Accounting & reporting news and resources

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October 1, 2019

FASB proposes delay in 3 key effective dates

Accounting for leases, hedging, and credit losses would be affected.

October 1, 2019

FASB tackles difficult liabilities and equity topic

The guidance was described as inconsistent and overly complex.

October 1, 2019

FinREC issues credit loss standard working drafts

The material is being developed for a guide to help preparers.

October 1, 2019

A new path for private companies with VIEs

FASB has expanded the election not to consolidate for private companies with variable-interest entities. Users of private company financial statements told FASB that consolidation does not help them analyze financial statements.

October 1, 2019

FASB proposes clarifying interaction between 2 standards

The change addresses the measurement alternative and the equity method.

October 1, 2019

GASB addresses lease accounting

A new guide contains Q&As to assist in implementation.

September 27, 2019

FASAB addresses multiple issues in omnibus amendments

A new accounting standard for federal government agencies eliminates the required stewardship information category and updates references to lease accounting.

September 26, 2019

IASB, GASB address interbank-offered rate phaseout

The IASB and GASB acted to help financial statement preparers with the phaseout of interbank-offered rates that are used as interest rate benchmarks.

September 26, 2019

AICPA seeks guidance on adjustments for conversions from S corp. to C corp.

In comments submitted to the IRS, the AICPA requested expeditious guidance concerning adjustments attributable to conversions from an S corporation to a C corporation.

September 26, 2019

SEC addresses IPOs, ETFs, and retail investor protections

The SEC issued new rules for testing the waters on IPOs and modernizing regulation of ETFs. It also proposed amendments to enhance protections for investors.

September 19, 2019

Hidden in plain sight: Accounting for embedded leases

Locating and reporting on lease arrangements hidden in contracts that are not labeled as leases can be a challenge under FASB’s new rules.

September 13, 2019

7 tips for adopting integrated reporting

As more companies latch on to the importance of long-term value creation, the International Integrated Reporting Council is offering them advice for producing integrated reports.

September 12, 2019

FASB makes a second effort to improve balance sheet debt classification

FASB issued a reproposal that is designed to improve guidance used to determine whether debt should be classified as a current or noncurrent liability on a classified balance sheet.

September 5, 2019

FASB proposes guidance to ease transition to new benchmark rates

A proposed Accounting Standards Update would establish temporary guidance designed to reduce the accounting burdens associated with the shift from LIBOR and other interbank-offered interest rates to new reference rates.

September 1, 2019

FASB proposes delays for certain preparers

Effective dates of 4 major standards would be affected.

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.

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.