A new standard issued by the IASB aims to provide transparent reporting about insurers’ financial position and risk.
Accounting and Financial Reporting
FASB intends to provide clarity to help financial statement preparers determine the customer of the operation services for transactions.
New rules issued by GASB address accounting for debt extinguishment prior to its maturity when bond proceeds are not used.
FASB is considering changing U.S. GAAP financial reporting taxonomy to improve usability.
FASB hopes to provide clarity by offering guidance on the scope of modification accounting for share-based payment awards.
In a letter, the Center for Audit Quality and two investor groups opposed a provision of a bill that would decrease the number of companies required to comply with the rules in Sarbanes-Oxley Act Section 404(b).
The changes relate to disclosure and presentation for master trusts.
FinREC has published a working draft for its revenue recognition implementation guide that seeks feedback on an issue for telecommunications entities.
The commission also proposed an Inline XBRL requirement.
The changes would expand the scope of transactions covered by ASC Topic 718.
The current presentation was said to combine heterogeneous elements.
The latest topics include aerospace, broker-dealers, time-share, and utilities.
Accounting for partial sales of nonfinancial assets is also addressed.
Recommendations are made for accounting policies and ICFR.
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.
Early adoption is permitted this year.
The AICPA is issuing an industry-specific guide.
Careful planning and collecting of lease inventory data are key in implementing FASB’s new standard.
Guidance rescinds existing rules.
The engagement partner's name must stay consistent.