FASB issued technical corrections and improvements to its financial instruments standard on recognition and measurement of financial assets and liabilities that was originally issued in 2016. To read the full article in the Journal of Accountancy, click: FASB Issues Technical Corrections to Financial Instruments Standard. ...

U.S. has Leeway on Debt Limit, Economists Say Treasury Secretary Steven Mnuchin has called on Congress to raise the national debt limit before its August recess, but the federal government will not face a crisis if that does not happen, experts say.  The U.S. has enough borrowing power to carry it through "sometime in early September," economists at Wells Fargo said. To read the full article in Bloomberg Ma ...

Do the missing months mask the true financial performance? In a recent study entitled, “Orphans Deserve Attention:  Financial Reporting in the Missing Month When Corporations Change Fiscal Year,” the authors of the study found that out of the 1,786 public firms reviewed from 1993 to 2008, 45.4 percent shifted their fiscal year-end by intervals of up to two months and opined that these changes could “fly und ...