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…
Since 2013, FASB has regularly given private companies extra time to adopt new accounting standards. Now the board may be ready to extend a similar…
CPAJ News Briefs: FASB, IASB, and AICPA
Clarifying Accounting For Intangible Assets May Take Years
FASB News Clarifying Accounting for Intangible Assets May Take Years The accounting for intangible assets has been a contentious accounting issue for most of FASB’s…
FASB News Conceptual Framework Discussion to Resume FASB resumed discussions on its effort to complete its Conceptual Framework—an internal guide to help the board set…
In Brief FASB's new revenue recognition standard will become effective for most not-for-profit (NFP) entities in 2019. Although this date may seem distant, the new…
Preparing the Statement of Cash Flows Using the Direct Method
Illustrating a Simpler Approach
FASB's Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, removes the requirement that not-for-profit (NFP) entities that choose to prepare the…
After years of anticipation, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued their final standards on lease accounting.…
It’s Amazing What CPAs Can Do
Made to Measure
This issue features our annual coverage of Baruch College's Financial Reporting Conference. Each year, leading regulators, issuers, auditors, and users discuss the most pressing issues…
Fair Value Accounting and Reliability
The Problem with Level 3 Estimates
FASB's efforts to expand the use of fair value accounting have rekindled the debate on the costs and benefits of the approach. Proponents argue that…
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 fourth panel of the 15th Annual Financial Reporting Conference assessed the status of recognition and impairment of financial instruments in light of FASB's new…
The Tangle of Intangible Assets and Business Combinations
Related Standards: Past, Present, and Future
In Brief Since January 2014, FASB has issued several significant pronouncements on business combinations and intangible assets; however, the interaction between the two remains complex,…
The New Revenue Recognition Standard
An Illustration of the Implications for ‘Ordinary’ Companies
In Brief After a long period of deliberation and revision, FASB’s new guidance on revenue recognition will soon be a reality for businesses and their…
ICYMI—The Reporting Impact of ASU 2016-14
Painting the Picture from a Nonprofit’s Financial Perspective
In Brief The nonprofit landscape has changed significantly over the past 26 years, expanding in size and scope while facing new challenges and keeping up…