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December 1, 2016

FASB moves to shorten amortization for some debt securities

The board wants better alignment for bond-interest income.

December 1, 2016

New accounting standard proposed for federal entities’ leases

FASAB wants useful reporting on intergovernmental and short-term leases.

December 1, 2016

Long-duration contracts for insurance companies subject of FASB proposal

The update is meant to simplify and improve the model.

November 30, 2016

FASB proposal would improve hedge accounting, AICPA committee says

A FASB proposal on targeted improvements to accounting for hedging activities would make hedge accounting simpler, according to the AICPA Financial Reporting Executive Committee.

November 22, 2016

SEC names Bricker chief accountant

Wesley Bricker, CPA, a former PwC partner, was named the Securities and Exchange Commission’s chief accountant.

November 18, 2016

FASB aims for consistency in modification accounting

FASB has proposed guidance that would describe when changes to the terms of share-based payments require financial statement preparers to apply modification accounting.

November 17, 2016

FASB seeks uniformity in reporting on restricted cash

FASB issued Accounting Standards Update No. 2016-18, addressing the classification and presentation of restricted cash and restricted cash equivalents.

November 15, 2016

2 new members appointed to FASB as Golden remains chairman

Marsha Hunt and Harold Monk will join the Financial Accounting Standards Board for five-year terms.

November 15, 2016

White to leave SEC chair post in January

Mary Jo White plans to depart her position as Securities and Exchange Commission chair in January, when Barack Obama’s second term as president ends.

November 4, 2016

FASB proposes new guidance for service concession arrangements

FASB proposed guidance designed to eliminate diversity in practice in how operating entities determine who is the customer in service concession arrangements.

November 1, 2016

AICPA issues another round of revenue recognition working drafts

The AICPA Financial Reporting Executive Committee (FinREC) issued new working drafts addressing issues that broker-dealers and depository and lending institutions face related to FASB’s new revenue recognition standard.

November 1, 2016

FASB proposes targeted changes to hedge accounting rules

The board aims to simplify application while addressing concerns.

November 1, 2016

SEC asks for comments on disclosure simplification

The commission aims to modernize requirements.

November 1, 2016

SEC plans to require new hyperlinks in filings

The proposal is intended to make exhibits more accessible.

November 1, 2016

FASB issues standard on classification of cash payments and receipts

Uniformity sought in cash flow presentation.

November 1, 2016

Audit committees voluntarily disclosing more about auditor oversight

More audit committees are voluntarily disclosing information in proxy statements about their oversight of external auditors, including auditor appointment and audit partner rotation, according to a new analysis.

October 27, 2016

FASB proposes technical correction to not-for-profit standard

Under the proposal, FASB would clarify the minimum requirements for the reconciliation that a not-for-profit entity is required to disclose if it has endowment funds.

October 26, 2016

FASB amends guidance for consolidating VIEs

FASB issued a financial reporting standard that changes financial reporting rules for consolidating variable-interest entities.

October 24, 2016

FASB simplifies financial reporting for income taxes

The standard is designed to simplify the financial reporting for the income tax consequences of intra-entity transfers other than inventory.

October 24, 2016

8 technical questions and answers for investment companies

Eight technical questions and answers for investment company accounting have been issued by the AICPA Investment Companies Expert Panel and are available in TIS Section 6910, Investment Companies.

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.