Accounting & reporting news and resources

GASB has issued a proposed implementation guide that contains questions and answers that are designed to clarify, explain, or elaborate on recently issued standards for state and local government financial reporting.

September 30, 2015

FASB proposes narrow changes to revenue recognition standard

FASB intends to improve the guidance on collectibility, noncash consideration, and completed contracts at transition in the new revenue recognition standard.

September 25, 2015

FASB moves to simplify business combination accounting

FASB issued new rules that are intended to simplify accounting for adjustments made to provisional amounts recognized in a business combination.

September 24, 2015

How should materiality be applied? FASB weighs in

FASB issued two exposure drafts that address the use of materiality—an attempt to help organizations eliminate unnecessary disclosures in financial statements.

September 23, 2015

IASB to propose temporary measures for insurance companies

The IASB will propose temporary measures to address concerns about issues insurance companies are facing with implementation of the new financial instruments standard.

September 1, 2015

GASB to take a fundamental look at financial statements

The Governmental Accounting Standards Board will review the foundation of the financial reporting model for state and local governments.

September 1, 2015

FASB releases proposed 2016 GAAP taxonomy

The proposed taxonomy contains updates for accounting standards and other recommended improvements to the official taxonomy, which is used by public issuers registered with the SEC.

September 1, 2015

SEC considers updating audit committee disclosures

The commission is seeking public comment on information provided to investors.

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).

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.