Accounting & reporting news and resources

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March 1, 2018

SEC permits reasonable estimates in corporate tax reporting

The guidance relates to the Tax Cuts and Jobs Act.

March 1, 2018

FASB proposes lease standard implementation improvements

The draft adds a transition option and a practical expedient.

March 1, 2018

FASAB drafts federal standard to protect classified information

The proposal seeks to balance the public interest with security needs.

February 28, 2018

FASB issues technical corrections to financial instruments standard

FASB issued technical corrections and improvements to its financial instruments standard on recognition and measurement of financial assets and liabilities that was originally issued in 2016.

February 21, 2018

SEC publishes new requirements for cybersecurity disclosures

Public companies received new guidance from the SEC on the disclosures they should make related to cybersecurity.

February 20, 2018

FASB proposes adding a new benchmark interest rate for hedge accounting

FASB proposed adding a new U.S. benchmark interest rate to the list of rates permitted in the application of hedge accounting.

February 14, 2018

FASB addresses stranded income tax effects of new tax law

FASB issued new rules that provide financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.

February 7, 2018

FASB moving forward on reclassification of stranded tax effects

FASB is moving quickly to give financial statement preparers a targeted improvement in their accounting for effects of the new tax reform law.

February 7, 2018

When a tax cut is a profit hit

Companies with deferred tax assets may report surprisingly lower net income in 2017 even though they will benefit from lower income tax rates under the new tax law in 2018.

February 6, 2018

AICPA committee seeks private company relief from some elements of revenue standard

An AICPA committee has asked FASB to provide relief for private companies and certain conduit debt obligors from some elements of the new revenue recognition standard.

February 2, 2018

GASB developing revenue and expense recognition model

GASB is seeking public feedback as it develops a revenue and expense recognition model for state and local government accounting.

February 1, 2018

7 revenue recognition issues exposed by FinREC

The AICPA Financial Reporting Executive Committee sought public comment on seven new revenue recognition implementation issues to be added to the AICPA’s revenue recognition guide.

February 1, 2018

FASB combines guidance on 2 subjects into 1 topic

Income statements and comprehensive income are now covered in FASB ASC Topic 220.

February 1, 2018

Kroeker reappointed as FASB’s vice chairman

The position was reinstated in 2013.

February 1, 2018

FASB simplifying leases standard implementation

Preparers have had trouble finding and extracting data.

January 30, 2018

Tips for lease accounting implementation

The effective date for implementing FASB’s new lease accounting standard is still about one year away, but it will require additional resources and a team effort.

January 25, 2018

FASB clarifies lease standard’s application to land easements

The change is expected to make adopting the leases standard easier for some land easements.

January 22, 2018

FASB Q&As discuss financial reporting implications of tax law

FASB issued four staff Q&As that address financial reporting issues related to the Tax Cuts and Jobs Act.

January 18, 2018

FASB proposes corporate reporting change related to new tax law

FASB proposed a new standard that is intended to help organizations reclassify certain income effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.

January 16, 2018

Lenders express confidence in FRF for SMEs

Financial statements prepared in accordance with an AICPA financial reporting framework give lenders nearly as much confidence to loan capital as GAAP-based financial statements for small and medium-size businesses with low credit risk, a published study shows.