Accounting & reporting news and resources

GASB issued implementation guidance that is intended to clarify, explain, or elaborate on recent standards issued for state and local government financial reporting.

March 17, 2016

FASB issues update clarifying revenue recognition issue

FASB issued an Accounting Standards Update that clarifies how to apply revenue recognition guidance related to whether an entity is a principal or an agent.

March 16, 2016

FASB simplifies transition to equity method of accounting

Through its simplification initiative, FASB is identifying areas of GAAP where complexity can be reduced without sacrificing the usefulness of information provided in financial statements.

March 14, 2016

FASB clarifies embedded derivative standards

The Financial Accounting Standards Board clarified accounting for embedded derivatives in an accounting standard.

March 10, 2016

FASB addresses breakage recognition, derivative contract novations

FASB issued financial reporting standards that address recognition of breakage for prepaid stored-value products and the effects of derivative contract novations on existing hedge accounting relationships.

March 7, 2016

FASB eliminates effective dates for private company alternatives

FASB issued a standard that eliminates the effective dates of the four private company financial reporting alternatives, making the alternatives more accessible.

March 1, 2016

Private company alternatives to become more accessible

Effective dates to be removed from PCC-originated standards.

March 1, 2016

IASB issues leases standard; FASB to follow

Convergence project puts more leases on books.

March 1, 2016

FASAB tackles insurance program reporting

Proposed federal accounting standards are aimed at transparency.

March 1, 2016

The bilingual CPA

More situations arise that call for CPAs to be fluent in IFRS and U.S. GAAP.

March 1, 2016

Defense request spurs FASAB proposal

The board seeks less costly alternatives to opening balances for PP&E.

March 1, 2016

Revenue recognition clarifications affirmed by FASB, IASB

The boards reached agreement on principal vs. agent guidance.

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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.