The latest drafts address issues in the aerospace and defense, telecommunications, and time-share industries.
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GASB introduces possible new approaches for governmental fund reporting
Three possible alternative recognition approaches for governmental fund reporting are included in an Invitation to Comment issued by GASB.
Revenue recognition: Guidance for preparers and auditors
Financial statement preparers and auditors face important challenges as they implement FASB’s new revenue recognition standard.
FASB issues technical improvements to revenue recognition standard
In technical improvements issued Wednesday, the FASB addressed 13 narrow issues related to its new revenue recognition standard.
FASAB proposes changes to budget and accrual reconciliation
The FASAB issued a proposal that would change the requirements for a reconciliation between budgetary and financial accounting information.
Eligibility rule waiver extended for taxpayers adopting repair regs.
The IRS extended for one year its waiver of the eligibility rule that generally prevents taxpayers from using the automatic accounting method change procedures to change the treatment of the same item more than once within a five-year period.
FinCEN grants permanent automatic extensions for FBARs
Starting this year, FBARs have a new, April 15 due date, with extensions to Oct. 15.
The top global risks for 2017
Executives ranked the business environment as riskier than in previous years, but many don’t plan to devote more resources to risk management, according to a new survey.
Despite PATH Act, some tax provisions expire at end of 2016
The expiring provisions include tax incentives for individuals and businesses, as well as several energy provisions.
AICPA groups recommend field-testing of FASB long-duration insurance proposal
Before finalizing its proposed targeted improvements to accounting for long-duration insurance contracts, FASB should field-test them, two AICPA groups recommended in a joint comment letter.
FASB issues technical corrections
FASB issued numerous technical corrections and clarifications to GAAP that are designed to remove inconsistencies in the board’s accounting guidance.
Congress enacts law allowing HRAs under the Affordable Care Act
The Senate passed the 21st Century Cures Act, which, among other things, permits certain employers to offer health reimbursement arrangements to employees without running afoul of the Patient Protection and Affordable Care Act’s market reform provisions.
PCC seeks accounting relief for smallest private companies
The Private Company Council is encountering challenges as it advocates for the smallest private companies in FASB’s process for setting accounting standards.
Standard mileage rates for 2017 are announced
The IRS issued the 2017 standard mileage rates for determining the deductible costs for operating a vehicle for business, medical, charitable or moving purposes.
How audit committees can oversee revenue recognition implementation
Audit committees can use a new tool to exercise their oversight role during implementation.
Election buoys sentiment among US finance executives
Despite regulation remaining a top concern for U.S. businesses, optimism is growing in the wake of the presidential election.
GASB issues guidance on asset retirement obligations
GASB issued guidance for state and local governments to address asset retirement obligations related to tangible capital assets.
Two-part FASB proposal addresses accounting for certain financial instruments
A proposal issued by FASB addresses the complexity involved in accounting for certain financial instruments associated with liability and equity.
7 keys for auditors’ success in a changing environment
Efforts by auditors in three key areas have led to improved quality in audits, PCAOB inspections show.
Will Brexit, Trump affect global accounting standards?
Political decisions that may affect cross-border business policies in the United States and the United Kingdom have so far had no effect on international accounting standards, Hans Hoogervorst said.
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From The Tax Adviser
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