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financial reporting News

FASB Joins IASB In Lease Accounting Reform

by Mike Godfrey,, Washington

Tuesday, March 1, 2016

The Financial Accounting Standards Board, which is responsible for US Generally Accepted Accounting Principles, has issued an Accounting Standards Update to require all lessees to report their current lease commitments on their balance sheets. Read Full Story


US Business Questions Public EU CbC Reporting

by Mike Godfrey,, Washington

Friday, February 12, 2016

Dorothy Coleman, Vice President at the National Association of Manufacturers, has expressed concern at "recent reports that the European Union is working on legislation to require global companies to publicly disclose tax and other financial information." Read Full Story


No Need To Separate Auditing From Tax Services: Study

by Mike Godfrey,, Washington

Thursday, February 4, 2016

Companies whose tax returns are also prepared by their auditors claim around 30 percent less in "aggressive tax benefits," according to research published in The Accounting Review. Read Full Story


IASB To Bring All Leases Onto Corporate Balance Sheets

by Robert Lee,, London

Friday, January 15, 2016

On January 13, the International Accounting Standards Board issued a new Accounting Standard – IFRS 16 Leases - which will compel companies to report on their balance sheets current lease commitments, which are thought to total USD3.3 trillion. Read Full Story


HMRC Defends Tax Filing Reforms

by Robert Lee,, London

Tuesday, January 5, 2016

UK tax authority HM Revenue and Customs has denied that its "Making Tax Digital" project will require businesses to provide the equivalent of four tax returns a year. Read Full Story


Ireland Issues Brief On EU Savings Taxation

by Jason Gorringe,, London

Monday, December 28, 2015

The Irish Revenue has released a new brief detailing the impact on Irish paying agents of the European Union's decision to replace the Savings Tax Directive with legislation providing for the automatic exchange of tax information. Read Full Story


Australia To Study Single Australian Business Number Plan

by Mary Swire,, Hong Kong

Thursday, December 17, 2015

The Australian Government is to undertake an implementation study on proposals for a "single business identifier" that will replace Business Tax File Numbers and Australian Company Numbers. Read Full Story


Scottish Tax Agency Praised For Devolution Preparations

by Robert Lee,, London

Thursday, December 10, 2015

The Scottish tax authority has effectively managed the introduction of a new Scottish land and property tax regime, according to a report by Audit Scotland. Read Full Story


US Accountants Consider New Revenue Standards

by Mike Godfrey,, Washington

Friday, November 6, 2015

The Financial Reporting Executive Committee of the American Institute of Certified Public Accountants has released working drafts on issues relating to the new accounting standard on the recognition of revenue from contracts with customers. Read Full Story


FRC Proposes Improvements To FRS 102

by Robert Lee,, London

Thursday, November 5, 2015

The UK's Financial Reporting Council has proposed "limited scope" improvements to Financial Reporting Standard 102, which is applicable in the UK and Ireland. Read Full Story



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