Financial statement audits are not just a compliance exercise, but also an opportunity to gain knowledge that can generate positive business results.
Accounting and Financial Reporting
GASB issued a new statement that addresses a wide range of accounting issues that have challenged state and local government financial statement preparers.
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.
It stands to reason that accounting areas that are highly subjective and complex also are prone to fraud, errors, and breakdowns in internal controls.
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.
U.S. securities issuers will be required to include a hyperlink to each exhibit in a corporate filing’s exhibit index under new rule and form amendments.
Working drafts exposed by the AICPA Financial Reporting Executive Committee address five new revenue recognition issues.
The changes are part of an annual improvement process.
The latest issues address aerospace and defense, telecommunications, and time-share.
The board responded to inconsistency in acquisition recording.
Inconsistencies in guidance are addressed.
Costly mistakes can be avoided by following best practices that lead to proper judgments.
The debt proposal would establish a cohesive classification principle.
FASB proposes the same model for participating and nonparticipating contracts.
The changes address 13 narrow issues.
Reconciliation would be focused on net outlays.
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.