Modest Revisions to Interim Disclosure Rules Proposed
FASB has proposed modifications to interim disclosure rules aimed at helping companies to provide more meaningful information about their operations in quarterly note disclosures. The proposal would help companies that produce overly excessive disclosures to provide investors with more useful, tailored information. Companies would continue to focus on disclosing the transaction or event that has a material effect on the business, according to the proposal. Updates resulting from a significant event would need to be disclosed in the notes and aligned with what would be provided under the annual disclosure requirements. That would make updated interim information parallel with how annual information has been conveyed to enable investors to clearly identify the new information. Specifically, the proposal would amend Topic 270, Interim Reporting, to introduce a principle based on changes to Regulation S-X, Rule 10-01, Interim Financial Statements. That principle requires disclosures for a significant event or transaction that has a material effect on an entity and results in disclosures that are transaction or event specific. If finalized, the changes would be applied prospectively, the proposal stated.
Preparer Advisory Panel to Discuss Disclosure Rules for Business Combinations
The Global Preparers Forum (GPF) will discuss disclosures the IASB is trying to revise for business combinations on November 12. Discussions will include whether the chief operating decision maker (CODM) reviews the performance of all business combinations considered material when disclosing information in accordance with IFRS 3, Business Combinations, according to an agenda preview. The GPF will address “if the CODM reviews the performance of a different set of business combinations, what business combinations is the CODM reviewing the performance of?” The discussions surround the IASB Discussion Paper, “Business Combinations—Disclosures, Goodwill and Impairment,” and are being held a day after a meeting of the Capital Markets Advisory Committee (CMAC), a panel of financial statement users. Both panel discussions help inform the IASB in its standards-setting efforts.
Canadian CPAs Can Now Apply for .CPA Domains
The AICPA said that CPAs and CPA firms in Canada can start applying for .cpa web domains. This comes as the AICPA and its business and technology subsidiary, CPA.com, first rolled out .cpa exclusively for licensed accounting firms in the United States in September 2020. Thousands of U.S. CPAs and firms have registered .cpa domains to date, the association said. Top-level domains are the letters found at the end of an internet address such as .com, .org, or .gov. The .cpa domain is intended to allow CPAs and CPA firms “to strengthen their brand and promote greater trust and security with clients in online communications.” Canadian CPAs and firms must be licensed to be eligible. And the AICPA said that it will award preferred names on a first-come, first-served basis.