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June 1, 2016

FASB standard unifies embedded derivative practices

New rules implement a 4-step decision sequence.

May 18, 2016

FASB proposes more clarifications to revenue standard

Clarifications on guidance for contract costs, and preproduction costs related to long-term supply arrangements are included in the proposal.

May 12, 2016

FASB proposes simplifying goodwill impairment testing

FASB issued a proposal that would simplify goodwill impairment testing. The board proposed removing Step 2 from the goodwill impairment test.

May 9, 2016

FASB makes additional revenue recognition clarifications

FASB issued a third round of clarifications to its revenue recognition standard on Monday, focusing on narrow-scope changes and practical expedients.

May 5, 2016

Revenue judgments must be well-reasoned, SEC’s Bricker says

Financial statement preparers should make sure their judgments on revenue recognition are well-reasoned as they implement new accounting standards, SEC Deputy Chief Accountant Wesley Bricker said Thursday.

May 1, 2016

FASB standard answers timing concern for PCC alternatives

Stakeholders said that effective dates could hamper use.

May 1, 2016

IAASB: Expected credit loss reporting standards will bring challenges

Provisions will bring special audit considerations.

May 1, 2016

Hoogervorst reappointed as IASB chairman

His first term brought significant new standards.

May 1, 2016

Earnings-per-share standard gets positive feedback

A review team finds that the rules accomplish their objective.

May 1, 2016

Breakage recognition, derivative contract novations addressed

FASB issues 2 new standards.

May 1, 2016

AICPA clarifies conventions for reviews that follow SSARSs, other standards

The interpretation calls for additional statements in written reviews.

April 29, 2016

FASB proposes changes to statement of cash flows

FASB issued a proposal that is designed to eliminate diversity in the classification and presentation of changes in restricted cash on the statement of cash flows.

April 28, 2016

New guidance issued for federal public-private partnership disclosures

Federal agencies will be required to present disclosures about public-private partnerships in their general-purpose financial statements under new guidance issued by the FASAB.

April 27, 2016

FASB to draft final standard on credit losses

FASB voted to draft a standard that will require an expected-loss approach for reporting of credit losses on loans and other financial assets rather than an incurred-loss approach.

April 21, 2016

FASB proposes technical corrections and changes

FASB issued a proposal that would make technical corrections and minor changes to its guidance in response to suggestions from stakeholders.

April 14, 2016

FASB assists with licensing guidance, identifying performance obligations

FASB is updating an accounting standard to help preparers identify performance obligations and implement licensing guidance in accordance with the new revenue recognition standard.

April 13, 2016

SEC seeking input on disclosure effectiveness

The Securities and Exchange Commission voted to issue a concept release asking for comment on possible improvements to Regulation S-K.

April 11, 2016

GASB addresses pension accounting practice issues

GASB issued guidance to address practice issues encountered during implementation of its new pension accounting rules for state and local governments.

April 1, 2016

Bringing leases into view

New lease accounting standards issued by FASB and the International Accounting Standards Board will result in substantial changes in recognition and presentation on the balance sheet for lessees.

April 1, 2016

IASB requires disclosures about debt financing

The board responded to questions about changes in debt.

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Making the right choice when no one is watching

The true test of one’s character is the decision made when no one is looking over your shoulder. Learn how CPAs can uphold ethical standards and take actions that help limit liability risk.