The FASB issued a new standard that is designed to make employee benefit plan master trust disclosures more useful to users of financial statements.
U.S. compliance and reporting
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.
A new federal government accounting standard is designed to provide concise and meaningful information about insurance costs and liabilities.
FASB addressed balance sheet classification of debt and the disclosure requirements for inventory under the board’s Disclosure Framework.
The definition was clarified because of concerns that many transactions that should be considered asset acquisitions were being recorded as business acquisitions for accounting purposes.
The latest drafts address issues in the aerospace and defense, telecommunications, and time-share industries.
Three possible alternative recognition approaches for governmental fund reporting are included in an Invitation to Comment issued by GASB.
Financial statement preparers and auditors face important challenges as they implement FASB’s new revenue recognition standard.
FASB proposed a technical correction to the new financial reporting standard for not-for-profits that the board issued in August.
The new standard is meant to simplify income tax reporting.
The new standard affects the determination of the primary beneficiary.
FinREC is developing an implementation guide.