FASB News FASB Clarifies Accounting Guidance for Contributions FASB has updated U.S. GAAP to determine when a contribution to a not-for-profit organization should be accounted…
CPAJ News Briefs
FASB/IASB/PCAOB
FASB News Proposed Amendments for Collaborative Arrangements Leave Many Questions Unanswered Some financial reporting professionals doubt that a recent FASB proposal will solve the accounting…
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/AICPA/IASB News
FASB News AICPA and CUNA Seek Extension of Credit Loss Standard’s Effective Date Some smaller financial institutions and private companies are worried that the transition…
CPAJ News Briefs
FASB/IASB News
FASB News Details of New Lease Guidance Complicate Implementation Efforts At first blush, FASB’s new lease accounting standard sounds simple enough: companies must tally everything…
CPAJ News Briefs
FASB/IASB News
FASB News Small Companies Face Difficult Implementation Process for Revenue Standard Representatives from small public companies and their auditors told FASB on May 10 that…
CPAJ News Briefs
FASB/IASB News
FASB News Disclosure Framework Nears Completion FASB is close to finalizing a guide to help it write consistent, effective footnote disclosure requirements in new accounting…
CPAJ News Briefs
FASB/IASB/PCAOB News
FASB News Meeting with Healthcare Professionals to Address Issues, Trends FASB is scheduled to meet with the Healthcare Financial Management Association’s Principles and Practices Board…
CPAJ News Briefs
FASB/IASB News
FASB News Guidance for Bad Debt Reserves to Remain in U.S. GAAP FASB has agreed to drop a proposal that would have erased some guidance…
CPAJ News Briefs
FASB/IASB/PCAOB News
FASB News Simplified Transition Method to New Lease Standard Still Requires Extensive Effort As the 2019 public company effective date for FASB’s lease accounting standard…
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…
CPAJ News Briefs
ASB/AICPA/IASB News
ASB News Much Work Remains for Lease Standard’s Implementation As the 2019 effective date of FASB’s new lease accounting standard looms, many public companies are…
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…
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/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…
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…
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,…
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…
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.…