Accounting & reporting news and resources

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July 1, 2017

FASB issues new rules for service concession arrangements

he standard clarifies accounting for operating entities serving public-sector grantors.

July 1, 2017

Michael Brand, CPA, CGMA

To implement rapid changes in accounting standards, CPAs can focus first on their areas of specialty, according to Michael Brand, CPA, CGMA, a partner at Johnson, Feigley, Newton & Brand LLP.

July 1, 2017

CAQ, investor groups rally to preserve SOX provision

A bill in Congress would raise revenue thresholds, exempting more issuers from internal control assessment requirements.

June 28, 2017

GASB establishes new approach for reporting leases

GASB issued a statement that is designed to help align the accounting and financial reporting of lease transactions more closely with their economic substance.

June 27, 2017

FASB proposes superseding guidance for S&L bad debt reserves, steamship entities

Technical corrections proposed by FASB would affect accounting guidance for certain bad debt reserves of savings and loans, and steamship entities.

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.

FROM THIS MONTH'S ISSUE

Making the right choice when no one is watching

The true test of one’s character is the decision made when no one is looking over your shoulder. Learn how CPAs can uphold ethical standards and take actions that help limit liability risk.