What CPAs need to know about 4 cryptoasset classes
This article breaks down cryptoassets into four categories.
Financial reporting
Changes related to peer review proposed for UAA
The National Association of State Boards of Accountancy (NASBA) is proposing changes to the Uniform Accountancy Act (UAA) Model Rules related to peer review programs.
GASB proposes implementation guide for fiduciary activities standard
GASB published a proposed implementation guide that provides questions and answers about the board’s new standards for state and local government accounting and financial reporting for fiduciary activities.
FASB expands private company consolidation relief
The guidance supersedes the 2014 private company exception.
IASB clarifies definition of ‘material’
The objective is to make it easier for companies to make judgments.
FASB proposal addresses accounting for TV series
Alignment with capitalization rules for films is sought.
FASB permits new benchmark rate for hedge accounting
The change takes effect alongside an Accounting Standards Update.
SASB publishes industry-specific sustainability accounting standards
The standards cover financially material issues in 77 industries.
How audit committees can oversee FASB standard adoption
Audit committees have a lot to consider as 2018 concludes with adoption of game-changing accounting standards in full swing at many companies.
FASB proposes extending 2 GAAP alternatives to not-for-profits
Under a proposal issued by FASB, not-for-profits would be able to take advantage of the private company GAAP alternatives for accounting for goodwill and accounting for intangible assets in a business combination.
FASB proposal would address lessor implementation challenges
FASB proposed an accounting standard that would clarify how lessors should handle certain scenarios under the board’s new lease accounting standard.
GAAP, SEC taxonomies for 2019 are available
The taxonomies contain updates necessary for meeting GAAP and SEC requirements in financial reporting.
2 valuation guide working drafts issued
The AICPA issued working drafts of two new case studies that will be added to its new accounting and valuation guide, Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies.
No delay in lease accounting standard effective date, Golden says
FASB will not delay the effective date of its new lease accounting standard, board Chairman Russell Golden said at the AICPA Conference on Current SEC and PCAOB Developments.
How to recognize ‘individually tailored’ disclosures
The new concept of “individually tailored” accounting disclosures has been a challenge for accountants and auditors.
SEC urges consistency in non-GAAP reporting
Companies need to adhere to policies and controls that reinforce quality in non-GAAP reporting and KPIs, Securities and Exchange Commission Chairman Jay Clayton and Chief Accountant Wes Bricker said at the AICPA Conference on SEC and PCAOB Developments.
FASB tweaks leases standard with new update
An Accounting Standards Update affects accounting for sales and similar taxes, certain lessor costs and certain requirements related to variable payments in contracts.
Simplifying implementation of FASB’s not-for-profit financial reporting standard
Smaller organizations with limited staff may have difficulty implementing FASB’s new standard on presentation of not-for-profit financial statements. These best practices can make the work easier.
SEC proposes clarifying broker-dealer exemption
The change corrects a 2013 error.
FASB permits new benchmark rate for hedge accounting
The list of permissible interest rates expands to 5.
