Accounting & reporting news and resources

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June 28, 2018

SEC adopts, proposes several new rules

The U.S. Securities and Exchange Commission voted to adopt and propose several new rules, including changes to the SEC’s whistleblower program and a requirement to use Inline XBRL in certain filings.

June 28, 2018

IASB seeks clarity between liabilities and equity

The proposal attempts to reduce diversity in practice on the accounting for complex instruments that have features of debt and equity.

June 26, 2018

FASB proposes update to definition of ‘collections’

The proposal would realign the definitions of “collections” used in GAAP and the American Alliance of Museums’ Code of Ethics for Museums.

June 21, 2018

FASB clarifies accounting for grants and contributions

The ASU seeks to simplify accounting for grants and similar contracts awarded by governments to not-for-profits.

June 20, 2018

FASB simplifies accounting for share-based payments to nonemployees

FASB released an Accounting Standards Update (ASU) designed to improve the financial reporting for share-based payments issued to nonemployees for goods or services.

June 1, 2018

Keeping covenants: Getting debt ratios right

A 2015 change by FASB can affect debt covenant ratios and has the potential to move companies out of compliance with their restriction thresholds.

June 1, 2018

How audit committees can evaluate lease accounting implementation

The standard starts to take effect next year.

June 1, 2018

New IFRS conceptual framework revises foundational reporting concepts

Information about performance and position is prioritized.

May 31, 2018

Inter-entity cost accounting rules amended for federal agencies

The Federal Accounting Standards Advisory Board issued amended accounting rules for recognition of inter-entity costs by federal agencies.

May 21, 2018

GASB issues implementation guidance

New implementation guidance issued by the GASB is designed to clarify, explain or elaborate on state and local government accounting standards.

May 15, 2018

FASAB proposes new standards for accounting and reporting of government land

A new FASAB proposal is designed to promote consistency in the accounting treatment and reporting for land holdings while considering the information needs of financial statement users.

May 15, 2018

Valuation of portfolio company investments addressed in AICPA working draft

The working draft of an Accounting and Valuation Guide issued by the AICPA provides guidance on the accounting for and valuation of portfolio company investments of venture capital and private-equity funds and other investment companies.

May 7, 2018

FASB supersedes outdated guidance related to Circular 202

FASB superseded outdated accounting guidance related to a Banking Circular that has been rescinded by the Officer of the Comptroller of the Currency.

May 1, 2018

FinREC issues 2 revenue recognition working drafts

The AICPA FinREC published working drafts addressing revenue recognition issues in the gaming and telecommunications industries.

May 1, 2018

FASB addresses stranded income effects of tax law

The board also took on miscellaneous topics.

May 1, 2018

Leases: A portfolio approach

Applying FASB’s new lease accounting guidance on a portfolio level can help make implementation easier and less costly.

April 26, 2018

FASB proposes targeted changes to collaborative arrangements standard

FASB wants to clarify the interaction between GAAP for collaborative arrangements and the board’s new revenue recognition standard.

April 4, 2018

How audit committees can evaluate lease accounting implementation

A new Center for Audit Quality tool is designed to help audit committees with oversight of this difficult adoption process.

April 2, 2018

New GASB standard addresses debt disclosures

The new standard also requires the disclosure of additional essential debt-related information for all types of debt, including amounts of unused lines of credit and assets pledged as collateral for debt.

March 29, 2018

New IFRS conceptual framework revises foundational reporting concepts

A new conceptual framework for IFRS includes revisions to concepts for reporting assets, liabilities, income, and expenses.

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.