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The SEC voted to propose amendments intended to eliminate redundant, overlapping, outdated, or superseded disclosure requirements.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

July 1, 2016

FASB proposal addresses details on restricted cash

Specific guidance on this topic is currently lacking.

July 1, 2016

Expected credit loss standard moves forward

The global financial crisis spurred demand for timely information.

July 1, 2016

FASB proposes technical corrections and changes

The board aims for incremental improvements to GAAP.

June 28, 2016

How audit committees can evaluate non-GAAP measures

SEC Chair Mary Jo White said in a speech Monday that reporting of non-GAAP measures can provide a clearer picture of a company’s results.

June 23, 2016

FASB proposes amending consolidation guidance

FASB would amend consolidation guidance under a proposal issued with the intent of providing more useful information to users of financial statements.

June 16, 2016

New FASB standard requires earlier reporting of credit losses

Credit losses on loans and other financial instruments will be required to be reported in a more timely fashion under a standard the Financial Accounting Standards Board issued.

June 6, 2016

FASB proposes clarifying scope of nonfinancial asset derecognition guidance

FASB wants to clarify the scope of its nonfinancial asset derecognition guidance and address accounting for partial sales of nonfinancial assets.

June 6, 2016

Lease accounting implementation a challenge for preparers

Companies are encountering challenges with new lease accounting standards in a process few expect to be easy, according to a recent Deloitte survey.

June 3, 2016

FASAB seeks transparency on tax expenditures

The Federal Accounting Standards Advisory Board proposed a standard with the intention of providing the public more information about the U.S. government’s tax expenditures.

June 3, 2016

Revenue standard causes concern about compensation arrangements

The new revenue recognition standard is causing companies to review compensation arrangements and bonus structures that are based on revenue metrics, said Deloitte & Touche LLP’s Eric Knachel, CPA.

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.