The board released guidance Monday to improve the accounting and financial reporting requirements for state and local governments.

Changes in accounting and financial reporting are inevitable. Most happen because in preparing periodic financial statements, companies must make estimates and judgments to allocate costs and revenues ...

The error, concerning how the regulator accounted for lease payments for its offices from fiscal years ending in 2005 through 2014, was caused by the CFTC’s "weaknesses in internal control ...