Accounting & reporting news and resources

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January 1, 2016

SEC adopts crowdfunding rules

Funding limits and disclosure requirements will apply.

January 1, 2016

IASB presents its view of materiality

FASB also is working to clarify the concept for preparers.

January 1, 2016

FASB proposal addresses government assistance disclosures

The board is seeking to eliminate diversity in practice.

December 23, 2015

GASB moves to reduce confusion for external investment pools

Many state and local government external investment pools—and participants in those pools—will continue to qualify for amortized cost accounting under new guidance from GASB.

December 23, 2015

FASAB proposal addresses opening balances for general PP&E

FASAB is proposing alternative methods for federal government reporting entities in establishing opening balances for general property, plant and equipment.

December 22, 2015

GASB addresses fiduciary activities, asset retirement obligations, pension issues

GASB proposed new accounting and financial reporting guidance related to fiduciary activities, certain asset retirement obligations, and pension issues.

December 18, 2015

Revenue recognition clarifications affirmed by FASB, IASB

FASB and the IASB have agreed to clarify principal vs. agent guidance contained in the converged revenue recognition standard.

December 17, 2015

2016 GAAP taxonomy available

The 2016 taxonomy contains updates for accounting standards changes and other improvements to the previous taxonomy.

December 10, 2015

FASB’s Golden gives spirited defense of impairment project

FASB’s project on impairment of financial instruments will provide a realistic view of expected loan losses, board Chairman Russell Golden said at the AICPA Conference on Current SEC and PCAOB Developments.

December 10, 2015

Revenue recognition: SEC looking ahead for comparability

Securities and Exchange Commission officials say they are focused on comparability and consistency in future financial reporting under the new revenue recognition standard as companies undergo transition.

December 10, 2015

Proposals address compilations of prospective and pro forma financial information

The AICPA is seeking comment on three new proposed Statements on Standards for Accounting and Review Services that address compilations of prospective and pro forma financial information.

December 9, 2015

SEC discussing supplementary IFRS option for US issuers

The SEC is considering regulatory changes that would make it possible for U.S. public companies to provide IFRS-based information as a supplement to U.S. GAAP financial statements.

December 8, 2015

Retired Bank of America executive to chair FAF trustees

The Financial Accounting Foundation trustees elected Charles Noski as their new chairman and announced the naming of five additional new trustees.

December 4, 2015

PCC votes to remove effective dates from GAAP alternatives

The Private Company Council reached a consensus to remove the effective dates from four Accounting Standards Updates issued in 2014 that provide GAAP alternatives for private companies.

December 3, 2015

FASB proposal takes aim at immaterial fair value disclosures

FASB issued a proposal that is designed to help financial statement preparers omit immaterial disclosures on fair value measurements.

December 1, 2015

Don’t let foreign currency fluctuations impair performance measurements

Measuring performance with a constant-dollar approach helps U.S. companies with international operations deal with the limitations of U.S. GAAP’s foreign currency guidelines.

December 1, 2015

FASB weighs in on materiality

Proposals are designed to eliminate unnecessary disclosures.

December 1, 2015

Revenue recognition tweaks proposed

FASB seeks to improve guidance on collectibility, noncash consideration, and completed contracts.

November 24, 2015

China explores ways to expand IFRS use

A joint working group is exploring ways to expand the use of IFRS within China, especially for Chinese companies that are internationally oriented.

November 23, 2015

FASB proposes clarifying the definition of a business

FASB wants to clarify the definition of a business to help financial statement preparers evaluate whether they should account for transactions as acquisitions or disposals of assets or businesses.

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.