A group of 16 House Democrats has sent a letter to the Financial Accounting Standards Board asking it to require multinational companies to disclose more country-by-country reporting information in their public financial statements about where they pay taxes and book profits.
Extensible Business Reporting Language is starting to become more widely used, thanks to the SEC’s rules requiring the use of XBRL in financial filings in recent years and a new rule requiring XBRL for foreign issuers.
The Governmental Accounting Standards Board has proposed new guidance to clarify debt-related disclosures in notes to financial statements, including disclosures pertaining to direct borrowings and direct placements, for state and local governments.
The Private Company Council discussed the implementation costs of cloud computing during a meeting Tuesday and is asking its associated organization, the Financial Accounting Standards Board, to provide guidance on how to account for those costs.
The American Institute of CPAs’ Financial Reporting Executive Committee has released several more working drafts of industry-specific guidance related to various implementation issues involving the revenue recognition standard and is asking for feedback on them.