Accounting & reporting news and resources

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August 1, 2017

FinREC issues a dozen revenue recognition working drafts

Asset management, gaming, and software are among the industries addressed.

August 1, 2017

Hedging may get easier under new FASB accounting standard

Investors said accounting rules made hedge accounting less understandable.

August 1, 2017

FASB issues maintenance update for Accounting Standards Codification

Topic 952, Franchisors, is the first to be simplified in structure.

August 1, 2017

IASB addresses uncertainty in accounting for income taxes

IFRIC 23 adds to the requirements of IAS 12.

August 1, 2017

Mandy Nelson, CPA

Mandy Nelson, CPA, a partner in KPMG’s Department of Professional Practice, says training professionals to understand and apply standards requires a careful analysis of how much time should be devoted to each of the most challenging topics.

July 31, 2017

Tactics for driving quality in a single audit

Engagement partner expertise and firm specialization are among the factors that correlate with quality performance in a single audit.

July 28, 2017

Tips from a not-for-profit standard early adopter

Not-for-profits face their most significant financial reporting changes in more than 20 years as they implement FASB’s new standard.

July 13, 2017

FASB simplifies accounting for certain financial instruments

FASB issued a new accounting standard simplifying the accounting for certain financial instruments with down round features.

July 13, 2017

GASB proposes changes to debt disclosures

The information about debt disclosed by state and local governments would change if a new GASB proposal is approved.

July 3, 2017

FinREC unveils 4 more revenue recognition working drafts

FinREC is requesting feedback on four working drafts that provide industry-specific guidance for entities implementing FASB Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606).

July 1, 2017

Assessing the global state of the profession

As president of the International Federation of Accountants, Olivia Kirtley, CPA, CGMA, learned about issues accountants face around the world.

July 1, 2017

FASB issues update on share-based payment awards

New guidance on modification accounting addresses diversity in practice.

July 1, 2017

New IASB standard aims for consistent reporting for insurers

IFRS 17 creates a single approach for insurance contracts accounting.

July 1, 2017

FASB considers changes to GAAP taxonomy

The board issued an invitation to comment.

July 1, 2017

FinREC seeks comment on telecommunications revenue recognition issue

The committee is updating an industry-specific guide.

July 1, 2017

FASB issues new rules for service concession arrangements

he standard clarifies accounting for operating entities serving public-sector grantors.

July 1, 2017

Michael Brand, CPA, CGMA

To implement rapid changes in accounting standards, CPAs can focus first on their areas of specialty, according to Michael Brand, CPA, CGMA, a partner at Johnson, Feigley, Newton & Brand LLP.

July 1, 2017

CAQ, investor groups rally to preserve SOX provision

A bill in Congress would raise revenue thresholds, exempting more issuers from internal control assessment requirements.

June 28, 2017

GASB establishes new approach for reporting leases

GASB issued a statement that is designed to help align the accounting and financial reporting of lease transactions more closely with their economic substance.

June 27, 2017

FASB proposes superseding guidance for S&L bad debt reserves, steamship entities

Technical corrections proposed by FASB would affect accounting guidance for certain bad debt reserves of savings and loans, and steamship entities.

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.