Accounting & reporting news and resources

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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.

August 21, 2018

Wright reappointed as PCC chair

Candace Wright, CPA/CFF, has been reappointed as chair of the Private Company Council (PCC), the Financial Accounting Foundation board of trustees announced.

August 20, 2018

FASB addresses credit loss standard concerns

A proposal issued by FASB would amend the transition requirements and scope of the board’s new standard for accounting for credit losses.

August 17, 2018

Quarterly earnings reports at center of debate

Some say focusing too intently on quarterly reports causes companies to neglect the long-term goals that should be more of an emphasis.

August 15, 2018

FASB changes accounting for long-duration insurance contracts

Companies that sell products such as life insurance, disability income insurance, long-term-care insurance and annuities will change their accounting under new rules issued by FASB.

August 13, 2018

FASB proposes lessor accounting amendments

Amendments proposed by FASB are intended to make implementation of the new lease accounting standard easier and less costly for lessors.

August 9, 2018

FinREC issues working drafts on credit loss accounting issues

The AICPA’s Financial Reporting Executive Committee (FinREC) has issued working drafts of accounting issues related to implementation of FASB’s new standard for accounting for credit losses.

August 6, 2018

GASB proposes new rules for reporting conduit debt obligations

Under new rules proposed by GASB, state and local governments would use a single method to report conduit debt obligations and related obligations.

August 1, 2018

FASB simplifies accounting for share-based payments

The change aligns accounting of transactions for employees and nonemployees.

August 1, 2018

SEC unveils goals for next 4 years

Draft strategic plan focuses on commission’s need to react to new investing technologies.

July 30, 2018

FASB attempts to make lease accounting implementation easier

FASB has issued targeted changes to its new lease accounting standard that are designed to make implementation easier and reduce costs for financial statement preparers.

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