Current presentation requirements for defined benefit costs lacked transparency and limited the usefulness of financial information, according to stakeholders.
U.S. compliance and reporting
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 debt proposal would establish a cohesive classification principle.
FASB proposes the same model for participating and nonparticipating contracts.
Costly mistakes can be avoided by following best practices that lead to proper judgments.
Inconsistencies in guidance are addressed.
The latest issues address aerospace and defense, telecommunications, and time-share.
The changes address 13 narrow issues.
The board responded to inconsistency in acquisition recording.
The FASB issued a new standard that is designed to make employee benefit plan master trust disclosures more useful to users of financial statements.
FASB issued a standard clarifying the scope of its asset derecognition guidance and adding accounting guidance for partial sales of nonfinancial assets.
Working drafts on revenue recognition issues for the insurance and software industries were published by the AICPA, which is seeking comments from interested parties.
GAAP doesn't currently address classification and presentation for restricted cash.
FinREC also identified several concerns.
SEC names Bricker chief accountant.
'Tier status' affinity programs are among the issues.
Accounting for share-based payments and certain financial instruments may change.
Step 2 was eliminated from the goodwill impairment test as the FASB sought to simplify accounting in a new standard issued Thursday.
Deloitte offers five strategies to help find efficiencies and avoid unnecessary disturbances.