Accounting & reporting news and resources

TOPICS

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.”

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.

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.