FASB proposes reorganizing consolidation guidance
Amid concerns that financial reporting guidance for consolidation is difficult to understand and navigate, FASB proposed a reorganization of the rules.
Financial reporting
Proposed omnibus SSARS addresses international reporting issues
A proposed omnibus SSARS proposes new requirements and guidance that address international reporting issues for compilations and reviews.
IASB proposes changes around accounting policies and estimates
An IASB exposure draft seeks to clarify the distinction between accounting estimates and accounting policies.
FASB releases proposed 2018 reporting taxonomies
The proposed 2018 GAAP Financial Reporting Taxonomy and the proposed 2018 Shared Reporting Taxonomy were released for public comment by FASB.
Proposal would revise standards for recognition of federal agency inter-entity costs
FASAB's proposed rules would revise current standards for federal agencies to provide for recognition of inter-entity costs by business-type activities.
Private company accounting following a new path
FASB standard provides relief for private companies facing challenges completing hedge documentation in a timely manner.
7 industries included in new revenue recognition guide exposure
Revenue recognition issues related to seven industries were exposed for public comment by the AICPA FinREC.
FASB issues proposal for consolidation of VIEs
The objective is to reduce cost and complexity.
FinREC unveils another set of revenue recognition working drafts
The committee seeks feedback on guidance for 4 industries.
Michael Fehrman, CPA
Providing the correct answers to complex questions requires technical competence and scrupulous honesty, according to Michael Fehrman, CPA, head of the Accounting Policy and Advisory Group–Americas at Deutsche Bank.
New FASB standard aims to simplify hedge accounting
Accounting rules for hedging are designed to be better aligned with a company’s risk management activities under a new standard issued by FASB.
SEC conforms staff guidance to new FASB revenue recognition rules
The SEC has issued a staff accounting bulletin to bring its existing guidance into conformity with FASB’s new revenue recognition standard.
FASB proposes changes to grant and contribution accounting
New rules proposed by FASB are designed to make it easier for organizations to decide if a transaction should be accounted for as a contribution or exchange.
Why lease accounting laggards face serious risks
Here’s what organizations need to consider as they implement the new FASB rules—and why it’s smart to start that work promptly.
AICPA issues working drafts for 3 revenue recognition issues
The AICPA is seeking comment on issues to be included in its guide for implementation of FASB’s new revenue recognition standard.
IASB addresses uncertainty in accounting for income taxes
IFRIC 23 adds to the requirements of IAS 12.
Hedging may get easier under new FASB accounting standard
Investors said accounting rules made hedge accounting less understandable.
FASB issues maintenance update for Accounting Standards Codification
Topic 952, Franchisors, is the first to be simplified in structure.
FinREC issues a dozen revenue recognition working drafts
Asset management, gaming, and software are among the industries addressed.
Mandy Nelson, CPA
Mandy Nelson, CPA, a partner in KPMG’s Department of Professional Practice, says training professionals to understand and apply standards requires a careful analysis of how much time should be devoted to each of the most challenging topics.
