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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.

July 23, 2015

FASB simplifies inventory measurement guidance

The Financial Accounting Standards Board has issued amendments designed to make the subsequent measurement of inventory less complex.

July 22, 2015

IASB votes to delay effective date of revenue recognition standard

The delay keeps IASB’s effective date in line with that of FASB, which also voted in favor of a one-year deferral earlier this month.

July 9, 2015

FASB delays revenue recognition effective date by one year

Citing challenges for financial statement preparers, FASB voted to delay the effective date of the new revenue recognition standard by one year, with early adoption permitted as of the original effective date.

July 1, 2015

SEC considers updating audit committee disclosure requirements

The SEC is evaluating whether audit committee disclosure requirements provide investors with the information they are seeking.

July 1, 2015

SEC proposal would require payback of incentive compensation awarded erroneously

New rules proposed by the SEC would require executives to repay incentive-based compensation that a subsequent accounting restatement shows was not earned.

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.