Letter to FAF says PCC’s work on existing GAAP is not finished.
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Accounting & reporting
Direct-method transition would require prompt attention
Public colleges and universities encountered challenges after making the switch with GASB Statement 34.
FASB proposal addresses prepaid card breakage
If approved, a narrow-scope exception to liabilities guidance would be provided.
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.
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.
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.
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.
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.
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.
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.
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.
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.
FASB simplifies presentation of debt issuance costs
The standard is designed to reduce unnecessary complexity.
AICPA deletes nonauthoritative guidance on uncertain tax position disclosures
The action comes after word from PCC and FASB members.
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.
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.
IASB proposes changes to conceptual framework
The International Accounting Standards Board is updating the conceptual framework underpinning financial reporting under IFRS.
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.
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.
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.
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