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Accounting

  • FASB Approves Rule Requiring Disclosure of Employee Compensation, and More, in Financial Statements

    By:
    S.J. Steinhardt
    |
    Jun 27, 2024
    The Financial Accounting Standards Board (FASB) voted unanimously to mandate quarterly disclosure of more details in the footnotes of public company financial statements, with the intention of giving investors more insight into companies’ operations. Those details would include breaking out employee compensation, depreciation of property and equipment, amortization of intangible assets such as trademarks, and inventory purchases in the footnotes of income statements.
  • FASAB: Seized and Forfeited Digital Assets Don’t Count as Money

    By:
    S.J. Steinhardt
    |
    Jun 24, 2024

    Seized and forfeited digital assets do not, in most cases, count as real money for the purposes of federal government accounting, according to the Federal Accounting Standards Advisory Board (FASAB).

  • At Conference, SEC and FASB Officials Discuss Need to Prioritize Integrity

    By:
    S.J. Steinhardt
    |
    Jun 10, 2024
    Audit firms need to be viewed as prioritizing high-quality audits and staff and partner integrity, top officials at the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB) told a conference last week.
  • FASB Proposes Rule on Recognizing Government Grants

    By:
    S.J. Steinhardt
    |
    Jun 5, 2024

    The Financial Accounting Standards Board (FASB) has proposed a rule on how companies account for government grants in their financial reports, The Wall Street Journal reported.

  • GASB Chair Highlights Upcoming Changes

    By:
    S.J. Steinhardt
    |
    May 22, 2024
    Joel Black, chair of the Governmental Accounting Standards Board (GASB), discussed some of the Board’s upcoming changes in an interview.
  • House Adopts Resolution to Invalidate SEC Bulletin on Listing Crypto as Liability

    By:
    S.J. Steinhardt
    |
    May 10, 2024
    On May 8, the U.S. House of Representatives approved a joint resolution to invalidate a Securities and Exchange Commission (SEC) staff accounting bulletin requiring financial institution custodians to list cryptocurrencies on their balance sheets as liabilities.
  • Citing 'Massive Fraud' Affecting More Than 1,500 Filings, SEC Suspends and Fines Audit Firm

    By:
    S.J. Steinhardt
    |
    May 3, 2024
    The Securities and Exchange Commission (SEC) has charged, audit firm BF Borgers CPA PC  with “massive fraud, fining it $12 million and permanently  suspending it from appearing and practicing before the the SEC as accountants, effective immediately The company had served as the accounting firm for Trump Media & Technology, which owns Truth Social, before it went public this past March. But given the timing of the audits that the SEC focused on, the filings for Trump Media probably were not among those investigated as part of the review,