The proposal attempts to reduce diversity in practice on the accounting for complex instruments that have features of debt and equity.
The proposal would realign the definitions of “collections” used in GAAP and the American Alliance of Museums’ Code of Ethics for Museums.
The ASU seeks to simplify accounting for grants and similar contracts awarded by governments to not-for-profits.
FASB released an Accounting Standards Update (ASU) designed to improve the financial reporting for share-based payments issued to nonemployees for goods or services.
Information about performance and position is prioritized.
A 2015 change by FASB can affect debt covenant ratios and has the potential to move companies out of compliance with their restriction thresholds.
The Federal Accounting Standards Advisory Board issued amended accounting rules for recognition of inter-entity costs by federal agencies.
New implementation guidance issued by the GASB is designed to clarify, explain or elaborate on state and local government accounting standards.
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.
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FASB superseded outdated accounting guidance related to a Banking Circular that has been rescinded by the Officer of the Comptroller of the Currency.
The AICPA FinREC published working drafts addressing revenue recognition issues in the gaming and telecommunications industries.
Applying FASB’s new lease accounting guidance on a portfolio level can help make implementation easier and less costly.
The board also took on miscellaneous topics.
FASB wants to clarify the interaction between GAAP for collaborative arrangements and the board’s new revenue recognition standard.
A new Center for Audit Quality tool is designed to help audit committees with oversight of this difficult adoption process.
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.
A new conceptual framework for IFRS includes revisions to concepts for reporting assets, liabilities, income, and expenses.
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.
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.