A proposed ASU would give private companies an alternative for financial reporting associated with consolidation of variable-interest entities.
Accounting Compliance and Reporting (US)
The pace of standard setting may slow in the coming months, but one key new project is on the horizon.
Accounting obstacles that prevented some organizations from using hedging to manage risks may be eliminated by a standard that received preliminary approval from FASB.
Airlines, gaming, hospitality, and time-share are addressed.
Stakeholders said current GAAP distorts interest income.
Companies must prepare for unforeseen implications for tax planning.
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.
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 current presentation was said to combine heterogeneous elements.
The changes would expand the scope of transactions covered by ASC Topic 718.
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.
The AICPA is issuing an industry-specific guide.
Early adoption is permitted this year.
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.