Some Stakeholders Suggest Improvements to Segment Reporting Information A 1996 accounting standard established to improve the way public companies report financial information about their business segments generally achieves that purpose, although some stakeholders suggest improvements. That was the overall conclusion of the post-implementation review (PIR) of Financial Accounting Standards Board (FASB) Statement No. 131, Disclosures about Segments of an Enterprise and Related Information (codified in Accounting Standards Codification Topic 280, Segment Reporting). The PIR process was established by the Financial Accounting Foundation (FAF) in 2010. The Financial Accounting Foundation elaborates:
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Fairness Opinions Help Mitigate Conflicts of Interest, Establish Transaction Credibility, and Avoid Unfavorable Tax Issues Brian A. Sullivan and Andrew C. Smith discuss how you can leverage fairness opinions to mitigate conflict of interest, avoid unfavorable tax issues, and help secure acceptance of transactional decisions by minority shareholders.
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J.P Morgan Chase, Morgan Stanley Make New Hires. Other Banks May Follow in Move to Increase Accounting Credibility At the Wall Street Journal’s Overheard On the Street blog David Reilly reports that JP Morgan Chase and Morgan Stanley have made new accounting hires. Other banks may soon follow suit:
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The International Accounting Standards Board plans to establish a formal network to give standard-setting bodies a voice when their countries switch to International Financial Reporting Standards. There is conflict, however, over how the network will operate and whether it would dilute IFRS as a single set of reporting standards. Advocates of such a network say the U.S. will not commit to IFRS without it. In an article called “Long Push for Accounting Standards” sub-titled “The United States is Seen to Be Dragging its Feet in Choosing to Come on Board,” Star Publications (Malaysia)/Reuters reports: SHAREHOLDERS and regulators have long wanted the…