Denise Lugo

Oct 11, 2024 | tax.thomsonreuters.com | Denise Lugo

The Governmental Accounting Standards Board (GASB) has unveiled a preliminary proposal to enhance financial reporting for state and local governments, shedding light on the often-opaque world of infrastructure asset management. The board issued Preliminary Views, Infrastructure Assets on October 10, 2024, which proposes changes that would give citizens a better understanding of how their tax dollars are being used to build, maintain, and upgrade roads, bridges, and water systems.

Oct 7, 2024 | tax.thomsonreuters.com | Denise Lugo

In the high-stakes world of finance, one critical aspect of corporate reporting has long been shrouded in mystery: cash flow. For years, investors, analysts, and regulators have struggled to make sense of the complex and often opaque numbers that govern a company’s lifeblood. Now, the chorus of experts grows louder, demanding reform.

Sep 30, 2024 | tax.thomsonreuters.com | Denise Lugo

The FASB proposed five areas of targeted changes to hedge accounting rules on September 25, 2024, to better align financial reporting with economic realities and simplify the rules. The proposal aims to simplify hedge accounting rules under Topic 815, Derivatives and Hedging, which have been complicated by global reference rate reform. The changes could help companies reduce the risk of unexpected events and errors, and better align financial reporting with economic hedging strategies.

Sep 13, 2024 | tax.thomsonreuters.com | Denise Lugo

In a bid to increase flexibility for aspiring accountants while maintaining public protection standards, the American Institute of Certified Public Accountants (AICPA) and the National Association of State Boards of Accountancy (NASBA) have proposed a new pathway to Certified Public Accountant (CPA) licensure.

Sep 4, 2024 | tax.thomsonreuters.com | Denise Lugo

A former senior U.S. bank supervisor has sounded the alarm on the lack of transparency in U.S. banks’ reporting of credit risk transfer (CRT) transactions, citing significant concerns over the accuracy of regulatory capitalization ratios. Jill Cetina, currently an Executive Professor of Finance at Texas A&M University, has urged the FASB to ensure that CRT transactions are fully reflected in U.S. banks’ financial statements under U.S. Generally Accepted Accounting Principles (GAAP).