FASB to propose delaying effective dates for 4 major standards
FASB plans to propose delaying effective dates for four key standards for certain groups of financial statement preparers after a series of votes taken at a board meeting Wednesday. The plan to delay effective dates for certain companies for...
5 things you need to know about the new auditor reporting standards
You may have heard that we issued a new auditor reporting standard effective for audits of financial statements for periods ending on or after December 15, 2020. The standard was designed to enhance the relevance and transparency of the...
FASB Staff Issues Q&A to Help Organizations Estimate Expected Credit Losses on Financial Assets
The Financial Accounting Standards Board (FASB) staff today issued a second question-and-answer (Q&A) document that addresses more than a dozen frequently asked questions related to Accounting Standards Update No. 2016-13, Financial...
FASB Seeks Stakeholder Input on Certain Identifiable Intangible Assets and the Subsequent Accounting for Goodwill
The Financial Accounting Standards Board (FASB) today issued an Invitation to Comment (ITC) seeking stakeholder input on the accounting for certain identifiable intangible assets acquired in a business combination and subsequent accounting for...
GASB Proposes Omnibus Statement Addressing Wide Range of Practice Issues
The Governmental Accounting Standards Board (GASB) has proposed guidance addressing various accounting and financial reporting issues identified during the implementation and application of certain GASB pronouncements.
GASB Proposes Guidance on Internal Revenue Code Section 457 Deferred Compensation Plans
The Governmental Accounting Standards Board (GASB) has proposed new accounting and financial reporting guidance on Internal Revenue Code Section 457 deferred compensation plans (Section 457 plans). The Exposure Draft, Internal Revenue Code...
Lessons from lease accounting implementation
With the effective date for the new IFRS lease accounting standard fast approaching, companies are wading through a number of challenging issues related to lease identification, data extraction, and software implementation. IFRS 16, Leases,...
ASB seeks alignment of materiality definitions
The AICPA Auditing Standards Board (ASB) is proposing changes to the definition of materiality in its standards for auditors and attestation engagements to eliminate inconsistencies with the definition used by other U.S. regulatory...
The Future Of Sustainability For The Industries That Power Online Shopping, Explained
From large commerce companies like Amazon and eBay, to direct-to-consumer toiletry packs, to sustainable clothing, e-commerce has revolutionized our shopping habits and the ways companies do business. With the simple touch of a smartphone, it’s...
GASB Issues Implementation Guide on Fiduciary Activities
The Governmental Accounting Standards Board (GASB) has issued a new Implementation Guide that contains questions and answers about the GASB’s recently issued standards on accounting and financial reporting for fiduciary activities.

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FASB Makes Decisions on Leasing Standard Simplification

The Financial Accounting Standards Board (FASB) has made decisions to reduce costs and ease the implementation burden of the Leases standard for preparers.

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FASB Proposes Reorganizing Consolidation Guidance

FASB issued a proposal on September 20 that would reorganize and clarify the consolidation guidance in FASB Accounting Standards Codification Topic 810.

Stakeholders told the board that the consolidation guidance is difficult to understand and navigate. Proposed Accounting Standards Update, Consolidation (Topic 812): Reorganization, is an attempt to address those concerns.

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AICPA Audit Documentation Resources

Through its enhanced oversights, the AICPA Peer Review Program has found that the most common cause of material non-conformity in audits is a lack of documentation. Peer reviewers will be increasing their emphasis on this area moving forward. The AICPA has a new, free toolkit to help you document audits appropriately and comply with standards. It includes a tool for evaluating SOC 1 reports, model working papers, and more.

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Not-for-Profit Statements Being Overhauled by ASU 2016-14

By Lisa A. Ritter, CPA, CFE

The Financial Accounting Standards Board (FASB) revised the not-for-profit reporting model in its Accounting Standards Update (ASU) 2016-14, released in August 2016. ASU 2016-14 is effective for fiscal years beginning after Dec. 15, 2017. The most significant provisions of the update address four areas: classification of net assets, liquidity disclosures, functional expenses, and the classification and disclosure of underwater endowments.

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  Finding the Value in Fair Value

By Gretchen G. Naso, CVA

Over the past 15 years, fair value accounting has evolved to become a part of many private companies’ financial statements. This evolution has not come without controversy. Due to its heavy reliance on assumptions and professional judgment, fair value reporting is dismissed by critics as an art, not a science, and is often considered unreliable.

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    Time Is Running Out to Comply with the New FASB Revenue Recognition Standard
Planning for Lease Accounting Standard Should Be in Process, Too

By Kevin Bogle, KPMG LLP

Research indicates that some companies may have trouble meeting the reporting deadlines on at least one of two major accounting standards that financial statement preparers must implement over the coming two years. Revenue recognition – the more immediate, as it goes into effect on Jan. 1, 2018, for calendar-year-end public companies and Jan. 1, 2019, for calendar-year-end non-public companies – may represent a significant change, and one that many companies may be behind in implementing.

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