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July 1, 2019

Lease accounting: A private company perspective

As they implement FASB’s new lease accounting rules, private companies and not-for-profits may be surprised by the complexity of the transition and the effects on the financial statements.

July 1, 2019

FASB proposes simplifying accounting for income taxes

The changes would remove various exceptions to general principles.

June 28, 2019

GASB proposes changes to Sec. 457 plan reporting

GASB proposed new guidance that would clarify the accounting and financial reporting of Internal Revenue Code Sec. 457 deferred compensation plans.

June 27, 2019

FASB proposes narrow-scope changes to credit loss standard

FASB proposed changes that are designed to address issues that have arisen for stakeholders implementing the board’s new standard for accounting for credit losses.

June 27, 2019

Get private companies ready for the new revenue standard

Private companies are entering the final stretch of their preparations to comply with FASB’s new revenue recognition standard. Here’s how auditors can help their clients with the implementation process.

June 18, 2019

New GASB guide addresses fiduciary activities

GASB issued a new implementation guide that includes questions and answers related to recently released GASB standards on accounting and financial reporting for fiduciary activities.

June 17, 2019

Revenue recognition tips for not-for-profits

Not-for-profits have their own specific concerns related to the Financial Accounting Standards Board’s new revenue recognition standard. Find out in this episode how the new standard applies to not-for-profits.

June 13, 2019

GASB proposes guidance on PPPs and APAs

The guidance is designed to improve accounting and financial reporting for public-private and public-public partnership arrangements. Comments on the proposal were requested by Sept. 13.

June 11, 2019

A refined approach to auditing accounting estimates

Auditing accounting estimates can be challenging. New auditing standards may help by encouraging deeper professional skepticism.

June 10, 2019

Tips for a smooth CECL implementation

FASB’s new current expected credit losses standard contains big implementation challenges for the financial services industry but also applies to companies in other industries.

June 1, 2019

FASB modifies definition of ‘collections’

New rules issued by the FASB align its definition of “collections” with that used by the American Alliance of Museums’ Code of Ethics for Museums.

June 1, 2019

GASB issues implementation guide

GASB issued an implementation guide that is designed to assist state and local government financial reporting personnel as they adopt and apply certain GASB statements.

June 1, 2019

Ask the expert: Technology in lease accounting

Donald J. Coduto is a KPMG Advisory leader for the firm’s implementation initiatives related to the new lease accounting standards and is assisting several large multinational organizations with their adoption of the new lease accounting standards.

May 30, 2019

FASB extends GAAP alternatives to not-for-profits

The new FASB standard allows not-for-profits to use alternatives on accounting for goodwill and accounting for identifiable intangible assets in a business combination.

May 22, 2019

GASB proposes guidance for subscription-based IT arrangements

GASB proposed guidance for state and local government accounting for subscription-based information technology arrangements.

May 15, 2019

FASB eases transition to credit losses standard

FASB issued new accounting rules that are designed to ease the transition to the board’s new credit losses standard by providing an option to measure certain types of assets at fair value.

May 14, 2019

FASB proposes simplifying accounting for income taxes

FASB issued a proposal that is intended to make accounting for income taxes less costly and complex.

May 13, 2019

AICPA committee requests delay in private company lease accounting effective date

Private companies are experiencing overload as they implement complex new accounting standards, according to the AICPA Private Companies Practice Section’s Technical Issues Committee.

May 9, 2019

SEC addresses ICFR attestation for smaller companies

The SEC voted to propose reducing the number of public companies required to obtain an attestation of their internal control over financial reporting from an independent auditor.

May 7, 2019

Credit losses standard tips for audit committees

FASB’s new standard for recording credit losses presents a huge change to accounting for financial institutions, and affects other organizations as well. A new tool helps audit committees in their oversight of this important implementation.