New rules proposed by FASB are designed to make it easier for organizations to decide if a transaction should be accounted for as a contribution or exchange.
Accounting Compliance and Reporting (US)
Here’s what organizations need to consider as they implement the new FASB rules—and why it’s smart to start that work promptly.
The AICPA is seeking comment on issues to be included in its guide for implementation of FASB’s new revenue recognition standard.
Investors said accounting rules made hedge accounting less understandable.
Topic 952, Franchisors, is the first to be simplified in structure.
Asset management, gaming, and software are among the industries addressed.
Not-for-profits face their most significant financial reporting changes in more than 20 years as they implement FASB’s new standard.
FASB issued a new accounting standard simplifying the accounting for certain financial instruments with down round features.
FinREC is requesting feedback on four working drafts that provide industry-specific guidance for entities implementing FASB Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606).
he standard clarifies accounting for operating entities serving public-sector grantors.
The board issued an invitation to comment.
New guidance on modification accounting addresses diversity in practice.
The committee is updating an industry-specific guide.
Technical corrections proposed by FASB would affect accounting guidance for certain bad debt reserves of savings and loans, and steamship entities.
A proposed ASU would give private companies an alternative for financial reporting associated with consolidation of variable-interest entities.
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.