Accounting & reporting news and resources

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.

December 6, 2016

FASB considers slowdown in standard setting

Some companies and accounting firms have told FASB that their resources are stretched as they implement the board’s numerous recently issued standards.

December 5, 2016

Why IFRS remains relevant in the U.S.

Knowledge and understanding of IFRS is important in the United States even though FASB’s standard-setting process best serves U.S. capital markets, SEC Chief Accountant Wes Bricker said.

December 5, 2016

Don’t neglect revenue recognition disclosures, SEC’s Bricker says

Companies are obligated to provide investors with disclosures on the impact FASB’s new revenue recognition standard will have on them, SEC Chief Accountant Wes Bricker said.

December 1, 2016

FinREC issues revenue recognition working drafts for airline, gaming industries

New working drafts issued by FinREC address issues that financial statement preparers in the gaming and airline industries may encounter as they implement FASB’s new revenue recognition standard.

December 1, 2016

AICPA issues new revenue recognition working drafts

The latest round addresses software and other issues.

December 1, 2016

FASB proposes additional revenue recognition corrections

4 new issues are addressed.

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.