The changes would expand the scope of transactions covered by ASC Topic 718.
The current presentation was said to combine heterogeneous elements.
The latest topics include aerospace, broker-dealers, time-share, and utilities.
Accounting for partial sales of nonfinancial assets is also addressed.
Recommendations are made for accounting policies and ICFR.
Working drafts for the airlines, gaming, hospitality and time-share industries were included in the latest group of issues exposed for the AICPA’s guide to implementing FASB’s revenue recognition standard.
Early adoption is permitted this year.
The AICPA is issuing an industry-specific guide.
Careful planning and collecting of lease inventory data are key in implementing FASB’s new standard.
Guidance rescinds existing rules.
The engagement partner's name must stay consistent.
FASB issued a new standard that makes targeted changes designed to prevent the recognition of too much interest income before a borrower calls the debt security, and prevent the recognition of a loss on the call date.
Financial statement audits are not just a compliance exercise, but also an opportunity to gain knowledge that can generate positive business results.
GASB issued a new statement that addresses a wide range of accounting issues that have challenged state and local government financial statement preparers.
Participating in industry groups has emerged as one of the best tactics for success.
FASB’s new credit loss standard will challenge banks to find the right data for forecasting expected losses in their portfolios.
It stands to reason that accounting areas that are highly subjective and complex also are prone to fraud, errors, and breakdowns in internal controls.
Current presentation requirements for defined benefit costs lacked transparency and limited the usefulness of financial information, according to stakeholders.
Accounting for share-based payments to nonemployees in exchange for goods and services would become similar to the accounting for share-based payments to employees under a proposal FASB issued.
U.S. securities issuers will be required to include a hyperlink to each exhibit in a corporate filing’s exhibit index under new rule and form amendments.