The change is a response to the popularity of online streaming services.
The proposal addresses contract liabilities.
References to leases in three statements would change.
After leading the Financial Accounting Foundation (FAF) for 11 years, Terri Polley announced that she is stepping down.
Stakeholders have voiced concerns to FASB about various aspects of the board’s recently issued standards for credit losses, hedging, and recognition and measurement.
Public companies are finding that even though they have implemented FASB’s new lease accounting standard, their work is not nearly done. Private companies, meanwhile, are struggling with their own adoption of the standard.
Private companies implementing new lease accounting rules can expect a complex transition and a substantial financial statement impact.
New rules issued by the FASB align its definition of “collections” with that used by the American Alliance of Museums’ Code of Ethics for Museums.
FASB issued a standard that converges the accounting guidance for production costs for episodic TV series with the rules for production costs for films.
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.
A proposal issued by the Financial Accounting Standards Board would spell out how to measure share-based payments to a customer.
FASAB has proposed eliminating the required supplementary stewardship information (RSSI) category and updating references to leases in multiple places in its accounting standards for federal government entities.
The elimination of the effective date for FASB’s private company GAAP alternatives means it’s never too late to take advantage of these accounting simplifications. Each alternative may offer substantial relief and cost savings for private companies as they perform their accounting.
Private company exceptions may see wider use.
Finance has a pivotal role to play in facilitating a successful acquisition or merger — and in performing the challenging accounting associated with a business combination.
Tweaks and updates addressed implementation challenges.
GASB issued a proposed implementation guide that is designed to help state and local governments understand the board’s new standard on lease accounting.
FASB took a step forward in resolving challenges in its rules for recognizing and measuring deferred revenue in business combinations.
The challenges associated with FASB’s new revenue recognition standard have been substantial for many companies, but at least they’re gaining valuable data and process improvements as a result of the implementation.
FASB proposed providing an option to measure certain types of assets at fair value, a change aimed at making the transition to its new credit losses standard easier.