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February 1, 2019

FASB alters transition requirements, scope of credit losses standard

FASB amended its standard on accounting for credit losses, changing the transition requirements and clarifying the scope of the standard.

February 1, 2019

Simplifying adoption of NFP financial reporting standard

Tax-exempt organizations are working through the biggest change to not-for-profit financial reporting in 25 years. Smaller organizations with limited resources can smoothly implement FASB’s new rules by following some best practices.

February 1, 2019

FinREC proposes guidance on inventory valuation

Comments are sought on nonauthoritative guidance.

February 1, 2019

FASB proposes narrow-scope financial instruments accounting changes

No significant effects on accounting practice are expected.

January 7, 2019

AICPA publishes broker-dealer working draft

The AICPA Financial Reporting Executive Committee has published a working draft of an illustrative note to financial statements of SEC-registered broker-dealers.

January 7, 2019

What CPAs need to know about 4 cryptoasset classes

This article breaks down cryptoassets into four categories.

January 4, 2019

Changes related to peer review proposed for UAA

The National Association of State Boards of Accountancy (NASBA) is proposing changes to the Uniform Accountancy Act (UAA) Model Rules related to peer review programs.

January 3, 2019

GASB proposes implementation guide for fiduciary activities standard

GASB published a proposed implementation guide that provides questions and answers about the board’s new standards for state and local government accounting and financial reporting for fiduciary activities.

January 1, 2019

IASB clarifies definition of ‘material’

The objective is to make it easier for companies to make judgments.

January 1, 2019

FASB proposal addresses accounting for TV series

Alignment with capitalization rules for films is sought.

January 1, 2019

SASB publishes industry-specific sustainability accounting standards

The standards cover financially material issues in 77 industries.

January 1, 2019

FASB permits new benchmark rate for hedge accounting

The change takes effect alongside an Accounting Standards Update.

January 1, 2019

FASB expands private company consolidation relief

The guidance supersedes the 2014 private company exception.

December 20, 2018

How audit committees can oversee FASB standard adoption

Audit committees have a lot to consider as 2018 concludes with adoption of game-changing accounting standards in full swing at many companies.

December 20, 2018

FASB proposes extending 2 GAAP alternatives to not-for-profits

Under a proposal issued by FASB, not-for-profits would be able to take advantage of the private company GAAP alternatives for accounting for goodwill and accounting for intangible assets in a business combination.

December 19, 2018

FASB proposal would address lessor implementation challenges

FASB proposed an accounting standard that would clarify how lessors should handle certain scenarios under the board’s new lease accounting standard.

December 18, 2018

GAAP, SEC taxonomies for 2019 are available

The taxonomies contain updates necessary for meeting GAAP and SEC requirements in financial reporting.

December 17, 2018

2 valuation guide working drafts issued

The AICPA issued working drafts of two new case studies that will be added to its new accounting and valuation guide, Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies.

December 12, 2018

No delay in lease accounting standard effective date, Golden says

FASB will not delay the effective date of its new lease accounting standard, board Chairman Russell Golden said at the AICPA Conference on Current SEC and PCAOB Developments.

December 11, 2018

How to recognize ‘individually tailored’ disclosures

The new concept of “individually tailored” accounting disclosures has been a challenge for accountants and auditors.

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.