Accounting & reporting news and resources

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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.

March 1, 2017

AICPA exposes more revenue recognition drafts

The latest issues address aerospace and defense, telecommunications, and time-share.

March 1, 2017

FASB makes technical improvements to revenue recognition standard

The changes address 13 narrow issues.

March 1, 2017

IASB proposes amendments to 3 standards

The changes are part of an annual improvement process.

March 1, 2017

FASB issues technical corrections

Inconsistencies in guidance are addressed.

March 1, 2017

FASAB proposes changes to budget and accrual reconciliation

Reconciliation would be focused on net outlays.

March 1, 2017

Get revenue recognition right at not-for-profits

Costly mistakes can be avoided by following best practices that lead to proper judgments.

March 1, 2017

What is a business? FASB clarifies definition

The board responded to inconsistency in acquisition recording.

March 1, 2017

AICPA groups recommend field-testing of FASB long-duration insurance proposal

FASB proposes the same model for participating and nonparticipating contracts.

March 1, 2017

FASB addresses debt classification, inventory disclosures

The debt proposal would establish a cohesive classification principle.

February 27, 2017

FASB updates EBP master trust presentation, disclosure requirements

The FASB issued a new standard that is designed to make employee benefit plan master trust disclosures more useful to users of financial statements.

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.