The Financial Accounting Foundation’s review of the council, which works with FASB to support the interests of private companies in the standard-setting process, concluded that the council is serving its purpose.
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Accounting & reporting
FASB proposal offers guidance on disclosure of environmental credits
The proposal aims to address gaps in guidance for financial accounting of environmental credits and environmental credit obligations.
New guide clarifies accounting and valuation of business combinations
AICPA publication offers best practices for professionals working in accordance with a set of FASB standards related to accounting and valuations in mergers and acquisitions.
FASB proposes guidance on measurement of credit losses
An Accounting Standards Update focuses on the measurement of credit losses for accounts receivable and contract assets for private companies and certain not-for-profit entities.
A&A Focus recap: Improving the peer review experience
Also, an internal controls expert joined for a discussion on COSO and its relationship to SAS 145, and a current Auditing Standards Board member addressed questions the AICPA has been receiving on the QM implementation process.
New FASB standard addresses induced conversions
The standard aims to provide guidance missing in GAAP for the reporting of induced conversions related to settlement of convertible debt instruments.
GASB issues two exposure drafts for comment
The Governmental Accounting Standards Board aims to bring clarity to the financial reporting of subsequent events and to a variety of topics in its implementation guide.
PCAOB will require firms to share a new set of metrics
The board approves eight firm and engagement metrics for disclosure and adds to the disclosures it requires during annual reporting and special reporting periods. It also approves its 2025 budget and puts any action related to NOCLAR on hold until 2025.
FASB proposes guidance on accounting for government grants
Public comments are sought on the board’s effort to provide authoritative guidance in an area not currently covered by GAAP. In addition, FASB seeks feedback on potential standard setting related to financial KPIs.
FASB seeks comments on newly proposed interim reporting guidance
The guidance is intended to improve and clarify current guidance as opposed to fundamentally changing the nature of guidance in FASB ASC Topic 270, Interim Reporting.
FASB sets new reporting standards for disclosure of expenses
FASB published an Accounting Standards Update requiring public companies to disclose additional information about certain expenses in the notes to financial statements.
FASB proposes guidance on business combinations
FASB published a proposed Accounting Standards Update that is intended to improve the requirements for identifying the accounting acquirer in a business combination.
Accounting for software: FASB proposes amendments to its guidance
The Financial Accounting Standards Board seeks public comment on targeted improvements to the reporting of internal-use software.
GASB provides guidance for certain capital assets
GASB issued guidance for certain types of capital assets to be disclosed separately for purposes of note disclosures.
A&A Focus recap: Private Company Council update
Also covered: COSO and its relationship to SAS 145, and ASB member addresses questions related to QM implementation.
E-commerce accounting
Ben Richmond, managing director, North America, Xero, discusses the challenges and opportunities of e-commerce accounting.
FASB seeks input on hedge accounting ASU
The proposed Accounting Standards Update is intended to clarify guidance on hedge accounting and address incremental hedge accounting issues arising from the global reference rate reform initiative.
Chair outlines Private Company Council’s top 4 priorities
Credit losses, debt modifications, retainage and overbillings presentation, and leases are the main items on the PCC agenda.
Clarification proposed for CPAs’ financial statement preparation engagements
An AICPA committee approved a proposed revision to Statement on Standards for Accounting and Review Services (SSARS) No. 21 addressing the applicability of the standard when preparing financial statements as a part of consulting services.
A&A Focus recap: Leveraging control testing in an audit
Also, an update from the Auditing Standards Board chair, principal vs. agent analysis when recognizing revenue, and the new required income tax disclosures under FASB Accounting Standards Update No. 2023-09.
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