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September 1, 2015

FASB delays revenue recognition effective date

1-year deferral gives financial statement preparers more time for implementation.

September 1, 2015

EDGAR company filings database updated

The 2013 GAAP taxonomy is no longer supported.

September 1, 2015

SEC proposes clawback rules

Executive officers would be required to pay back incentive compensation awarded in error.

August 31, 2015

A principal? Or an agent? FASB proposal aims to clarify

FASB proposed changes to the new revenue recognition standard that are meant to clarify how to determine whether an entity is a principal or an agent in a contract.

August 18, 2015

PCC gets new chair, three new members

Candace Wright, who serves as a director with Louisiana CPA firm Postlethwaite & Netterville, was appointed as chair of the Private Company Council (PCC).

August 12, 2015

AICPA committee gives mixed review, alternatives to not-for-profit proposal

A key AICPA committee has expressed concern that FASB’s proposed changes to not-for-profit accounting standards would lead to a further divergence between the financial reporting models of not-for-profits and for-profit businesses.

August 12, 2015

FASB formally issues revenue recognition delay

FASB published an accounting standards update that formalizes a one-year deferral in the effective date of its new revenue recognition standard.

August 11, 2015

FASB clarifies scope exception for certain electricity contracts

FASB issued guidance designed to clarify when a scope exception to derivatives and hedging guidance can be applied to certain electricity contracts within nodal energy markets.

August 10, 2015

IASB may delay new rules for transactions with associates, joint ventures

The International Accounting Standards Board (IASB) is reviewing whether it moved too quickly on narrow-scope amendments to IFRS 10 and IAS 28.

August 7, 2015

FASB exposure drafts propose amended standards for derivatives and hedging

FASB is seeking comments on two Proposed Accounting Standards Updates related to derivatives and hedging.

August 5, 2015

SEC approves CEO pay ratio rule

The SEC approved a new rule requiring U.S. public companies to disclose the ratio between their CEO’s compensation and that of their median employee.

August 5, 2015

Proposed IFRS taxonomy updates released

Taxonomy updates to reflect new reporting standards were proposed by the IFRS Foundation. Comments can be made through Oct. 30.

August 1, 2015

FASB continues pursuit of simplification

Exposure drafts address equity method, share-based payments, and business combinations.

August 1, 2015

What now? Responding to a subsequent discovery of fact

A CPA is required to take action when relevant facts come to light after financial statements or audit reports have been issued. AICPA standards help guide the appropriate response.

August 1, 2015

Review finds FASB’s noncontrolling interests standard achieves purpose

Room for possible improvement is also found in Statement No. 160.

August 1, 2015

SEC proposes new reporting requirements for investment companies, advisers

Commission seeks better information for investors.

August 1, 2015

IASB proposes changes to conceptual framework

Project would alter the foundational underpinning for IFRS financial reporting.

August 1, 2015

Insurance companies get new disclosure requirements

Rules provide more information about liabilities in short-duration contracts.

July 31, 2015

FASB update aims to simplify employee benefit plan accounting

The Financial Accounting Standards Board issued a three-part standards update designed to make accounting for employee benefit plans less complex.

July 30, 2015

IASB proposes revenue recognition clarifications

Clarifications and transition relief the IASB proposed for the new revenue recognition standard are designed to address financial statement preparers’ concerns.