Accounting & reporting news and resources

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November 1, 2018

FASB takes big steps on disclosure effectiveness

The board also addressed concerns about its standard on credit losses.

October 31, 2018

FASB expands private company consolidation relief

FASB expanded an accounting alternative for private companies and changed the rules for all entities for deciding whether a decision-making fee is a variable interest.

October 31, 2018

IASB clarifies definition of ‘material’

The IASB revised its definition of “material” in an effort to make it easier for companies to decide which information is important enough to include in their financial statements.

October 30, 2018

FinREC issues working draft on credit loss issue

The AICPA Financial Reporting Executive Committee (FinREC) issued a working draft of an accounting issue related to the implementation of FASB’s new standard on accounting for credit losses.

October 25, 2018

FASB permits new benchmark rate for hedge accounting

FASB expanded the list of benchmark interest rates that are permissible in the application of hedge accounting.

October 16, 2018

FASAB proposal seeks clearer materiality guidance

The Federal Accounting Standards Advisory Board (FASAB) is asking for public comment on a proposal to clarify the implementation of materiality concepts in the issuance of federal financial statements.

October 1, 2018

FinREC issues working drafts on credit loss accounting issues

A new guide focuses on lenders and insurance companies.

October 1, 2018

Lease accounting rules get additional tweaks

FASB issued minor amendments, targeted changes, and a proposal addressing lessors’ implementation challenges.

October 1, 2018

FASB changes insurance accounting

A new standard creates targeted changes for long-duration contracts.

September 28, 2018

GASB proposes targeted improvements, new concepts

GASB issued separate proposals that are designed to deliver targeted improvements to the financial reporting model and advance new concepts to guide the board in developing standards on recognition in state and local government financial statements.

September 20, 2018

SEC proposes clarifying broker-dealer exemption

The Securities and Exchange Commission proposed an amendment that would correct an error published in 2013 in the exemption provisions in the broker-dealer annual reporting rule.

September 11, 2018

FinREC issues working draft on multiemployer benefit plans

The AICPA Financial Reporting Executive Committee (FinREC) issued a working draft of a proposed chapter on multiemployer benefit plans and illustrative financial statements, which will be added to the AICPA Audit and Accounting Guide Employee Benefit Plans.

September 4, 2018

GASB clarifies majority equity interest reporting rules

Clarifying guidance issued by GASB explains that state and local governments are required to consider the definition of an acquisition in their accounting for majority equity interest in an organization.

September 1, 2018

FASB clarifies accounting for grants and contributions

The board also proposed a new definition of collections and issued clarifications on lease accounting and other issues.

September 1, 2018

SEC adopts new Inline XBRL requirements

The commission also changed the scaled disclosure requirements threshold and addressed several other issues.

September 1, 2018

FASB memos shed light on private company revenue recognition issues

The documents show the thinking of the board’s staff on challenges preparers face.

August 29, 2018

FASB simplifies accounting for cloud computing service costs

FASB issued new rules that are designed to reduce complexity for the accounting for costs of implementing a cloud computing service arrangement.

August 28, 2018

FASB takes big steps on disclosure effectiveness

FASB’s ongoing efforts to improve the effectiveness of disclosures in the notes to financial statements led to multiple changes announced by the board.

August 27, 2018

Technology issues to consider in lease accounting

Preparers may want to consider technological tools that can help with the accounting and the administration of leases.

August 22, 2018

Proposal would withdraw inter-entity cost guidance

A new Federal Accounting Standards Advisory Board proposal is designed to eliminate inconsistencies in the board’s guidance for federal entities’ accounting for inter-entity costs.

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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.