FASB issued a proposed Accounting Standards Update that would clarify the accounting for implementation costs related to a cloud-computing arrangement that is a service contract.
The guidance relates to the Tax Cuts and Jobs Act.
The draft adds a transition option and a practical expedient.
The proposal seeks to balance the public interest with security needs.
Work continues on the Revenue Recognition Guide.
5 issues will be communicated through a Q&A.
FASB issued technical corrections and improvements to its financial instruments standard on recognition and measurement of financial assets and liabilities that was originally issued in 2016.
Public companies received new guidance from the SEC on the disclosures they should make related to cybersecurity.
FASB proposed adding a new U.S. benchmark interest rate to the list of rates permitted in the application of hedge accounting.
FASB issued new rules that provide financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.
FASB is moving quickly to give financial statement preparers a targeted improvement in their accounting for effects of the new tax reform law.
Companies with deferred tax assets may report surprisingly lower net income in 2017 even though they will benefit from lower income tax rates under the new tax law in 2018.
An AICPA committee has asked FASB to provide relief for private companies and certain conduit debt obligors from some elements of the new revenue recognition standard.
GASB is seeking public feedback as it develops a revenue and expense recognition model for state and local government accounting.
The AICPA Financial Reporting Executive Committee sought public comment on seven new revenue recognition implementation issues to be added to the AICPA’s revenue recognition guide.
Preparers have had trouble finding and extracting data.
The position was reinstated in 2013.
Income statements and comprehensive income are now covered in FASB ASC Topic 220.
The effective date for implementing FASB’s new lease accounting standard is still about one year away, but it will require additional resources and a team effort.
The change is expected to make adopting the leases standard easier for some land easements.