To implement rapid changes in accounting standards, CPAs can focus first on their areas of specialty, according to Michael Brand, CPA, CGMA, a partner at Johnson, Feigley, Newton & Brand LLP.
GASB issued a statement that is designed to help align the accounting and financial reporting of lease transactions more closely with their economic substance.
Technical corrections proposed by FASB would affect accounting guidance for certain bad debt reserves of savings and loans, and steamship entities.
A proposed ASU would give private companies an alternative for financial reporting associated with consolidation of variable-interest entities.
The pace of standard setting may slow in the coming months, but one key new project is on the horizon.
The decentralized ledger system may seem confusing, but it also adds up to new opportunities for savvy financial professionals.
Accounting obstacles that prevented some organizations from using hedging to manage risks may be eliminated by a standard that received preliminary approval from FASB.
A new interpretation issued by the IASB specifies requirements for how organizations should reflect uncertainty in their accounting for income taxes.
The AICPA's FinREC issued 12 working drafts of industry-specific accounting issues.
Airlines, gaming, hospitality, and time-share are addressed.
Stakeholders said current GAAP distorts interest income.
Companies must prepare for unforeseen implications for tax planning.
The new requirements take effect this month.
FASB made the first of several scheduled maintenance updates to its Accounting Standards Codification as part of an effort to simplify the codification’s structure.
A new standard issued by the IASB aims to provide transparent reporting about insurers’ financial position and risk.
FASB intends to provide clarity to help financial statement preparers determine the customer of the operation services for transactions.
New rules issued by GASB address accounting for debt extinguishment prior to its maturity when bond proceeds are not used.
FASB is considering changing U.S. GAAP financial reporting taxonomy to improve usability.
FASB hopes to provide clarity by offering guidance on the scope of modification accounting for share-based payment awards.
In a letter, the Center for Audit Quality and two investor groups opposed a provision of a bill that would decrease the number of companies required to comply with the rules in Sarbanes-Oxley Act Section 404(b).