Accounting & reporting news and resources

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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

AICPA issues broker-dealer revenue recognition working draft

Work continues on the Revenue Recognition Guide.

March 1, 2018

FASB addresses financial reporting impacts of new tax law

5 issues will be communicated through a Q&A.

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.

FROM THIS MONTH'S ISSUE

How to replace running totals in Excel

Accountants routinely copy down formulas in Excel to track cumulative balances, such as cash flow and retained earnings, but there is a better way. This JofA Technology Q&A article shows the way with step-by-step instructions and a video walkthrough.