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July 1, 2015

AICPA seeks continued commitment to private companies

Letter to FAF says PCC’s work on existing GAAP is not finished.

July 1, 2015

Direct-method transition would require prompt attention

Public colleges and universities encountered challenges after making the switch with GASB Statement 34.

July 1, 2015

FASB proposal addresses prepaid card breakage

If approved, a narrow-scope exception to liabilities guidance would be provided.

June 30, 2015

GASB establishes new GAAP hierarchy for governmental accounting

The Governmental Accounting Standards Board issued new guidance that cuts in half the number of categories of authoritative GAAP for state and local government financial reporting.

June 22, 2015

FASB, IASB to propose clarifications to principal vs. agent considerations

FASB and the IASB voted to seek public comment on proposed changes to the converged revenue recognition standard that would give financial statement preparers additional guidance on the principal versus agent analysis.

June 19, 2015

Key report shows EU companies, investors support IFRS

IFRS are largely supported by companies and investors in the European, but also have room for improvement, according to a report adopted by the European Commission.

June 18, 2015

IASB proposes narrow amendments to pension accounting standards

The IASB is seeking to provide more information to investors and reduce diversity in practice through narrow-scope amendments to pension accounting standards.

June 17, 2015

SEC upgrades EDGAR, drops 2013 GAAP taxonomy support for XBRL

The SEC released a new version of EDGAR that no longer supports the 2013 taxonomy for the tagging of financial report data using extensible business reporting language.

June 17, 2015

IFRS business combinations standard review reveals need for further research

The IASB plans to do more research on certain areas of its business combinations standard as a result of a post-implementation review.

June 8, 2015

FASB issues 2 more proposals aimed at simplification

FASB issued proposals that are intended to simplify the equity method of accounting and improve employee share-based payment accounting.

June 1, 2015

Preferability and the private company alternatives

A FASB principle for accounting policy decisions may affect when private companies are able to elect GAAP financial reporting alternatives developed by the Private Company Council.

June 1, 2015

Don’t lose momentum on revenue recognition standard

Numerous changes, including a proposed delay in the effective date, are in play for the new revenue recognition standard. Here’s what preparers need to know and why they need to work toward implementation.

June 1, 2015

FASB simplifies presentation of debt issuance costs

The standard is designed to reduce unnecessary complexity.

June 1, 2015

AICPA deletes nonauthoritative guidance on uncertain tax position disclosures

The action comes after word from PCC and FASB members.

May 29, 2015

Recommendations could help SEC improve EDGAR database

The Securities and Exchange Commission can make changes to improve its EDGAR company filings database without the need for formal rulemaking.

May 29, 2015

IRS asks for comments on accounting method changes for proposed revenue recognition standards

The IRS asked for comments on how taxpayers’ accounting methods should be affected by the new financial accounting revenue recognition standards that have been issued by FASB and the IASB.

May 28, 2015

IASB proposes changes to conceptual framework

The International Accounting Standards Board is updating the conceptual framework underpinning financial reporting under IFRS.

May 21, 2015

New FASB standard aims for more transparency for insurance companies

FASB issued new disclosure requirements for insurance companies that are designed to provide more information about liabilities related to short-duration contracts.

May 21, 2015

FASB proposes narrow simplification to business combination accounting

FASB issued a proposal that is intended to simplify accounting for adjustments made to provisional amounts recognized in a business combination.

May 20, 2015

Review finds FASB noncontrolling interests standard achieves purpose

An accounting standard FASB issued in 2007 to address ownership interests within a company’s subsidiary achieves its purpose but does have areas that might be improved, a review found.