The SEC's financial reporting and audit task force is gaining traction, according to a study by law firm Gibson Dunn.
Unless the U.S. and international accounting standards setters resume their convergence project, big differences will remain in the financial results that companies report to tax authorities and investors.
IRS agents are said to violate superior's instructions not to use companies' reserve disclosures to demand work papers for uncertain tax positions.
U.S. GAAP lets banks hide their losses on derivatives positions, whereas IFRS does not. And that difference is now likely to persist.
As more companies report on their sustainability, they face pressure to focus on what's material.
The drug store chain's consideration of calls to join the growing trend among U.S. companies to reincorporate in tax havens is adding to the outcry against it.
Former SEC Chair Chris Cox claims global accounting standards are DOA, but doesn't mourn their passing.
Financial executives complain about the cost of proposed new rules that would bring leasing assets and liabilities onto the balance sheet.
Executives link push to PCAOB inspections, cite higher compliance costs.
A business lobby warns that new rules aimed at preventing companies from shifting profits to tax havens would create uncertainty. But their absence may create even more.