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November 20, 2015

FASB simplifies presentation of deferred income taxes

The Financial Accounting Standards Board issued a standard that is intended to simplify the presentation of deferred income taxes on the balance sheet.

November 19, 2015

IASB proposes annual improvements, change to investment property standard

In two separate exposure drafts, the IASB proposed changes to its investment property standard and proposed narrow-scope amendments to three other standards.

November 18, 2015

PCC’s work on private company alternatives to continue

Work by the Private Company Council (PCC) on potential GAAP alternatives for private companies is not finished.

November 12, 2015

FASB proposal aims to increase transparency regarding disclosure of government assistance

The proposal would require disclosures about the type of arrangement and the method of accounting for government assistance.

November 11, 2015

FASB’s leases standard gets preliminary approval

The standard, which will include substantial changes to lessee accounting, is expected to be issued in early 2016.

November 6, 2015

Interruptions are top challenge for not-for-profit finance execs

Although guiding organizational strategy is a key responsibility for finance chiefs, interruptions often get in the way at not-for-profit organizations.

November 3, 2015

Companies slow to start revenue recognition implementation

A substantial majority of companies participating in a new survey have not yet tried to quantify how the new revenue recognition standard will affect their financial statements.

November 2, 2015

FinREC issues revenue recognition working drafts for informal comment

The AICPA FinREC released nine working drafts for informal comment containing industry-specific considerations and illustrative examples related to implementation of the new revenue recognition standard.

November 1, 2015

PCC gets new leadership

Chair Candace Wright and 3 others join the Private Company Council.

November 1, 2015

FASB tackles principal vs. agent guidance

The proposal would amend the revenue recognition standard to clarify rules.

November 1, 2015

Startup costs: Book vs. tax treatment

CPAs should understand how to handle startup and organization costs and, especially, how they are treated differently for book and tax purposes.

October 28, 2015

IASB proposal would guide management on materiality

The IASB published a draft to help preparers determine which information is material and should be included in financial statements.

October 27, 2015

ASB addresses audits of ICFR integrated with financial statement audits

The AICPA Auditing Standards Board established requirements and provided guidance that apply only when an auditor is engaged to perform an audit of internal control over financial reporting that is integrated with an audit of financial statements.

October 26, 2015

Tips for successful revenue recognition implementation

The effective date of the revenue recognition standard is fast approaching. Here are some of the SEC chief accountant’s tips for implementing the new standard.

October 22, 2015

SEC filed more than 800 enforcement actions in fiscal 2015

The SEC filed 807 enforcement actions and obtained orders totaling about $4.2 billion in disgorgement and penalties in fiscal 2015.

October 14, 2015

GASB proposes pension standards relief for certain governments

Some governments with multiple-employer defined benefit pension plans have found it difficult to comply with GASB’s new pension accounting standards.

October 1, 2015

Accounting for software at federal agencies addressed in proposal

A recent proposal is designed to address challenges that federal government agencies have experienced in accounting for internal-use software.

October 1, 2015

FinREC gives mixed review to FASB’s not-for-profit proposal

AICPA committee has concerns about divergence with for-profit model.

October 1, 2015

FASB changes employee benefit plan accounting

Three-part document is designed to reduce complexity.

October 1, 2015

IFRS Foundation proposes taxonomy updates

Updates are intended to assist organizations that report electronically.

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.