Accounting & reporting news and resources

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September 1, 2019

Mark Lubas, CPA

Communication and trust are the foundation for everything from leading a staff to working with external auditors, according to Mark Lubas, CPA, vice president of accounting for Red Hat.

September 1, 2019

Convergence with international standards sought for SSARSs

In an effort to promote convergence with international standards, the AICPA Accounting and Review Services Committee (ARSC) recently proposed changes to standards for review services.

August 28, 2019

How to make the most of FASB’s effective date delays

FASB has proposed delays in effective dates for some major accounting standards for certain financial statement preparers. Here’s how preparers can make the best use of the extra time.

August 21, 2019

FASAB clarifies cleanup cost liabilities guidance

A new interpretation of Federal Financial Accounting Standards is designed to clarify the application of cleanup cost liability standards when multiple component reporting entities are involved.

August 21, 2019

FASB proposes delay in long-term insurance standard effective date

The effective date of a new accounting standard for long-term insurance contracts would be delayed under a proposal issued FASB.

August 15, 2019

FASB proposes delays in 3 key effective dates

Private companies and certain other preparers would see delays in effective dates for accounting standards for leases, hedging, and credit losses under a proposal issued by FASB.

August 15, 2019

FinREC issues credit loss standard working drafts

Working drafts of accounting issues related to the Financial Accounting Standards Board’s new credit losses standard were issued by the AICPA Financial Reporting Executive Committee.

August 1, 2019

FASB extends GAAP alternatives to not-for-profits

The amendments took effect immediately.

August 1, 2019

Accounting standards authority receives AICPA’s highest honor

James J. Leisenring received the 2019 Gold Medal Award of Distinction, the highest honor granted by the AICPA.

August 1, 2019

Lessee accounting for governments: An in-depth look

These practical illustrations give state and local governments insight into the new requirements of GASB Statement No. 87.

July 31, 2019

FASB tackles difficult liabilities and equity topic

FASB addressed one of the most challenging areas of financial reporting with a proposal intended to help distinguish liabilities from equity.

July 30, 2019

FASB proposes clarifying interaction between 2 standards

FASB issued a proposal that would clarify the interaction between its standard on recognition and measurement of financial instruments and its standard on equity method investments.

July 17, 2019

FASB to propose delaying effective dates for 4 major standards

Effective dates for certain entities for key standards on accounting for leases, credit losses, hedging, and long-duration insurance contracts would change under a proposal FASB voted to direct its staff to draft.

July 15, 2019

Implementation insight from FASB’s vice chair

FASB vice chairman Jim Kroeker shares advice for successful implementation of accounting standards, as well as what’s on the horizon for FASB.

July 9, 2019

GASB seeks comment on several issues

GASB issued an omnibus exposure draft covering accounting and financial reporting issues identified during the implementation of previous GASB guidance.

July 9, 2019

FASB considering goodwill accounting changes

FASB issued an Invitation to Comment on whether the board should make changes to the accounting for certain identifiable intangible assets acquired in a business combination and subsequent accounting for goodwill.

July 1, 2019

Private company lease accounting delay requested

The standard took effect for public companies this year.

July 1, 2019

Polley steps down as head of FAF

High-profile standards were completed during the CEO’s tenure.

July 1, 2019

SEC addresses ICFR attestation for smaller companies

Commission also proposes changes for disclosures on acquisitions and disposals.

July 1, 2019

Q&A discusses ‘direct care’ expenses for collections

A Technical Question and Answer issued by the AICPA discusses the characteristics of expenses that would be considered “direct care of existing collections” under a new FASB standard that updates the definition of “collections.”