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FASB Issues Long-Awaited Disclosure Standard

Intelligize Blog

Roughly a month after the Financial Accounting Standards Board published its first accounting standard for the disclosure of crypto assets, companies and accountants seeking clarity on crypto matters, for the first time, have a standard that provides direct accounting and disclosure guidance on crypto assets.

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New Zealand passes law requiring climate disclosures from financial institutions

JURIST

New Zealand passed the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill on Thursday, which requires financial institutions holding more than NZ $1 billion (about US $715 million) to make mandatory disclosures regarding the climate risks and opportunities of their businesses.

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Growth of SPACs Prompts Concerns Over Audit Quality

Intelligize Blog

Special purpose acquisition companies – more commonly known as SPACs – have seemingly disappeared from the investing scene in recent years. The SPACs are listed on exchanges as shell companies to amass capital for acquisitions of private companies. And when they do make the news, it’s usually news of the wrong kind.

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PCAOB: Audits Getting Sloppier

Intelligize Blog

The overall quality of audit work has been poor for years and is only getting worse, according to a recent report from the Public Company Accounting Oversight Board. Such deficiencies indicate the firm performing the audit couldn’t justify the opinion provided regarding the clients’ financial reporting. deficiency.

Legal 52
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FASB Issues Proposed Update for Crypto Accounting

Intelligize Blog

The Financial Accounting Standards Board last month took a major step toward clearing up some of the confusion with the release of an exposure draft that proposed accounting rules for crypto and digital assets. At present, financial accounting guidelines consider crypto to be an indefinite-lived intangible asset.

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United States: New Lease Accounting Standard Is Finally Here — Are You Ready? - ORBA

Mondaq

After repeated postponements by the Financial Accounting Standards Board (FASB), the new lease accounting standard is finally set to take effect for private companies for fiscal years.

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As New York Lawmakers Unveil the Fashion Act, is Larger Reform on The Way?

The Fashion Law

Specifically, the “Fashion Act” (S7428/A8352) would require companies to map out at least 50 percent of their supply chain, identify “significant real or potential adverse environmental and social impacts,” and then disclose targets for prevention and improvement of those impacts. From Uniform Data Standards to Reliable Audits.