryan | August 23, 2021

FASB Launches Agenda Consultation Project

Revenue Recognition

FASB Launches Agenda Consultation Project

The first in five years, the project seeks comments about the Financial Accounting Standards Board's future standard-setting agenda.

By Vincent Ryan | June 28, 2021

FASB Gives Private Companies Goodwill Accounting Break

FASB Gives Private Companies Goodwill Accounting Break

Assessments and tests for goodwill impairment can be left until the end of the reporting period.

By Vincent Ryan | March 31, 2021

FASB Chair Jones Looks Ahead

FASB Chair Jones Looks Ahead

Seven months in, Richard R. Jones gives his perspective on cryptocurrencies, climate risk disclosures, and possible goodwill accounting changes.

By Vincent Ryan | March 18, 2021

Audit Chairs Give 2020 Audits Mixed Reviews

Audit Chairs Give 2020 Audits Mixed Reviews

In discussions with the PCAOB, audit committee chairs cited areas of auditor strengths and weaknesses.

By Vincent Ryan | February 2, 2021

FASB to Take Up Digital Currencies Question

Growth Companies

FASB to Take Up Digital Currencies Question

Current GAAP accounting prohibits a business from showing the true value of its crypto assets, say critics.

By Vincent Ryan | October 21, 2020

The Importance of Accounting Comparability

The Importance of Accounting Comparability

Could deviating from industry norms and employing atypical accounting choices hurt companies and managers?

By Vincent Ryan | July 6, 2020

BP Faces $17.5B Q2 Hit

BP Faces $17.5B Q2 Hit

The oil giant lowered its oil price expectations through 2050 due to the COVID-19 pandemic.

By Lauren Muskett | June 15, 2020

Five Accounting and Reporting Considerations Before Reopening

Workplace Issues

Five Accounting and Reporting Considerations Before Reopening

Companies must now adjust to a yet-evolving new normal.

By Vincent Ryan | June 4, 2020

Buffett Rebuffed

Growth Companies

Buffett Rebuffed

The Berkshire chairman decried the FASB mandate on new reporting for unrealized gains and losses. His airline holdings proved him wrong.

By Vincent Ryan | June 1, 2020

Is COVID-19 a Triggering Event for Impairment Testing?

Growth Companies

Is COVID-19 a Triggering Event for Impairment Testing?

Once companies are able to assess impacts to actual and forecasted results, they should consider whether such impacts represent a triggering event.

By Steve Hills | April 16, 2020

Is It Time to Reevaluate the Wisdom of Brand Writedowns?

Accounting rules for intangible assets may cloud CFOs' appreciation of the long-term damage that writing down the value of brands may cause.

By David McCann | January 8, 2020

IASB Proposes Changes to Reporting of Profit and Income

IASB Proposes Changes to Reporting of Profit and Income

The proposals represent "a game changer in the comparability and usefulness of financial statements," said IASB Chair Hans Hoogervorst.

By Vincent Ryan | December 17, 2019