The FASB announced on December 16 that the 2023 GAAP Financial Reporting Taxonomy (GRT) is now available, containing updates for accounting standards and other recommended improvements.
The Board of Trustees of the Financial Accounting Foundation (FAF) is appointing Katherine (Katina) Curtis to the Private Company Council (PCC) for a three-year term effective on January 1, 2023. The PCC advises the FASB on the accounting treatment for private companies.
Businesses are continuing to struggle to find enough workers as the U.S. labor force participation rate fell to 62.1%, according to government data released last week. The rate for workers aged 25 to 54, specifically, dropped from 82.5% to 82.4%.
The Financial Accounting Standards Board (FASB) is currently seeking comments from stakeholders on the proposed new chapter of its Conceptual Framework related to the recognition/derecognition of an item in financial statements. Comments are due by Feb 21, 2023.
The IRS Advisory Council (IRSAC) suggested in a report issued Wednesday that the IRS must build better trust with Congress members and speak more plainly with taxpayers in order to “modernize” the agency.
U.S. inflation cooled down in October by more than forecast. According to a Labor Department report, the consumer price index was up 7.7% year-over-year, and core prices advanced 6.3%, pulling back from a 40-year high.
Global financial tech platform Intuit Inc., which consists of TurboTax, Credit Karma, QuickBooks, and Mailchimp, expects to report results for the first quarter fiscal 2023 above guidance ahead of its Nov 29 earnings announcement.
