FASB changes accounting for long-duration insurance contracts
Companies that sell products such as life insurance, disability income insurance, long-term-care insurance and annuities will change their accounting under new rules issued by FASB.
Financial reporting
FASB proposes lessor accounting amendments
Amendments proposed by FASB are intended to make implementation of the new lease accounting standard easier and less costly for lessors.
FinREC issues working drafts on credit loss accounting issues
The AICPA’s Financial Reporting Executive Committee (FinREC) has issued working drafts of accounting issues related to implementation of FASB’s new standard for accounting for credit losses.
GASB proposes new rules for reporting conduit debt obligations
Under new rules proposed by GASB, state and local governments would use a single method to report conduit debt obligations and related obligations.
SEC unveils goals for next 4 years
Draft strategic plan focuses on commission's need to react to new investing technologies.
FASB simplifies accounting for share-based payments
The change aligns accounting of transactions for employees and nonemployees.
FASB attempts to make lease accounting implementation easier
FASB has issued targeted changes to its new lease accounting standard that are designed to make implementation easier and reduce costs for financial statement preparers.
FASB issues 16 minor amendments to lease accounting standard
FASB clarified rules and corrected application of guidance for its lease accounting standard.
SEC provides disclosure relief, considers employee stock compensation rules
The SEC raised a disclosure threshold and sought public comment on other ways to modernize its rules for employee stock compensation.
FASB issues standard devoted to minor codification improvements
FASB made clarifying changes and corrected unintended application of guidance in a standard that updates its Accounting Standards Codification.
FASB memos shed light on private company revenue recognition issues
Two FASB staff memos issued last month provide insight to private company financial statement preparers on how to overcome implementation challenges that some have encountered with the new revenue recognition standard.
Avoid these common not-for-profit financial statement mistakes
Here are five tips that can help not-for-profits prevent some financial statement errors mistakes.
FASB supersedes guidance related to Circular 202
No significant effects on current practices are expected.
FinREC issues 2 revenue recognition working drafts
Gaming and telecommunications are up for discussion.
FASB proposes targeted changes to collaborative arrangements standard
Questions arose with the new revenue recognition standard.
Valuation of portfolio company investments addressed in AICPA working draft
A guide under development will assist with estimates.
With SEC vote, more companies qualify for scaled disclosure
The SEC voted to change the definition of “smaller reporting company” in an effort to expand the number of companies that qualify for scaled disclosure accommodations.
SEC adopts, proposes several new rules
The U.S. Securities and Exchange Commission voted to adopt and propose several new rules, including changes to the SEC’s whistleblower program and a requirement to use Inline XBRL in certain filings.
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.
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.
