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January 22, 2025

FASB proposes series of changes to accounting standards

The board seeks comments on an Accounting Standards Update that addresses 34 issues in GAAP.

January 17, 2025

A&A Focus recap: Quality Management FAQs and a 2024 ASU rundown

The January webcast also included a deep dive into step 3 of the five-step revenue recognition process outlined in FASB ASC 606.

January 14, 2025

Update: Digital assets practice aid addresses new FASB standards

The AICPA resource features new guidance and terminology for financial statement preparers and auditors.

January 6, 2025

FASB seeks input on standard-setting priorities

The board’s first agenda consultation in three years is focused on identifying targeted improvements to GAAP.

January 1, 2025

Avoiding derivative surprises

George M. Wilson, CPA, Director, SEC Institute, a Division of PLI, discusses derivative instruments.

December 23, 2024

A&A Focus recap: Updates on CECL and artificial intelligence

The December webcast also included updates on the AICPA Accounting Standards Review Committee’s preparation standards exposure draft and on recent FASB news.

December 18, 2024

Review confirms effectiveness of Private Company Council

The Financial Accounting Foundation’s review of the council, which works with FASB to support the interests of private companies in the standard-setting process, concluded that the council is serving its purpose.

December 18, 2024

FASB proposal offers guidance on disclosure of environmental credits

The proposal aims to address gaps in guidance for financial accounting of environmental credits and environmental credit obligations.

December 9, 2024

New guide clarifies accounting and valuation of business combinations

AICPA publication offers best practices for professionals working in accordance with a set of FASB standards related to accounting and valuations in mergers and acquisitions.

December 3, 2024

FASB proposes guidance on measurement of credit losses

An Accounting Standards Update focuses on the measurement of credit losses for accounts receivable and contract assets for private companies and certain not-for-profit entities.

December 3, 2024

A&A Focus recap: Improving the peer review experience

Also, an internal controls expert joined for a discussion on COSO and its relationship to SAS 145, and a current Auditing Standards Board member addressed questions the AICPA has been receiving on the QM implementation process.

November 26, 2024

New FASB standard addresses induced conversions

The standard aims to provide guidance missing in GAAP for the reporting of induced conversions related to settlement of convertible debt instruments.

November 25, 2024

GASB issues two exposure drafts for comment

The Governmental Accounting Standards Board aims to bring clarity to the financial reporting of subsequent events and to a variety of topics in its implementation guide.

November 22, 2024

PCAOB will require firms to share a new set of metrics

The board approves eight firm and engagement metrics for disclosure and adds to the disclosures it requires during annual reporting and special reporting periods. It also approves its 2025 budget and puts any action related to NOCLAR on hold until 2025.

November 20, 2024

FASB proposes guidance on accounting for government grants

Public comments are sought on the board’s effort to provide authoritative guidance in an area not currently covered by GAAP. In addition, FASB seeks feedback on potential standard setting related to financial KPIs.

November 13, 2024

FASB seeks comments on newly proposed interim reporting guidance

The guidance is intended to improve and clarify current guidance as opposed to fundamentally changing the nature of guidance in FASB ASC Topic 270, Interim Reporting.

November 4, 2024

FASB sets new reporting standards for disclosure of expenses

FASB published an Accounting Standards Update requiring public companies to disclose additional information about certain expenses in the notes to financial statements.

October 30, 2024

FASB proposes guidance on business combinations

FASB published a proposed Accounting Standards Update that is intended to improve the requirements for identifying the accounting acquirer in a business combination.

October 29, 2024

Accounting for software: FASB proposes amendments to its guidance

The Financial Accounting Standards Board seeks public comment on targeted improvements to the reporting of internal-use software.

October 18, 2024

GASB provides guidance for certain capital assets

GASB issued guidance for certain types of capital assets to be disclosed separately for purposes of note disclosures.

FROM THIS MONTH'S ISSUE

Cannabis dispensary denied ERC

The Court of Federal Claims held that Sec. 280E, which prohibits deductions and credits for businesses trafficking in controlled substances, applies to the employee retention credit (ERC), including its refundable portion, and denied a cannabis business’s claim for a refundable ERC.