Accounting and Tax

Latest Headlines

Latest Headlines

More companies find themselves in SEC's financial reporting spotlight

The SEC's financial reporting and audit task force is gaining traction, according to a study by law firm Gibson Dunn.

What the end of accounting convergence means

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 buck superiors over uncertain tax positions

IRS agents are said to violate superior's instructions not to use companies' reserve disclosures to demand work papers for uncertain tax positions.

Banks may not be as strong as they look

U.S. GAAP lets banks hide their losses on derivatives positions, whereas IFRS does not. And that difference is now likely to persist.  

Separating the wheat from the chaff in sustainability reporting

As more companies report on their sustainability, they face pressure to focus on what's material.

Potential tax move by Walgreens fuels backlash

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 claims international accounting standards are dead

Former SEC Chair Chris Cox claims global accounting standards are DOA, but doesn't mourn their passing.

Finance executives in near unanimous outcry over lease accounting rules

Financial executives complain about the cost of proposed new rules that would bring leasing assets and liabilities onto the balance sheet.

Audit firms pushing for Sarbox compliance changes

Executives link push to PCAOB inspections, cite higher compliance costs.

Companies must be careful what they wish for in international tax

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.