Accounting & reporting news and resources

TOPICS

November 1, 2019

FASB proposes guidance to ease transition to new benchmark rates

Reference rates are seen as less susceptible to manipulation.

November 1, 2019

FASB makes a second effort to improve balance sheet debt classification

The reproposal addresses unused long-term financing arrangements.

October 29, 2019

FASB debt classification reproposal sparks concerns

FASB’s attempts to simplify the classification of debt in a classified balance sheet may have unintended consequences, according to a comment letter sent by the AICPA Technical Issues Committee.

October 21, 2019

Lease accounting: Keep pushing ahead

Despite FASB’s delay in the lease accounting effective date for private companies and certain other entities, there’s not a lot of time for companies to handle a complicated implementation.

October 16, 2019

FASB votes to delay effective dates for 3 major standards

Effective dates will be delayed for private companies and certain other entities for FASB’s standards on accounting for leases, credit losses, and hedging after a unanimous vote by FASB.

October 16, 2019

Opinion: FASB proposal jeopardizes health care entity financing

A FASB proposal could render obsolete a valuable financing option for health care entities known as variable-rate debt obligations (VRDOs).

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.

FROM THIS MONTH'S ISSUE

How to replace running totals in Excel

Accountants routinely copy down formulas in Excel to track cumulative balances, such as cash flow and retained earnings, but there is a better way. This JofA Technology Q&A article shows the way with step-by-step instructions and a video walkthrough.