Accounting & reporting

FASB decided to simplify implementation of its new lease accounting standard in an effort to reduce costs and decrease challenges for financial statement preparers.

Here are some things financial statement preparers should keep in mind when implementing FASB’s lease accounting standard

In an effort to simplify its Accounting Standards Codification, FASB has combined its guidance for income statements and comprehensive income into one topic.

Three issue analyses from the AICPA Health Care Expert Panel could help with implementation of FASB’s new standard.

FinREC has been seeking public comment on working drafts that provide industry-specific guidance for entities implementing FASB’s new revenue recognition standard.

Nine potential amendments are contained in the proposal, which would affect a wide variety of topics in the codification.

The AICPA Financial Reporting Executive Committee issued 20 working drafts on issues related to implementation of the new revenue recognition standard.

FASB proposed clarifications to separate standards issued in 2016 on accounting for financial instruments and lease accounting.