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January 10, 2017

FASB addresses debt classification, inventory disclosures

FASB addressed balance sheet classification of debt and the disclosure requirements for inventory under the board’s Disclosure Framework.

January 5, 2017

FASB clarifies definition of a business

The definition was clarified because of concerns that many transactions that should be considered asset acquisitions were being recorded as business acquisitions for accounting purposes.

January 4, 2017

AICPA exposes more revenue recognition working drafts

The latest drafts address issues in the aerospace and defense, telecommunications, and time-share industries.

January 4, 2017

GASB introduces possible new approaches for governmental fund reporting

Three possible alternative recognition approaches for governmental fund reporting are included in an Invitation to Comment issued by GASB.

January 4, 2017

Revenue recognition: Guidance for preparers and auditors

Financial statement preparers and auditors face important challenges as they implement FASB’s new revenue recognition standard.

January 1, 2017

FASB proposes technical correction to not-for-profit standard

FASB proposed a technical correction to the new financial reporting standard for not-for-profits that the board issued in August.

January 1, 2017

AICPA issues revenue recognition working drafts for broker-dealers

FinREC is developing an implementation guide.

January 1, 2017

White to leave SEC chair post in January

Regulator embraced enhanced data analytics and technology in enforcement during her nearly 4-year tenure.

January 1, 2017

AICPA panel answers 8 technical questions for investment accounting

Most of the Q&As pertain to liquidation.

January 1, 2017

FASB requires recognition of income tax consequences upon intra-entity transfers

The new standard is meant to simplify income tax reporting.

January 1, 2017

FASB proposes new guidance for service concession arrangements

The change would clarify the ‘customer’ in certain arrangements.

January 1, 2017

FASB amends guidance for consolidating VIEs

The new standard affects the determination of the primary beneficiary.

December 22, 2016

FASB issues technical improvements to revenue recognition standard

In technical improvements issued Wednesday, the FASB addressed 13 narrow issues related to its new revenue recognition standard.

December 16, 2016

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

Before finalizing its proposed targeted improvements to accounting for long-duration insurance contracts, FASB should field-test them, two AICPA groups recommended in a joint comment letter.

December 14, 2016

FASB issues technical corrections

FASB issued numerous technical corrections and clarifications to GAAP that are designed to remove inconsistencies in the board’s accounting guidance.

December 13, 2016

PCC seeks accounting relief for smallest private companies

The Private Company Council is encountering challenges as it advocates for the smallest private companies in FASB’s process for setting accounting standards.

December 13, 2016

How audit committees can oversee revenue recognition implementation

Audit committees can use a new tool to exercise their oversight role during implementation.

December 7, 2016

Two-part FASB proposal addresses accounting for certain financial instruments

A proposal issued by FASB addresses the complexity involved in accounting for certain financial instruments associated with liability and equity.

December 7, 2016

7 keys for auditors’ success in a changing environment

Efforts by auditors in three key areas have led to improved quality in audits, PCAOB inspections show.

December 6, 2016

Will Brexit, Trump affect global accounting standards?

Political decisions that may affect cross-border business policies in the United States and the United Kingdom have so far had no effect on international accounting standards, Hans Hoogervorst said.