Accounting & reporting news and resources

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November 1, 2017

FASB standard aims to simplify hedge accounting

The board aims to equalize nonfinancial and financial hedging strategies.

November 1, 2017

Accounting and ERP systems: A look inside drillable financial statements

Drillable data is not only easy to navigate, it also provides a stellar audit trail sure to make any auditor smile.

October 24, 2017

New TQA helps with public business entity determination

The TQA was developed to assist those seeking clarity in their public business entity status.

October 16, 2017

CPAs reveal their most common client questions

Clients also turn to CPAs with questions about all kinds of financial matters, particularly about their companies and accounting.

October 11, 2017

SEC proposes simplifying disclosure requirements

The SEC proposed amendments that are designed to simplify disclosures without sacrificing information that is important to investors.

October 3, 2017

FASB proposes various minor changes to codification

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

October 2, 2017

Federal agencies get new guidance related to PP&E opening balances

Federal agencies received new guidance for applying alternative methods in establishing opening balances for general property, plant and equipment.

October 2, 2017

20 revenue recognition working drafts issued by FinREC

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

October 1, 2017

FASB tackles grant and contribution accounting

Discerning between contributions and exchange transactions is a key aspect of the proposal.

October 1, 2017

AICPA issues working drafts for 3 revenue recognition issues

Informal comments will be accepted by email.

September 28, 2017

How revenue recognition changes are affecting preparers like GE, Microsoft

Financial statements show some of the changes resulting from the new revenue recognition standard in various industries.

September 27, 2017

FASB proposes technical corrections to 2 standards

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

September 25, 2017

FASB proposes clarifying land easements guidance in leases standard

FASB issued a proposal that would clarify how its new leases standard should be applied to land easements.

September 25, 2017

FASAB establishes concepts for federal agencies’ financial reporting

The Federal Accounting Standards Advisory Board issued a new statement that establishes foundational concepts for federal agencies’ financial reporting.

September 21, 2017

What’s next for FASB

FASB voted to work on developing accounting rules to address areas of distinguishing liabilities and equity, financial performance reporting, and segment reporting.

September 20, 2017

FASB proposes reorganizing consolidation guidance

Amid concerns that financial reporting guidance for consolidation is difficult to understand and navigate, FASB proposed a reorganization of the rules.

September 14, 2017

Proposed omnibus SSARS addresses international reporting issues

A proposed omnibus SSARS proposes new requirements and guidance that address international reporting issues for compilations and reviews.

September 12, 2017

IASB proposes changes around accounting policies and estimates

An IASB exposure draft seeks to clarify the distinction between accounting estimates and accounting policies.

September 5, 2017

FASB releases proposed 2018 reporting taxonomies

The proposed 2018 GAAP Financial Reporting Taxonomy and the proposed 2018 Shared Reporting Taxonomy were released for public comment by FASB.

September 1, 2017

Proposal would revise standards for recognition of federal agency inter-entity costs

FASAB’s proposed rules would revise current standards for federal agencies to provide for recognition of inter-entity costs by business-type activities.

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.