Guidance exists on numerous specific financial reporting issues related to lease concessions, various forms of government assistance, and loan restructurings. Here’s how you can find it.
Results for "fasb 842"
Background and nonauthoritative guidance on lease accounting for continuing care retirement community Type A life care contracts is provided in Technical Questions and Answers (TQAs) published by the AICPA.
New FASB rules have led to a host of new accounting and auditing questions for financial statement preparers and auditors. Some of the most frequently asked questions were answered at the AICPA’s ENGAGE 2020 virtual conference.
FASB's new standards for revenue recognition and lease accounting have significantly changed the accounting for these popular transactions.
As the coronavirus gripped the world, regulators, standard setters, and others moved to adjust rules and effective dates that are important to businesses, CPAs, and their clients. Meanwhile, CPA Exam candidates will have additional opportunities for testing during an emergency testing period.
The coronavirus pandemic has led to a likely delay in the effective date of FASB’s new lease accounting standard as well as an environment in which lease concessions may lead to new accounting considerations.
FASB posted a Q&A document to clarify questions about lease accounting that have arisen during the coronavirus pandemic.
Accounting challenges related to the coronavirus pandemic have resulted in numerous questions for FASB from financial statement preparers and practitioners. Shayne Kuhaneck, FASB’s acting technical director, answered some of these questions during the board’s meeting.
The delays would apply to the effective date of its revenue recognition standard for nonpublic franchisors and the effective dates of its lease accounting standard for private companies and public and private not-for-profits.
FASB issued narrow changes to its guidance for financial instruments accounting, including the credit losses standard issued in 2016.
Auditors need to evaluate new processes and controls in determining whether clients and companies are complying with FASB’s new lease accounting standard.
FASB issued two Accounting Standards Updates that finalize delays to various effective dates for new standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.
Despite FASB’s delay in the lease accounting effective date for private companies and certain other entities, there’s not a lot of time for companies to handle a complicated implementation.
Locating and reporting on lease arrangements hidden in contracts that are not labeled as leases can be a challenge under FASB’s new rules.
These practical illustrations give state and local governments insight into the new requirements of GASB Statement No. 87.
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.
Donald J. Coduto is a KPMG Advisory leader for the firm’s implementation initiatives related to the new lease accounting standards and is assisting several large multinational organizations with their adoption of the new lease accounting standards.
An update aligns new and existing guidance.
Private companies implementing new lease accounting rules can expect a complex transition and a substantial financial statement impact.
FASB addressed two lessor implementation issues and clarified an exemption for lessors and lessees from a certain interim disclosure requirement associated with adopting the board’s new lease accounting standard.