• The truth is in the (XBRL) tagging

    All too often you hear about the cost of doing business and the mountain of compliance exercises that must be undertaken for the privilege of being listed on a public stock exchange. With the seemingly endless array of documents, disclosures, and deadlines by which a public company must abide, it is no surprise that many CFOs feel the same way about the Securities and Exchange Commissions’ electronic data mandate: it is just another compliance exercise that creates no value for the company.
  • New financial reporting option for small- and medium-sized entities announced

    The "Financial Reporting Framework for Small- and Medium-Sized Entities" (SME framework) from the American Institute of Certified Public Accountants (AICPA) is intended to ease reporting for smaller, privately held, owner-managed businesses that are not required to follow Generally Accepted Accounting Principles (GAAP). The goal of the framework is to help these businesses clearly and concisely report what they own, what they owe, and their cash flow.
  • FASB exempts private companies from a fair value measurement disclosure

    The Financial Accounting Standards Board (FASB) recently issued guidance clarifying the applicability to nonpublic entities of a certain disclosure requirement regarding the fair value of assets and liabilities. The guidance, found in Accounting Standards Update (ASU) No. 2013-03, Financial Instruments (Topic 825): Clarifying the Scope and Applicability of a Particular Disclosure to Nonpublic Entities, takes effect immediately. It directly affects private companies that have total assets of $100 million or more — or one or more derivative instruments — and the preparation of their 2012 financial statements.