Accounting & reporting news and resources

Working drafts for the airlines, gaming, hospitality and time-share industries were included in the latest group of issues exposed for the AICPA’s guide to implementing FASB’s revenue recognition standard.

April 1, 2017

Lease accounting revamp

Careful planning and collecting of lease inventory data are key in implementing FASB’s new standard.

April 1, 2017

FASB drops Step 2 from goodwill impairment test

Early adoption is permitted this year.

April 1, 2017

FASAB issues new standard on insurance programs

Guidance rescinds existing rules.

April 1, 2017

FinREC publishes revenue recognition working drafts for insurance, software

The AICPA is issuing an industry-specific guide.

April 1, 2017

PCAOB issues guidance on new Form AP reporting

The engagement partner’s name must stay consistent.

March 30, 2017

New rules for accounting for amortization of premiums for purchased callable debt securities

FASB issued a new standard that makes targeted changes designed to prevent the recognition of too much interest income before a borrower calls the debt security, and prevent the recognition of a loss on the call date.

March 29, 2017

How financial statement audits deliver key business insights

Financial statement audits are not just a compliance exercise, but also an opportunity to gain knowledge that can generate positive business results.

March 20, 2017

GASB addresses wide range of accounting issues

GASB issued a new statement that addresses a wide range of accounting issues that have challenged state and local government financial statement preparers.

March 20, 2017

Working with competitors can aid revenue recognition effort

Participating in industry groups has emerged as one of the best tactics for success.

March 16, 2017

Credit loss standard implementation tips

FASB’s new credit loss standard will challenge banks to find the right data for forecasting expected losses in their portfolios.

March 16, 2017

How to improve fraud controls in complex accounting areas

It stands to reason that accounting areas that are highly subjective and complex also are prone to fraud, errors, and breakdowns in internal controls.

March 10, 2017

FASB changes presentation of defined benefit costs

Current presentation requirements for defined benefit costs lacked transparency and limited the usefulness of financial information, according to stakeholders.

March 7, 2017

FASB proposes simplifying accounting for share-based payments to nonemployees

Accounting for share-based payments to nonemployees in exchange for goods and services would become similar to the accounting for share-based payments to employees under a proposal FASB issued.

March 1, 2017

FinREC exposes 5 revenue recognition issues

Working drafts exposed by the AICPA Financial Reporting Executive Committee address five new revenue recognition issues.

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.