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.
Financial reporting
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.
Hedging gets a boost from simplified accounting guidance
Companies are finding that FASB’s new hedge accounting guidance removes some of the barriers that had prevented them from taking advantage of hedging opportunities.
FASB addresses accounting for implementing certain cloud-computing arrangements
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.
SEC permits reasonable estimates in corporate tax reporting
The guidance relates to the Tax Cuts and Jobs Act.
FASB proposes lease standard implementation improvements
The draft adds a transition option and a practical expedient.
AICPA issues broker-dealer revenue recognition working draft
Work continues on the Revenue Recognition Guide.
FASAB drafts federal standard to protect classified information
The proposal seeks to balance the public interest with security needs.
FASB addresses financial reporting impacts of new tax law
5 issues will be communicated through a Q&A.
FASB issues technical corrections to financial instruments standard
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.
SEC publishes new requirements for cybersecurity disclosures
Public companies received new guidance from the SEC on the disclosures they should make related to cybersecurity.
FASB proposes adding a new benchmark interest rate for hedge accounting
FASB proposed adding a new U.S. benchmark interest rate to the list of rates permitted in the application of hedge accounting.
FASB addresses stranded income tax effects of new tax law
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 moving forward on reclassification of stranded tax effects
FASB is moving quickly to give financial statement preparers a targeted improvement in their accounting for effects of the new tax reform law.
When a tax cut is a profit hit
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.
AICPA committee seeks private company relief from some elements of revenue standard
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 developing revenue and expense recognition model
GASB is seeking public feedback as it develops a revenue and expense recognition model for state and local government accounting.
