FASB issued a standard clarifying the scope of its asset derecognition guidance and adding accounting guidance for partial sales of nonfinancial assets.
Accounting and Financial Reporting
The PCAOB provided new information to firms on how to apply Form AP reporting requirements to professional staff in secondment arrangements.
Working drafts on revenue recognition issues for the insurance and software industries were published by the AICPA, which is seeking comments from interested parties.
SEC names Bricker chief accountant.
GAAP doesn't currently address classification and presentation for restricted cash.
FinREC also identified several concerns.
'Tier status' affinity programs are among the issues.
Accounting for share-based payments and certain financial instruments may change.
2 comment letters express concerns about inconsistencies and confusion.
Step 2 was eliminated from the goodwill impairment test as the FASB sought to simplify accounting in a new standard issued Thursday.
Engagement partners’ names will be required to be reported consistently on all Forms AP filed with the Public Company Accounting Oversight Board under new PCAOB staff guidance.
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.
The IASB issued clarifications to standards related to income taxes, borrowing costs and investments in associates and joint ventures.
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.