FASB News First Standards-Setting Meetings of New Year Scheduled FASB is scheduled to hold its first meeting of the new year on January 10. The…
Hedge Accounting May Gain Fifth Benchmark Interest Rate
FASB/ISAB/GASB News
FASB News Hedge Accounting May Gain Fifth Benchmark Interest Rate In February, FASB plans to release a proposal to add a fifth benchmark interest rate…
FASB News Costs of Implementing Revenue Standard to Receive Thorough Review On December 14, FASB chair Russell Golden said that the board plans to conduct…
FASB News Nine Members Appointed to Advisory Council The Financial Accounting Foundation (FAF), FASB’s parent organization, has appointed nine members to the accounting board’s Financial…
FASB News Small Business Advisory Committee Backs Simplified Approach to Goodwill Representatives from small businesses, auditors, and investors told FASB on November 30 that they…
FASB News Leasing Standard to Get Minor Revisions Before Effective Date On November 29, FASB said it plans to float a proposal for public comment…
2018 PCAOB Budget Cuts Spending By 3.2 Percent
PCOAB/AICPA/IASB News
PCAOB News 2018 PCAOB Budget Cuts Spending by 3.2 Percent On November 16, the PCAOB unanimously approved its 2018 budget of $259.9 million, an $8.6…
FASB News Plan to Amend U.S. GAAP’s Tax Disclosures Waiting on Tax Reform As the House and Senate advance their bills to overhaul the tax…
FASB to Drop Obsolete Guidance for Steamship Companies
FASB/PCOAB/AICPA News
FASB News FASB to Drop Obsolete Guidance for Steamship Companies FASB has agreed to delete an outdated piece of guidance from U.S. GAAP governing a…
Revenue Recognition Guidance Alters Presentation of Bad Debt for Healthcare Organizations
FASB News/PCOAB News/ASB News
FASB News Revenue Recognition Guidance Alters Presentation of Bad Debt for Healthcare Organizations Hospitals, clinics, and other healthcare organizations should prepare for big changes when…
FASB News Response to Consolidated Reporting Amendment Mixed FASB’s recently proposed amendment of its consolidated reporting standard has generated a mixed response. The amendment would…
Implementation of Leases Standard Raises Questions
FASB/GASB/ISAB News
FASB News Implementation of Leases Standard Raises Questions FASB has received several requests for clarifications to its lease accounting standard, and the board plans to…
Audit Practice Alert Provides Guidance for Revenue Standard
FASB and PCOAB News
FASB News Lawmakers Call for Delay of Credit Loss Standard Twenty-six Republican members of Congress asked FASB and the SEC to delay the effective date…
FASB News Real Estate Investment Trusts Request Clarification About Fee Reporting Requirements Several commercial property real estate investment trusts have asked FASB to reconsider part…
FASB News Report: Revenue Recognition Implementation Delays Could Stall IPOs The majority of private companies contemplating initial public offerings (IPO) are not prepared to for…
FASB News Federal Reserve Urges Bankers to Move Quickly Implementing Credit Loss Standard Joanne Wakim, the Federal Reserve’s chief accountant, urged banks to not waste…
Guidance for Credit Card Receivables to Receive Another Look
FASB/ISAB News
FASB News Guidance for Credit Card Receivables to Receive Another Look As banks prepare to implement FASB’s amended standard for loan loss accounting, the board…
Effort to Amend Income Tax Disclosure Guidance on Hold
FASB/AICPA News
FASB News Effort to Amend Income Tax Disclosure Guidance on Hold FASB plans to wait for the outcome of tax reform legislation before moving to…
Report: Revenue Changes for Software Industry May be Significant
FASB/PCAOB News
FASB News Report: Revenue Changes for Software Industry May be Significant FASB’s sweeping new revenue recognition rules go into effect in 2018, removing approximately 200…
Webcast on Proposed Guidance for Grants, Contributions
FASB/PCAOB/AICPA News
FASB News Webcast on Proposed Guidance for Grants, Contributions On September 11, FASB plans to hold a webcast to explain its proposed guidance for not-for-profit…
Alignment Sought For Asset Acquisition, Business Combinations Guidance
FASB/AICPA/IFAC News
FASB News Alignment Sought for Asset Acquisition, Business Combinations Guidance FASB is considering beginning a project to reduce the differences between business combinations and acquisition…
Oil and Gas Companies May Receive Relief from Lease Standard
FASB/AICPA/ISAB News
FASB News Oil and Gas Companies May Receive Relief from Lease Standard FASB wants to give utilities and oil-and-gas companies some relief when they switch…
Attestation Guide For Sustainability Information Published
FASB News/IASB News/AICPA News
FASB News Meeting with Japanese Board Addresses Wide Range of Issues FASB used its most recent meeting with the Accounting Standards Board of Japan (ASBJ),…
Emerging Issues Task Force Divided on Guidance for Cloud Computing
FASB, GASB, and IASB Updates
FASB News Emerging Issues Task Force Divided on Guidance for Cloud Computing During a July 20 meeting, FASB’s Emerging Issues Task Force (EITF) said its…
Lease Standard Implementation Falls Behind Schedule
FASB, AICPA, and IASB News
FASB News Lease Standard Implementation Falls Behind Schedule Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), the lease standard published by FASB in February 2016,…
Proposed Framework for Valuing Financial Instruments Released
AICPA and IASB News
AICPA News Proposed Framework for Valuing Financial Instruments Released On July 6, the AICPA issued a proposed framework intended to help accountants and financial reporting…
Focus To Shift From New Standards To Improving Communication
IASB, PCAOB News
IASB News Focus to Shift from New Standards to Improving Communication Now that the IASB has finished its “big four” accounting standards—leases, revenue, insurance, and…
Not-for-Profit Liquidity Disclosures Will Be Flexible
FASB, IASB, and AICPA News
FASB News Not-for-Profit Liquidity Disclosures Will Be Flexible FASB’s ASU 2016-14 is the first major update to financial reporting for not-for-profit entities in more than…
Financial Reporting Faces Technological Change
FASB, IASB, and PCAOB News
FASB News Financial Reporting Faces Technological Change FASB and its Financial Accounting Standards Advisory Council (FASAC) are contemplating the future of financial reporting in a…
Companies Lag in Implementing Revenue Standard
FASB, IASB, and PCAOB News
FASB News Companies Lag in Implementing Revenue Standard Six months before they must comply with a sweeping standard for calculating revenues, many U.S. companies are…