FASB Staff Issues Proposed Changes for 2022 US GAAP Financial Reporting Taxonomy

2nd Janurary, 2023

The Financial Accounting Standards Board (FASB) has issued proposed technical and other conforming changes for the 2022 U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and the related release notes for public comment. These proposed changes include element additions for various accounting topics, and element deprecations for superseded accounting guidance and for improved consistency and structure for the topical projects and other reviews. Standard and documentation labels were modified to clarify elements and improve appropriate usage, and references were modified to assist with element selection.
 The FASB is seeking feedback on whether users of the U.S. GAAP Financial Reporting Taxonomy agree with the proposed technical and other conforming changes, and whether additional technical and other conforming changes are needed. The comment period for the proposed changes ends on November 1, 2021. Comments should be submitted directly to the FASB. The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to participate in this public review to continue to improve the process for creating and using XBRL-structured financial statements.
 
 

US Accounting

IFRS Foundation and MoF China sign an MoU to establish an ISSB office in Beijing

31st December, 2022

The Trustees of the IFRS Foundation signed a Memorandum of Understanding (MoU) with the Ministry of Finance of China to establish a Beijing office of the IFRS Foundation. The MoU is effective for an initial three-year period.

The signing of the MoU follows the COP26 announcement of the International Sustainability Standards Board (ISSB) and its global and multi-location presence by the Trustees.

The Beijing office, established as a representative office, is expected to open in mid-2023. The office will work in collaboration and cooperation with other IFRS Foundation offices around the globe, with staff focused on leading and executing the ISSB’s strategy for emerging and developing economies, acting as a hub for stakeholder engagement in Asia, facilitating deeper co-operation and engagement with stakeholders, and undertaking capacity-building activities for emerging economies, developing countries and SMEs. The office will host meetings of the ISSB and its various advisory bodies and serve as a base initially for ISSB Member Bing Leng. ISSB Vice-Chair Jingdong Hua, who is responsible for overseeing the ISSB’s engagement across all developing and emerging economies, will regularly visit the office.

General

Decoding how the CPA Program brings in a volley of global opportunities

31st December,2022

Manu Vishwas Trivedi, CPA (Aust.), Finance Manager at Cyprium Metals Limited, worked successfully across the globe before setting his sights on building a new life in Australia. 

Trivedi knew early on as an accountant that he wanted to work internationally but the plan to come to Australia only developed after he had established an enviable career in accounting.

Trivedi’s career journey started after graduating with a commerce degree and completing his Chartered Accountancy in India. His skills and interest in gaining international exposure led him to work for businesses in Vietnam, Singapore, China, and South Africa. He moved around the world, working in hospitality and education, but it was the mining industry that gave him the challenge he sought in the line of work he enjoyed most: accounting.

 

US Accounting

US House Committee releases 6 years of Donald Trump's federal tax returns

31st December, 2022

Former President Donald Trump’s partially erased tax returns were released by the House Ways and Means Committee. This was a longtime task of Democrats to make Trump’s tax returns and finances public after the former president inexpertly tried to stop them in the court.

The final documents which were released had the financial documents which covered six years of Trump’s individual returns filed together with his wife, Melania, during his time in the White House.
The erased documents also had several tax forms of Trump’s business operations that were found by the Ways and Means Committee. There were about 6,000 pages of forms, which included 2,700 pages of self-made returns and more than 3000 sheets from Trump’s business operations.
The tax forms also gave data into the state of Trump’s finances which were from 2015 to 2020 as he mounted his third bid for the presidency in 2024. Other information such as his Social Security and bank account numbers were kept hidden.

International Tax

Talent challenges ahead: It's back to basics for companies in 2023 after year of the big quit

India Inc will have vastly different talent challenges in 2023 compared to 2022. It is finally time to steady the talent game plan after three years of firefighting when companies dealt with uncertainties of the pandemic, unforeseen levels of attrition in sectors including technology, challenges stemming from hybrid and remote work, and accelerated digitalisation and automation.

Corporate Laws

Corporate India in battle-ready mode as Covid concerns return

1st January 2023

India Inc is gearing up with a slew of initiatives to stay one step ahead of rising Covid-19 cases. Companies are issuing advisories to employees to follow all Covid-19 protocols, facilitating booster doses to their workforce, conducting temperature checks at random, importing components in advance and ensuring the continuation of contactless services, industry executives told ET.

Corporate Laws

Order of stay/moratorium under the Companies Act, 2013 prohibits the initiation of any proceedings; Parties cannot be referred to Arbitration: Delhi High Court

30st December, 2022

The Delhi High Court ruled that the moratorium granted by the NCLAT, staying the institution of suits and proceedings against the Corporate Debtor, after the resolution process was initiated against it under Sections 241 and 242 of the Companies Act, 2013, was akin to an order of moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016.

Delhi High Court: In a case where a petition was filed under Section 11 of the Arbitration and Conciliation Act, 1996 for appointment of a sole arbitrator for the resolution of disputes between the parties, a Single Judge Bench of V. Kameswar Rao, J. held that the moratorium granted by the NCLAT staying the institution of suits and proceedings after the resolution process was initiated under Sections 241 and 242 of the Companies Act, 2013 was similar to an order of moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 (IBC).

Corporate Laws

Donald Trump’s tax returns from 2015 to 2021 to be made public by US House committee

31st DECEMBER, 2022

The tax returns of Donald Trump, former US president, will be made public. The return tax papers are expected to include the records of the returns he filed from 2015 to 2021, covering the presidency and pre-presidency period. A US House of Representatives Ways and Means Committee spokesperson released the information of the much-awaited news. The Democrats obtained the tax return papers of Donald Trump after the investigation and a lengthy court battle. The issue reached the US Supreme Court, where the decision was made in favour of the investigation committee.

The investigation committee obtained the papers last month. It released a report which states that Donald Trump was not audited for three years during his four years presidency by the Internal Revenue Service (IRS), breaking the rules of the IRS.

 

International Tax