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.
U.S. compliance and reporting
FASB intends to provide clarity to help financial statement preparers determine the customer of the operation services for transactions.
The changes relate to disclosure and presentation for master trusts.
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.
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.
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.
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.
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.
Working drafts exposed by the AICPA Financial Reporting Executive Committee address five new revenue recognition issues.
The latest issues address aerospace and defense, telecommunications, and time-share.
The board responded to inconsistency in acquisition recording.
Inconsistencies in guidance are addressed.