In 1996, FASB underwent a major overhaul of its accounting rules pertaining to derivative instruments and hedging transactions; except for some minor tinkering, those rules…
CPAJ News Briefs
FASB/IASB/AICPA
FASB News Research for Performance Reporting Project Continues As FASB develops an outline for its project on performance reporting, the board wants its staff to…
Changes to Accounting for Employee Share-Based Payment
ASU 2016-09 May Increase Volatility of Diluted EPS
In March 2016, FASB issued Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting. The new guidance [codified under Accounting Standards Codification (ASC) Topic 718,…
CPAJ News Briefs
FASB/IASB News
FASB News Disclosure Framework Project Nears Completion At its March 21 meeting, FASB weighed the external comments on the draft of the final version of…
Although still in the proposal stage, there has been substantial movement by both FASB and the SEC on major issues discussed by this author in…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
CPAJ News Briefs
FASB/GASB News
FASB News Fair Value Disclosure Rules Scaled Back On March 7, the FASB published an update to U.S. GAAP to improve the information businesses disclose…
FASB's recent work schedule has included proposed improvements to income tax accounting related to the recent tax law changes, the 2018 GAAP financial reporting taxonomy,…
CPAJ News Briefs
FASB/AICPA/PCAOB News
FASB News Proposal to Allow Greater Capitalization of Cloud Computing Costs FASB has released a proposed amendment to U.S. GAAP for public comment to clarify…
CPAJ News Briefs
FASB/IASB/GASB News
FASB News Streamlined Pension Disclosure Rules Move Forward Two years after releasing a proposal to improve the disclosure requirements for pensions and other postretirement benefits,…
CPAJ News Briefs
FASB News
Technical Corrections for Hedge Accounting Standard Put on Hold At its February 14 meeting, FASB backed away from issuing a limited, technical correction for its…
CPAJ News Briefs
FASB/IASB News
FASB News FASB Addresses Questions About Hedge Accounting At its February 14 meeting, FASB discussed technical questions that have arisen since the publication of an…
CPAJ News Briefs
FASB/IASB/PCAOB News
FASB News Comment Letters Back Simplified Transition to Lease Standard Companies, audit firms, and professional groups expressed approval of FASB’s proposed easing of the transition…
CPAJ News Briefs
FASB/IASB/PCAOB News
FASB News Lease Standard’s Technical Corrections Head to Final Status FASB has approved a slate of minor technical corrections to the lease accounting standard that…
CPAJ News Briefs
FASB/IASB News
FASB News Staff Document Offers Guidance on Accounting Implications of Tax Reform On January 22, FASB’s staff issued a question-and-answer document to offer guidance on…
CPAJ News Briefs
FASB/AICPA News
FASB News Staff Document Advises Private Companies, Not-for-Profits to Follow SEC Guidance on Tax Reform Private companies and not-for-profit entities should be able to apply…
CPAJ News Briefs
FASB/PCAOB News
FASB News Tax Law May Lead to Changes in U.S. GAAP At its upcoming meeting, FASB plans to discuss whether it needs to make a…
CPAJ News Briefs
FASB/PCAOB News
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…
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…
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 Federal Reserve Urges Bankers to Move Quickly Implementing Credit Loss Standard Joanne Wakim, the Federal Reserve’s chief accountant, urged banks to not waste…
ICYMI | The State of FASB’s Simplification Initiative
Toward a Simpler GAAP
In Brief In recent years, FASB has made a priority of removing unnecessary complexity from FASB's accounting standards. The author gives a detailed accounting of…
The panel began with Cosper outlining recent changes at FASB and its priorities for 2017. She said that the standard on hedge accounting was due…
Accounting for Leases Under the New Standard, Part 1
Definition and Classification of Leases and Lessee Accounting
In Brief The new lease accounting standard, released by FASB in early 2016, represents one of the largest and most impactful reporting changes to accounting…
As in past years, this month's issue features the highlights of Baruch College's Annual Financial Reporting Conference. This gathering reliably brings together leading names from…
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…
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,…
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…
Editor's note: The following is a supplement to the author's “Depreciable Asset Lives: The Forgotten Estimate in GAAP,” published in the September 2016 CPA Journal.…