Special purpose frameworks

FASB proposes expedient for private company franchisors

FASB issued a proposal that would provide a practical expedient for private company franchisors in how they analyze certain activities when determining their performance obligations in a franchise agreement under the board’s new revenue recognition standard.

Handling nondisclosure compilations amid the pandemic

Compilations of financial statements that omit substantially all disclosures can provide challenges for CPAs as the pandemic hurts clients’ businesses. Here’s how CPAs can handle the challenging judgments in these engagements.

A new path for private companies with VIEs

FASB has expanded the election not to consolidate for private companies with variable-interest entities. Users of private company financial statements told FASB that consolidation does not help them analyze financial statements.

FASB proposes delays in 3 key effective dates

Private companies and certain other preparers would see delays in effective dates for accounting standards for leases, hedging, and credit losses under a proposal issued by FASB.

Lease accounting: A private company perspective

As they implement FASB’s new lease accounting rules, private companies and not-for-profits may be surprised by the complexity of the transition and the effects on the financial statements.

Private company GAAP alternatives: It’s not too late

The elimination of the effective date for FASB’s private company GAAP alternatives means it’s never too late to take advantage of these accounting simplifications. Each alternative may offer substantial relief and cost savings for private companies as they perform their accounting.

Where to find December’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

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