FASB proposes targeted changes to hedge accounting rules | Bigger push for environmental, social and governance reporting | Are financial reports helping investors?
November 16, 2016
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Accounting and Reporting Update
FASB proposes targeted changes to hedge accounting rules
The Financial Accounting Standards Board has proposed a number of changes to hedge accounting rules designed to make sure financial statements provide an accurate picture of the effects of risk-management activities.
Journal of Accountancy online (11/1) 
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Bigger push for environmental, social and governance reporting
Efforts to improve reputational risk management and a push for more long-term corporate vision are driving more companies to report on environmental, social and governance factors. Weigh in on voluntary, market-driven provisional sustainability standards.
Forbes (11/11) 
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Overcome the Complexities of Government Financial Reporting
In this infographic from Governing and Workiva, see why developing reports for state and local governments is increasingly complicated and how government financial reporting solutions can help overcome those challenges. Check it out.
Emerging Trends
What the US election could mean for global industry
Finance leaders offer insight into the opportunities and challenges businesses face globally in the wake of the US presidential election.
CGMA Magazine online (11/10) 
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Are financial reports helping investors?
Financial reports have become increasingly complex, and they don't necessarily provide investors with useful information about the future, says Baruch Lev, a professor of accounting and finance who has co-authored a book on the topic. One solution: Companies would file short documents focused on business models and certain key metrics.
CFO.com (10/20) 
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Other News
Keeping up with growth is tricky when it comes to taxes
Tech and SaaS companies grow and change faster than any other type of business. This report identifies common ways growing software/tech companies trigger a change in their requirements for collecting and remitting sales tax- and how to avoid the related headaches. Read the report
Tax Corner
States will have to offer more data about corporate tax incentives
Washington's tax-preference auditing program has given the state visibility into the tax benefits companies receive and whether these incentives have the desired effect. Other states will have to take similar steps as new Governmental Accounting Standards Board rules take effect for fiscal 2017's annual financial reports.
Governing magazine online (11/2) 
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Earnings-stripping rules can withstand challenges, IRS official says
The Treasury Department finalized rules last month intended to curb earnings stripping. Attorneys say the agency could face litigation under the Administrative Procedure Act, but an IRS official said the rules should survive a challenge.
The Hill (10/28) 
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Leadership Lessons and Tips
The right approach to a painless reorganization
Putting employees first and communicating clearly, frequently and in an engaging manner are essential during a company reorganization. Companies may also need to consider the needs of other stakeholders, including unions, customers, directors and regulators.
McKinsey Quarterly (free registration) (10/2016) 
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Tackling the increasing global talent shortage
Companies around the world are having difficulties filling vacant positions, and the problem is often related to misalignment between existing and in-demand skills.
CGMA Magazine online (11/2) 
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Other News
Tech Topics
3 ways to get started with machine intelligence
Machine intelligence is disrupting a range of industries, and early adopters could have a lasting advantage. Companies can move ahead by using machine-intelligence tools to boost productivity, tap into new sources of data and improve software development.
Harvard Business Review online (tiered subscription model) (11/2) 
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Understanding virtual private networks
Virtual private networks have been used by companies to connect remote employees to the workplace network. They can also be useful for consumers who want to boost their privacy and security. It's important to be aware of the differences between free and paid VPNs and to choose a solution that matches your encryption needs.
CIO.com (11/7) 
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Other News
Regulatory Developments
Businesses get ready for expanded overtime eligibility
New rules regarding which employees are eligible for overtime will take effect Dec. 1, and many small businesses are rushing to comply. Some business owners could switch salaried employees to an hourly pay scale or take other steps.
The Associated Press (10/26) 
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How does red tape affect the business world?
Executives and small-business owners point to overregulation as a major concern, surveys show. This article looks at the history of government regulation, the Obama administration's record in this area and the difficulty of defining "red tape."
Fortune (10/20) 
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The Outlook for Business After the 2016 Elections
Join Ash Noah, CPA, FCMA, CGMA, vice president of CGMA external relations, at the American Institute of CPAs (AICPA), for a webcast Dec. 15 at 11 a.m. ET to review the results of the fourth-quarter AICPA Business & Industry Economic Outlook survey and explore the business implications of the US elections. CGMA designation holders save an additional 20%. Register here.
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M&A Transactions: Strategies for Financial Executives
This popular webcast, which originally aired Sept. 29, will be rebroadcast Dec. 14 at 12 p.m. ET. Learn which pitfalls to avoid, as well as actual steps to take, as organizations prepare for changes resulting from a merger or acquisition. CGMA designation holders are eligible for a 20% discount on the rebroadcast. Register here.
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Joining the Dots: Decision Making for a New Era webcast
Join us for the rebroadcast of this session and understand the key decision-making challenges facing today's organizations. The webcast, on Dec. 6 at 11 a.m. ET, will help improve your understanding of the skills required to improve flaws in the organizational decision-making process. CGMA designation holders will receive an additional 20% discount. Register today and download the report.
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Free CGMA Webcast -- BEPS: The Dawn of a True Global Standard
The Base Erosion and Profit Shifting (BEPS) Action Plan webcast will examine the effect of BEPS across several key business functions beyond the tax department, explore leading practices and provide insight into how companies are preparing for compliance. CGMA designation holders will earn 1.5 free CPE credits. Register today.
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AICPA proposes criteria for organizations' cybersecurity risk management
The AICPA has issued proposed criteria that would assist management in designing and describing its cybersecurity risk-management program. These criteria provide a way for organizations to demonstrate due care to stakeholders. The AICPA is seeking comments until Dec. 5.
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About the AICPA
The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations and federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.
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