FASB issued a standard Tuesday that makes targeted changes to existing GAAP for the recognition and measurement of financial instruments.
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IRS extends health care information return due dates
In response to concerns by employers and insurers about meeting the current due dates for information returns required under the health care law, the IRS delayed the due dates for these returns for the upcoming filing season.
Private company alternatives to become more accessible
FASB has endorsed a decision by the Private Company Council that would remove the effective dates from four GAAP alternatives for private companies.
Insurance programs are subject of proposed federal accounting standards
FASAB proposed standards designed to increase the transparency of information in federal government financial statements about insurance program costs and liabilities.
GASB moves to reduce confusion for external investment pools
Many state and local government external investment pools—and participants in those pools—will continue to qualify for amortized cost accounting under new guidance from GASB.
FASAB proposal addresses opening balances for general PP&E
FASAB is proposing alternative methods for federal government reporting entities in establishing opening balances for general property, plant and equipment.
Proposed regulations outline country-by-country reporting requirements
The much-anticipated rules, under which the US would adopt the Organisation for Economic Co-operation and Development’s country-by-country reporting regime, would require reporting by multinational enterprise groups with revenue of $850 million or more in the prior annual accounting period.
GASB addresses fiduciary activities, asset retirement obligations, pension issues
GASB proposed new accounting and financial reporting guidance related to fiduciary activities, certain asset retirement obligations, and pension issues.
Congress passes extender and other tax legislation
The omnibus spending bill passed by Congress on Friday, which extends a long list of expired tax provisions, also contains a large number of other tax items.
Revenue recognition clarifications affirmed by FASB, IASB
FASB and the IASB have agreed to clarify principal vs. agent guidance contained in the converged revenue recognition standard.
Standard mileage rates will go down in 2016
The IRS issued the standard mileage rates for business use of an automobile and for driving for medical or moving purposes for 2016.
2016 GAAP taxonomy available
The 2016 taxonomy contains updates for accounting standards changes and other improvements to the previous taxonomy.
Tax extender legislation introduced in Congress
The Consolidated Appropriations Act introduced in Congress on Wednesday would extend a large number of expired tax provisions.
PCAOB approves rule for naming audit engagement partner
The PCAOB voted to approve a new rule that will require disclosure of the name of the engagement partner and other participating firms on a form that will be made public on the board’s website.
GASB provides assistance on pension accounting issue
The assistance applies to governments that participate in certain multiple-employer defined benefit plans.
FASB’s Golden gives spirited defense of impairment project
FASB’s project on impairment of financial instruments will provide a realistic view of expected loan losses, board Chairman Russell Golden said at the AICPA Conference on Current SEC and PCAOB Developments.
PCAOB to meet on transparency proposal
The PCAOB will hold a public meeting at 10 a.m. Tuesday to consider whether to adopt a new standard that would require a new form for naming the engagement partner and other firms participating in public company audits.
Revenue recognition: SEC looking ahead for comparability
Securities and Exchange Commission officials say they are focused on comparability and consistency in future financial reporting under the new revenue recognition standard as companies undergo transition.
Proposals address compilations of prospective and pro forma financial information
The AICPA is seeking comment on three new proposed Statements on Standards for Accounting and Review Services that address compilations of prospective and pro forma financial information.
SEC discussing supplementary IFRS option for US issuers
The SEC is considering regulatory changes that would make it possible for U.S. public companies to provide IFRS-based information as a supplement to U.S. GAAP financial statements.
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