Accounting & reporting news and resources

TOPICS

December 18, 2024

Review confirms effectiveness of Private Company Council

The Financial Accounting Foundation’s review of the council, which works with FASB to support the interests of private companies in the standard-setting process, concluded that the council is serving its purpose.

December 18, 2024

FASB proposal offers guidance on disclosure of environmental credits

The proposal aims to address gaps in guidance for financial accounting of environmental credits and environmental credit obligations.

December 9, 2024

New guide clarifies accounting and valuation of business combinations

AICPA publication offers best practices for professionals working in accordance with a set of FASB standards related to accounting and valuations in mergers and acquisitions.

December 3, 2024

FASB proposes guidance on measurement of credit losses

An Accounting Standards Update focuses on the measurement of credit losses for accounts receivable and contract assets for private companies and certain not-for-profit entities.

December 3, 2024

A&A Focus recap: Improving the peer review experience

Also, an internal controls expert joined for a discussion on COSO and its relationship to SAS 145, and a current Auditing Standards Board member addressed questions the AICPA has been receiving on the QM implementation process.

November 26, 2024

New FASB standard addresses induced conversions

The standard aims to provide guidance missing in GAAP for the reporting of induced conversions related to settlement of convertible debt instruments.

November 25, 2024

GASB issues two exposure drafts for comment

The Governmental Accounting Standards Board aims to bring clarity to the financial reporting of subsequent events and to a variety of topics in its implementation guide.

November 22, 2024

PCAOB will require firms to share a new set of metrics

The board approves eight firm and engagement metrics for disclosure and adds to the disclosures it requires during annual reporting and special reporting periods. It also approves its 2025 budget and puts any action related to NOCLAR on hold until 2025.

November 20, 2024

FASB proposes guidance on accounting for government grants

Public comments are sought on the board’s effort to provide authoritative guidance in an area not currently covered by GAAP. In addition, FASB seeks feedback on potential standard setting related to financial KPIs.

November 13, 2024

FASB seeks comments on newly proposed interim reporting guidance

The guidance is intended to improve and clarify current guidance as opposed to fundamentally changing the nature of guidance in FASB ASC Topic 270, Interim Reporting.

November 4, 2024

FASB sets new reporting standards for disclosure of expenses

FASB published an Accounting Standards Update requiring public companies to disclose additional information about certain expenses in the notes to financial statements.

October 30, 2024

FASB proposes guidance on business combinations

FASB published a proposed Accounting Standards Update that is intended to improve the requirements for identifying the accounting acquirer in a business combination.

October 29, 2024

Accounting for software: FASB proposes amendments to its guidance

The Financial Accounting Standards Board seeks public comment on targeted improvements to the reporting of internal-use software.

October 18, 2024

GASB provides guidance for certain capital assets

GASB issued guidance for certain types of capital assets to be disclosed separately for purposes of note disclosures.

October 14, 2024

A&A Focus recap: Private Company Council update

Also covered: COSO and its relationship to SAS 145, and ASB member addresses questions related to QM implementation.

October 1, 2024

E-commerce accounting

Ben Richmond, managing director, North America, Xero, discusses the challenges and opportunities of e-commerce accounting.

September 25, 2024

FASB seeks input on hedge accounting ASU

The proposed Accounting Standards Update is intended to clarify guidance on hedge accounting and address incremental hedge accounting issues arising from the global reference rate reform initiative.

September 25, 2024

Chair outlines Private Company Council’s top 4 priorities

Credit losses, debt modifications, retainage and overbillings presentation, and leases are the main items on the PCC agenda.

September 20, 2024

Clarification proposed for CPAs’ financial statement preparation engagements

An AICPA committee approved a proposed revision to Statement on Standards for Accounting and Review Services (SSARS) No. 21 addressing the applicability of the standard when preparing financial statements as a part of consulting services.

September 17, 2024

A&A Focus recap: Leveraging control testing in an audit

Also, an update from the Auditing Standards Board chair, principal vs. agent analysis when recognizing revenue, and the new required income tax disclosures under FASB Accounting Standards Update No. 2023-09.

FROM THIS MONTH'S ISSUE

Flip out with the latest Tech Q&A

The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.