A meeting with IMA’s Financial Reporting Committee (FRC) recently took place at Google’s facilities in Mountain View, Calif. Josh Paul, FRC member and director of accounting at Google, along with members of his team, served as hosts for the meeting.
The FRC is composed of members who work at Big Four accounting firms as well as prominent preparer companies and users. This representation allows the FRC to address financial reporting issues that impact the management accounting profession from the viewpoint of large preparers and users of financial statements and auditors.
A highlight of the meeting was the perspective shared by Marsha Hunt, a FASB (Financial Accounting Standards Board) member who provided the Committee with an update on issues that are on the FASB’s technical agenda.
The committee’s discussion with Hunt focused on the following topics:
- Implementation issues for new standards developed under the convergence project with the IASB (International Accounting Standards Board). This includes standards related to revenue recognition, leases, and financial instruments.
- Early observations regarding the new accounting standard on hedging transactions.
- Impact of the new tax reform act on public and private companies.
As part of the meeting, FRC members enjoyed a tour of Alphabet’s (parent of Google) facilities. Ger Dwyer, CFO of Waymo, a subsidiary of Alphabet, discussed with FRC members Waymo’s progress on its self-driving technology. One of the most recent cars, an FCA Pacifica, was available for viewing during the FRC’s visit.
On an ongoing basis, the FRC continues to submit comment letters on proposed standards and brings relevant issues to the attention of standard setters, regulatory agencies, and other groups.
You can find comment letters issued by the FRC at https://www.imanet.org/about-ima/advocacy/financial-reporting-committee. You’ll also find more details about the FRC’s activities in an Advocacy column in an upcoming issue of Strategic Finance.
For more information about IMA’s Financial Reporting Committee, please contact Linda Devonish-Mills, CMA, CPA, CAE, at firstname.lastname@example.org.