Accounting Standards Update 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,modifies the accounting and reporting of foreign currency forward contract hedges…
Functional Expenses by Nature and the Overhead Debate
Crafting an Alternative Approach to ASU 2016-14
FASB ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, is in full effect with the close of the December 31, 2018, fiscal year. As implementation progresses,…
Over the years, there has been much confusion about whether to treat certain types of transactions as contributions or as exchanges, especially when they involve…
This article contains practical guidance and support as to the appropriate disclosure of the expected effects of significant future accounting changes from new GAAP standards…
In January 2017, FASB issued Accounting Standards Update (ASU) 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminated the calculation of implied…
‘Net Realizable Value’ Is the New ‘Market’
The Effects of ASU 2015-11 and Other Inventory Valuation Issues
This month's column highlights the principal effects of FASB's Accounting Standards Update (ASU) 2015-11, Simplifying the Measurement of Inventory. While the standard's primary impact has been…
In Brief Companies continue to struggle with implementing FASB's new revenue recognition standard, which becomes effective this year. One sector that may experience particular difficulty…
Applying the Equity Method under ASU 2016-07
Another Milestone in FASB’s Simplification Initiative
In March 2016, FASB issued Accounting Standards Update (ASU) 2016-07, Simplifying the Adjustment to the Equity Method of Accounting. This update was issued as part…
FIN 46(R), Consolidation of Variable Interest Entities—An Interpretation of ARB No. 51, was issued in December 2003 in response to accounting scandals in which certain…