Accounting & reporting news and resources

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August 23, 2017

SEC conforms staff guidance to new FASB revenue recognition rules

The SEC has issued a staff accounting bulletin to bring its existing guidance into conformity with FASB’s new revenue recognition standard.

August 3, 2017

FASB proposes changes to grant and contribution accounting

New rules proposed by FASB are designed to make it easier for organizations to decide if a transaction should be accounted for as a contribution or exchange.

August 3, 2017

Why lease accounting laggards face serious risks

Here’s what organizations need to consider as they implement the new FASB rules—and why it’s smart to start that work promptly.

August 1, 2017

AICPA issues working drafts for 3 revenue recognition issues

The AICPA is seeking comment on issues to be included in its guide for implementation of FASB’s new revenue recognition standard.

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.

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.