IASB seeks clarity between liabilities and equity
The proposal attempts to reduce diversity in practice on the accounting for complex instruments that have features of debt and equity.
Financial reporting
FASB proposes update to definition of ‘collections’
The proposal would realign the definitions of “collections” used in GAAP and the American Alliance of Museums’ Code of Ethics for Museums.
FASB clarifies accounting for grants and contributions
The ASU seeks to simplify accounting for grants and similar contracts awarded by governments to not-for-profits.
FASB simplifies accounting for share-based payments to nonemployees
FASB released an Accounting Standards Update (ASU) designed to improve the financial reporting for share-based payments issued to nonemployees for goods or services.
New IFRS conceptual framework revises foundational reporting concepts
Information about performance and position is prioritized.
Keeping covenants: Getting debt ratios right
A 2015 change by FASB can affect debt covenant ratios and has the potential to move companies out of compliance with their restriction thresholds.
Inter-entity cost accounting rules amended for federal agencies
The Federal Accounting Standards Advisory Board issued amended accounting rules for recognition of inter-entity costs by federal agencies.
GASB issues implementation guidance
New implementation guidance issued by the GASB is designed to clarify, explain or elaborate on state and local government accounting standards.
FASAB proposes new standards for accounting and reporting of government land
A new FASAB proposal is designed to promote consistency in the accounting treatment and reporting for land holdings while considering the information needs of financial statement users.
Valuation of portfolio company investments addressed in AICPA working draft
The working draft of an Accounting and Valuation Guide issued by the AICPA provides guidance on the accounting for and valuation of portfolio company investments of venture capital and private-equity funds and other investment companies.
FASB supersedes outdated guidance related to Circular 202
FASB superseded outdated accounting guidance related to a Banking Circular that has been rescinded by the Officer of the Comptroller of the Currency.
FinREC issues 2 revenue recognition working drafts
The AICPA FinREC published working drafts addressing revenue recognition issues in the gaming and telecommunications industries.
Leases: A portfolio approach
Applying FASB’s new lease accounting guidance on a portfolio level can help make implementation easier and less costly.
FASB addresses stranded income effects of tax law
The board also took on miscellaneous topics.
FASB proposes targeted changes to collaborative arrangements standard
FASB wants to clarify the interaction between GAAP for collaborative arrangements and the board’s new revenue recognition standard.
How audit committees can evaluate lease accounting implementation
A new Center for Audit Quality tool is designed to help audit committees with oversight of this difficult adoption process.
New GASB standard addresses debt disclosures
The new standard also requires the disclosure of additional essential debt-related information for all types of debt, including amounts of unused lines of credit and assets pledged as collateral for debt.
New IFRS conceptual framework revises foundational reporting concepts
A new conceptual framework for IFRS includes revisions to concepts for reporting assets, liabilities, income, and expenses.
Guidance addresses partnership accounting when IRS collects underpayments
A new technical question and answer from the AICPA provides nonauthoritative guidance to help financial statement preparers account for the amount a partnership pays the IRS under these circumstances.
Accounting for external-use software development costs in an agile environment
Learn which software costs should be capitalized and which costs should be expensed when an entity builds external-use software using an agile development environment.
