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February 27, 2020

FAF appoints Auchincloss to serve as executive director

The Financial Accounting Foundation selected John Auchincloss, who had been serving as acting president following Terri Polley’s departure, for the foundation’s executive director post.

February 21, 2020

GASB proposes criteria for financial statement disclosures

GASB issued a proposed concepts statement that would establish new criteria for what state and local governments should disclose in the notes to their financial statements.

February 21, 2020

FASAB clarifies loss allowance for intragovernmental receivables

A technical bulletin issued by the FASAB clarified accounting guidance for federal governmental entities on the loss allowance for intragovernmental receivables.

February 12, 2020

FASB to propose private company expedient for share-based payment accounting

Accounting for employee share-based compensation could become less complex for private companies after FASB endorsed the decision by the Private Company Council to propose a practical expedient for nonpublic entities.

February 10, 2020

FASB proposes changes to not-for-profits’ reporting of gifts-in-kind

The Proposed ASU would require not-for-profits to present contributed nonfinancial assets as a separate line item in the statement of activities.

February 5, 2020

New GASB standard addresses lease accounting, OPEB, other issues

Issues for state and local governments related to lease accounting, other post-employment benefits (OPEB), and other topics were addressed in an omnibus standard issued by GASB.

January 31, 2020

SEC proposes simplifying disclosure requirements

The SEC voted to propose amendments that would simplify disclosure requirements and issued guidance on key performance indicators and metrics in MD&A.

January 16, 2020

FASB clarifies interaction between standards

FASB took action to clarify the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives.

January 7, 2020

GASB selects Mauldin & Jenkins’s Black as next chair

GASB has selected Joel Black, CPA, partner-in-charge of the audit practice at accounting firm Mauldin & Jenkins LLC in Atlanta, as its next chair.

January 6, 2020

Accounting for cloud computing: What you need to know

Get insight on implementing the updated accounting rules related to cloud computing implementation costs associated with a service arrangement, which are in effect for public companies now and will be required for all other entities later this year.

December 19, 2019

EY’s Jones to succeed Golden as FASB chair

Richard Jones, a 32-year veteran at EY, will succeed Russell Golden as the Financial Accounting Standards Board’s chair beginning in July.

December 19, 2019

AICPA issues TQAs related to Sec. 163(j), GASB 84

The AICPA issued separate Technical Questions and Answers to provide nonauthoritative guidance in response to the amendment of Internal Revenue Code Sec. 163(j) and related to GASB’s fiduciary activities guidance.

December 18, 2019

New FASB standard aims to simplify accounting for income taxes

FASB issued a standard that is designed to reduce cost and complexity in accounting for income taxes.

December 18, 2019

Proposal would delay lease accounting effective date for federal entities

FASB’s standard for accounting for leases would be delayed for two years under a proposal issued Wednesday.

December 16, 2019

How to handle accounting for digital assets

A new practice aid published by the AICPA provides nonauthoritative guidance about how to account for digital assets under generally accepted accounting principles.

December 13, 2019

How auditors can stay independent while advising on revenue recognition

Some private company clients are having difficulty implementing FASB’s revenue recognition standard. CPAs who audit those clients’ financial statements need to proceed carefully to maintain their independence.

December 10, 2019

FASB addressing liabilities and equity complexity, goodwill

FASB is working to reduce complexity in its liabilities and equity guidance in the final months of board Chairman Russell Golden’s term.

December 10, 2019

AICPA seeks feedback on insurance working drafts

The AICPA issued working drafts on accounting issues for insurance entities. When completed, the drafts will be included in AICPA Accounting and Auditing Guides.

December 9, 2019

Revenue recognition tips from the SEC staff

Labeling multiple goods and services provided to a customer as a “solution” does not eliminate a company’s responsibility to identify and report separate performance obligations under FASB’s new revenue recognition standard.

December 1, 2019

Making use of FASB delays

Delays in effective dates for three key accounting standards provide preparers an opportunity for a more thorough implementation.

FROM THIS MONTH'S ISSUE

4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.