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In the beginning of 2009, the SEC issued its final rules requiring all operating companies to file their financial reports using Extensible Business Reporting Language (XBRL). In its report, Interactive [...]

The accounting profession has long struggled with the idea that the financial reporting needs of small, closely held businesses often differ from those required by large, publicly traded companies. In [...]

Some controversial disclosures have been removed, but beware of what's left. While some controversial disclosures contained in the exposure draft have been removed, the new SOP requires financial statements to [...]

A survey of credit union reporting under the statement: Is everyone conforming? The authors surveyed how credit unions responded to the requirements of SFAS No. 107, Disclosures about Fair Value [...]

Regulators and others want CPAs to report on internal control. Here's a whole new approach. Until now, practitioners equated reporting on internal control with either the annual 'management letter' issued [...]

Record Keeping for U.S. Corporations with Foreign Ownership The IRS wants its fair share of tax on international activities and trading. To achieve that end the IRS must know the [...]

New tax rules for inventory costing under the Tax Reform Act of 1986 are discussed. Costs that must be capitalized for tax purposes may or may not be capitalizable for the purposes of financial reporting. A cost-effective implementation process for complying with the new tax rules is presented. Many companies will be able to use manual calculations from the present inventory accounting system.

Generally accepted accounting principles (GAAP) no longer serve either the accounting profession or the economy. For example, historical cost accounting methods (prevalent under GAAP) assume (1) that accounting is used to measure the production and sale of goods (as the U.S. is becoming more service industry oriented), (2) that the purchasing power of currency is constant, (3) that executory contracts need not be reported, and (4) that financial reporting is based on a yearly (or a quarterly) time period. It os suggested that there be: more frequent financial reporting (to improve the accuracy of securities prices); more predictive financial statements (to mitigate announcements of company failures and bankruptcy filings); the reporting of executory contracts as risk assessments (using accrual methods of accounting); reduced standardization in the areas of contingent liabilities, and research and development expenses; mandated reporting of financial forecasts; greater use of alternatives to historical cost calculations (such as current value accounting and exchange value accounting); and increased disclosure under supplemental information headings within annual reports. Accountants are urged to lobby the Financial Accounting Standards Board on behalf of these proposals.

Oversight of the Financial Reporting Process--Part I(*)(†) HEADNOTE: The authors present directions for the establishment of this activity, including attention to suggestions for an audit committee coming from the report [...]

Americans should not conclude that Europe 1992 is simply the developments of free trade agreements among the European Economic Community. Most of the U.S. publicity o '1992' continues to focus [...]

[Editors Note: It has been over two years since the SEC proposed the rules discussed in the following article. As the author points out, this is not the first time [...]

The corporation report is increasingly viewed as a medium to communicate condensed financial information to shareholders, as well as to provide information about company products and facilities. Financial information required by the SEC is or will be provided through other forms of communications such as proxy statements and press releases.