The Financial Accounting Standards Board is to downsize, with two fewer
members and an increase in the power of its chairman.
The board will now include five members rather than seven. There are several
vacancies coming up and the trustees had been concerned that training new
members might slow down plans to converge US and international accounting
But the moves may also be seen in the context of the moves globally to
international financial reporting standards, devised by the International
Accounting Standards Board. The FASB faces a debate over its future as IFRS
takes hold across the world.
The board’s oversight body, the Financial Accounting Foundation, proposed the
changes in December, with the plan criticized by many.
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Long-serving PwC director Fiona Westwood has moved to Smith & Williamson and stepped up to partner