Accounting & reporting news and resources

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August 4, 2016

What should FASB work on next?

FASB is seeking feedback on which financial reporting and accounting issues it should add to its agenda for potential standard setting.

August 3, 2016

FASB proposes clarifying consolidation guidance for not-for-profits

FASB issued a proposal that is designed to clarify when a not-for-profit entity that is a general partner should consolidate a for-profit limited partnership or similar entity.

August 1, 2016

Telecom revenue recognition issues explored in FinREC drafts

The AICPA Financial Reporting Executive Committee (FinREC) has issued two new working drafts related to implementation issues for telecommunications entities regarding the new revenue recognition standard.

August 1, 2016

OPEB accounting tips for preparers

Here’s how to book a fairly stated liability under new GASB standards.

August 1, 2016

New revenue standards may change compensation arrangements

Companies are figuring out how to adapt.

August 1, 2016

Getting familiar with OPEB

GASB’s new accounting standards for other postemployment benefits (OPEB) are significantly different from previous standards for state and local governments.

August 1, 2016

FASB requires earlier reporting of credit losses

A change to the expected-loss method is designed to align accounting with the economics of lending.

August 1, 2016

FASB proposes clarification in derecognition guidance

The board is midway through a larger project.

August 1, 2016

FASAB seeks transparency on government tax expenditures

The proposed standard is intended to improve transparency for users.

August 1, 2016

SEC to accept Inline XBRL format

The technology helps companies integrate data into their HTML filings.

July 28, 2016

FASB proposes beefing up employee benefit plan master trust disclosures

FASB issued a proposal intended to clarify and strengthen financial statement disclosure requirements for an employee benefit plan’s interest in a master trust.

July 26, 2016

FASB proposes changing income tax disclosure requirements

FASB issued a proposal that would modify disclosures about income taxes that organizations are required to report on their financial statements.

July 25, 2016

New credit loss standard manageable for US banks, Fitch says

FASB’s new credit loss standard will affect U.S. banks’ reserving practices, but gives banks enough time to implement the standard, according to a Fitch Ratings analysis.

July 22, 2016

SEC’s Schnurr recovering from bike crash; Bricker takes interim role

Following Chief Accountant James Schnurr’s serious bicycle crash, the SEC has named Wesley Bricker interim chief accountant. Bricker will handle the chief accountant duties during Schnurr’s recovery.

July 13, 2016

SEC proposes updating disclosure requirements

The SEC voted to propose amendments intended to eliminate redundant, overlapping, outdated, or superseded disclosure requirements.

July 13, 2016

How to tackle implementation of multiple high-profile accounting standards

New high-profile accounting standards for revenue recognition, leases and expected credit losses have companies facing a heavy implementation burden. Here are tips that could ease the stress and make implementation smoother.

July 12, 2016

5 tips for implementing FASB’s credit loss standard

Gathering data to fill gaps and taking advantage of previous work will be two key actions as companies begin to implement the Financial Accounting Standards Board’s new expected credit loss standard.

July 5, 2016

FinREC issues 9 more revenue recognition working drafts for comment

The AICPA Financial Reporting Executive Committee has issued working drafts addressing accounting issues related to the implementation of the new revenue recognition standard in nine industries.

July 1, 2016

FASB may simplify goodwill impairment testing

The board expects to reduce cost and complexity.

July 1, 2016

FASB makes additional revenue recognition clarifications

The board also proposed still more changes to the standard.

FROM THIS MONTH'S ISSUE

Tax-efficient drawdown strategies in retirement

Want to stretch retirement funds and avoid tax pitfalls? This article shares tips and models for smarter drawdown strategies that maximize after-tax wealth, manage Social Security and Medicare impacts, and minimize surprises. Also see: Tax season preview and quick guide.