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June 22, 2017

FASB issues proposal for consolidation of VIEs

A proposed ASU would give private companies an alternative for financial reporting associated with consolidation of variable-interest entities.

June 22, 2017

What FASB has in store for not-for-profits

The pace of standard setting may slow in the coming months, but one key new project is on the horizon.

June 13, 2017

Why CPAs need to get a grip on blockchain

The decentralized ledger system may seem confusing, but it also adds up to new opportunities for savvy financial professionals.

June 7, 2017

Hedging may get easier under new FASB accounting standard

Accounting obstacles that prevented some organizations from using hedging to manage risks may be eliminated by a standard that received preliminary approval from FASB.

June 7, 2017

IASB interpretation addresses uncertainty in accounting for income taxes

A new interpretation issued by the IASB specifies requirements for how organizations should reflect uncertainty in their accounting for income taxes.

June 1, 2017

FinREC issues a dozen revenue recognition working drafts

The AICPA’s FinREC issued 12 working drafts of industry-specific accounting issues.

June 1, 2017

GASB omnibus addresses wide range of accounting issues

The new requirements take effect this month.

June 1, 2017

FinREC issues revenue recognition drafts for 4 industries

Airlines, gaming, hospitality, and time-share are addressed.

June 1, 2017

FASB issues new amortization accounting rules for callable debt securities

Stakeholders said current GAAP distorts interest income.

June 1, 2017

U.S. tax and FASB’s new paradigm for revenue recognition

Companies must prepare for unforeseen implications for tax planning.

May 30, 2017

FASB performs maintenance on Accounting Standards Codification

FASB made the first of several scheduled maintenance updates to its Accounting Standards Codification as part of an effort to simplify the codification’s structure.

May 18, 2017

New IASB standard aims for consistent accounting for insurers

A new standard issued by the IASB aims to provide transparent reporting about insurers’ financial position and risk.

May 16, 2017

FASB issues accounting standards update on service concession arrangements

FASB intends to provide clarity to help financial statement preparers determine the customer of the operation services for transactions.

May 15, 2017

GASB issues rules for accounting for certain debt extinguishment

New rules issued by GASB address accounting for debt extinguishment prior to its maturity when bond proceeds are not used.

May 10, 2017

FASB assessing efficiency, effectiveness of GAAP taxonomy

FASB is considering changing U.S. GAAP financial reporting taxonomy to improve usability.

May 10, 2017

FASB issues update on modification accounting for share-based payment awards

FASB hopes to provide clarity by offering guidance on the scope of modification accounting for share-based payment awards.

May 2, 2017

CAQ, investor groups seek to preserve SOX provision

In a letter, the Center for Audit Quality and two investor groups opposed a provision of a bill that would decrease the number of companies required to comply with the rules in Sarbanes-Oxley Act Section 404(b).

May 1, 2017

FASB updates requirements for employee benefit plans

The changes relate to disclosure and presentation for master trusts.

May 1, 2017

FinREC seeks comment on telecommunications revenue recognition issue

FinREC has published a working draft for its revenue recognition implementation guide that seeks feedback on an issue for telecommunications entities.

May 1, 2017

FASB changes presentation of defined benefit costs

The current presentation was said to combine heterogeneous elements.

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.