Accounting & reporting news and resources

FASB issued its long-awaited guidance on accounting for leases. Here are some things companies may want to consider as they work to comply with the standard.

February 25, 2016

New FASB leases standard brings transparency to lessee balance sheets

FASB issued a new standard on financial reporting for leases that is designed to bring transparency and comparability to lessee balance sheets.

February 24, 2016

Review team affirms FASB’s earnings-per-share standard

A FASB standard issued in 1997 meets its objectives of simplifying computations of earnings per share and improving comparability with international standards, a review team reported.

February 18, 2016

New interpretation addresses reviews performed under SSARSs and another set of standards

The AICPA issued a new interpretation to clarify a permissible reporting convention when a review is performed in accordance with the SSARSs and with another set of review standards.

February 12, 2016

Hoogervorst reappointed as chairman of IASB

Hans Hoogervorst will serve a second five-year term as chairman of the International Accounting Standards Board.

February 12, 2016

FASB affirms revenue recognition clarifications

FASB affirmed narrow-scope changes and practical expedients to its revenue recognition standard this week on issues including collectibility, contract modifications, and completed contracts at transition.

February 11, 2016

GASB clarifies guidance on blending certain component units into financial statements

GASB issued a standard that is intended to clarify how certain component units incorporated as not-for-profit corporations should be presented in state or local government financial statements.

February 10, 2016

GASB proposes single approach for lease reporting

A new GASB proposal would require state and local governments to report leases based on the principle that leases are financings of the right to use an underlying asset.

February 3, 2016

Financial performance reporting among priorities as FASB sets agenda

FASB decided to perform research on six topics for consideration of possible accounting standard setting.

February 1, 2016

FASB continues simplification efforts

Presentation of deferred income taxes changes under a new standard.

February 1, 2016

China explores ways to expand IFRS use

Full convergence is a goal.

February 1, 2016

PCC votes to remove effective dates

If endorsed, the change would create an unconditional first-time option for GAAP alternatives.

February 1, 2016

FAF trustees name new chair

Charles Noski, a retired Bank of America executive, will serve a three-year term.

February 1, 2016

IASB proposes 4 amendments

The board considers annual improvements and its investment property standard.

February 1, 2016

6 tips for reconciliations

These best practices make it easier to complete this critical task effectively.

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.