Certain issues related to revenue recognition are causing enough application problems that the Financial Accounting Standards Board may choose to adjust the standard. But in the meantime, financial statement preparers need to apply the current rules correctly.
Accounting & reporting
A CPA leader shares talks about auditing and accounting related to digital assets — the challenges, the role of skill development, and what’s next in the evolving space.
The SEC issued rules that create new disclosure requirements for companies that issue public securities in the US but are audited by firms that are not subject to inspection by the PCAOB.
Some new and complex accounting issues are facing financial statement preparers as 2021 draws to a close.
Debt cancellation is a nonexchange activity that should be reported by federal entities on the statement of changes in net position, according to an interpretation issued by FASAB.
“Spring-loaded” awards are share-based compensation that companies award to executives shortly before announcing market-moving information. The SEC staff says that when measuring compensation, companies must consider the impact that the information will have upon release.
FASB’s accounting guidance for troubled debt restructuring by creditors would be eliminated for organizations that have adopted its credit losses standard, under a proposal the board issued Tuesday.
Businesses that receive certain forms of government assistance will be required to disclose that aid in the notes to their annual financial statements under a standard the Financial Accounting Standards Board issued Wednesday.
Here’s what private company finance personnel need to know about CECL as the time for implementation approaches.
Nonpublic lessees such as private companies, not-for-profits, and employee benefit plans will be permitted to elect risk-free rates for lease accounting by class of underlying asset rather than at the entitywide level under a new rule issued Thursday by FASB.
Private companies and not-for-profits will not see further relief from the effective date of FASB’s new lease accounting standard after the board voted Wednesday to reject a request for a two-year extension.
Lease accounting requirements for federal agencies were amended and clarified Thursday when FASAB issued new guidance.
The quality management standard for accounting and review services would achieve consistency, where appropriate, with that proposed for audit services under a proposal issued by the AICPA Accounting and Review Services Committee.
Interim disclosure requirements would be changed and clarified under a proposal issued by the Financial Accounting Standards Board.
Acquiring entities are required to measure contract assets and liabilities acquired in a business combination in accordance with FASB’s Topic 606 revenue recognition guidance, according to a new FASB standard.
Private companies that issue equity-classified share-based awards will be able to elect a practical expedient and use the reasonable application of a reasonable valuation method to determine the current price input of these awards offered as compensation, according to a new standard issued by FASB.
Two leading figures in the field of data visualization explain how CPAs can best use visual depictions of numbers and how history’s “heroes of visual thinking” transformed numbers into images that carry ideas and meaning.
A new FASB proposal intends to clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the security and therefore is not considered in measuring fair value.
Following a pandemic-related delay, the new standard takes effect for entities within the “all other entities” category for fiscal years starting after Dec. 15, 2021, and for interim periods within fiscal years beginning after Dec. 15, 2022.
Successful leaders know how to listen and help others make the most of their abilities, according to Marie Brilmyer, CPA, a partner with Cohen & Company in Akron, Ohio.