Accounting & reporting news and resources

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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.

May 1, 2017

FASB clarifies scope of asset derecognition guidance

Accounting for partial sales of nonfinancial assets is also addressed.

May 1, 2017

FASB proposes simplifying accounting for share-based payments to nonemployees

The changes would expand the scope of transactions covered by ASC Topic 718.

May 1, 2017

Improving fraud controls in complex accounting areas

Recommendations are made for accounting policies and ICFR.

May 1, 2017

SEC to require hyperlinks to exhibits in company filings

The commission also proposed an Inline XBRL requirement.

May 1, 2017

FinREC publishes drafts on 5 revenue recognition issues

The latest topics include aerospace, broker-dealers, time-share, and utilities.

April 3, 2017

Revenue recognition working drafts issued for 4 industries

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.

FROM THIS MONTH'S ISSUE

How to replace running totals in Excel

Accountants routinely copy down formulas in Excel to track cumulative balances, such as cash flow and retained earnings, but there is a better way. This JofA Technology Q&A article shows the way with step-by-step instructions and a video walkthrough.