Accounting & reporting news and resources

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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FASB supersedes outdated guidance related to Circular 202

FASB superseded outdated accounting guidance related to a Banking Circular that has been rescinded by the Officer of the Comptroller of the Currency.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

March 22, 2018

Guidance addresses partnership accounting when IRS collects underpayments

A new technical question and answer from the AICPA provides nonauthoritative guidance to help financial statement preparers account for the amount a partnership pays the IRS under these circumstances.

March 12, 2018

Accounting for external-use software development costs in an agile environment

Learn which software costs should be capitalized and which costs should be expensed when an entity builds external-use software using an agile development environment.

March 9, 2018

Hedging gets a boost from simplified accounting guidance

Companies are finding that FASB’s new hedge accounting guidance removes some of the barriers that had prevented them from taking advantage of hedging opportunities.

March 1, 2018

FASB addresses accounting for implementing certain cloud-computing arrangements

FASB issued a proposed Accounting Standards Update that would clarify the accounting for implementation costs related to a cloud-computing arrangement that is a service contract.

March 1, 2018