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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.

September 1, 2017

Private company accounting following a new path

FASB standard provides relief for private companies facing challenges completing hedge documentation in a timely manner.

September 1, 2017

7 industries included in new revenue recognition guide exposure

Revenue recognition issues related to seven industries were exposed for public comment by the AICPA FinREC.

September 1, 2017

Providing the correct answers to complex questions requires technical competence and scrupulous honesty, according to Michael Fehrman, CPA, head of the Accounting Policy and Advisory Group–Americas at Deutsche Bank.

September 1, 2017

FinREC unveils another set of revenue recognition working drafts

The committee seeks feedback on guidance for 4 industries.

September 1, 2017

FASB issues proposal for consolidation of VIEs

The objective is to reduce cost and complexity.

August 28, 2017

New FASB standard aims to simplify hedge accounting

Accounting rules for hedging are designed to be better aligned with a company’s risk management activities under a new standard issued by FASB.

FROM THIS MONTH'S ISSUE

4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.