A proposal issued by FASB addresses the complexity involved in accounting for certain financial instruments associated with liability and equity.
Efforts by auditors in three key areas have led to improved quality in audits, PCAOB inspections show.
Political decisions that may affect cross-border business policies in the United States and the United Kingdom have so far had no effect on international accounting standards, Hans Hoogervorst said.
Some companies and accounting firms have told FASB that their resources are stretched as they implement the board’s numerous recently issued standards.
Knowledge and understanding of IFRS is important in the United States even though FASB’s standard-setting process best serves U.S. capital markets, SEC Chief Accountant Wes Bricker said.
Companies are obligated to provide investors with disclosures on the impact FASB’s new revenue recognition standard will have on them, SEC Chief Accountant Wes Bricker said.
New working drafts issued by FinREC address issues that financial statement preparers in the gaming and airline industries may encounter as they implement FASB’s new revenue recognition standard.
The board wants better alignment for bond-interest income.
The update is meant to simplify and improve the model.
4 new issues are addressed.
The latest round addresses software and other issues.
FASAB wants useful reporting on intergovernmental and short-term leases.
A FASB proposal on targeted improvements to accounting for hedging activities would make hedge accounting simpler, according to the AICPA Financial Reporting Executive Committee.
Wesley Bricker, CPA, a former PwC partner, was named the Securities and Exchange Commission’s chief accountant.
FASB has proposed guidance that would describe when changes to the terms of share-based payments require financial statement preparers to apply modification accounting.
FASB issued Accounting Standards Update No. 2016-18, addressing the classification and presentation of restricted cash and restricted cash equivalents.
Marsha Hunt and Harold Monk will join the Financial Accounting Standards Board for five-year terms.
Mary Jo White plans to depart her position as Securities and Exchange Commission chair in January, when Barack Obama’s second term as president ends.
FASB proposed guidance designed to eliminate diversity in practice in how operating entities determine who is the customer in service concession arrangements.
The AICPA Financial Reporting Executive Committee (FinREC) issued new working drafts addressing issues that broker-dealers and depository and lending institutions face related to FASB’s new revenue recognition standard.