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January 1, 2016

Lease accounting standard gets preliminary approval

Rules will bring new assets and liabilities onto balance sheets.

January 1, 2016

SEC penalties total $4.2 billion in FY 2015

Actions for federal securities laws violations set a record high.

January 1, 2016

PCC will continue to explore GAAP alternatives

Council’s advisory role to FASB will be expanded.

January 1, 2016

Bookkeeping or preparation service? That is the question

The Center for Plain English Accounting provides considerations for accountants to help them determine whether an engagement is considered a bookkeeping service or a preparation service that would require adherence to the requirements of SSARS No. 21.

January 1, 2016

ASB issues new standard

Rules will apply to audits of ICFR integrated with financial statement audits.

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