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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.

May 20, 2015

SEC proposes new reporting requirements for investment companies and advisers

Rules proposed by the SEC are designed to improve the reporting and disclosure of information by investment companies and investment advisers.

May 19, 2015

IASB seeks feedback on possible revenue recognition delay

The International Accounting Standards Board (IASB) published its proposal to delay by one year the effective date of the new revenue recognition standard.

May 12, 2015

FASB formally proposes revenue recognition changes

Changes to the revenue recognition standard proposed by FASB are designed to clarify guidance related to identifying performance obligations and licensing.

May 11, 2015

AICPA urges FAF to maintain momentum on private company issues

An AICPA comment letter encourages the Financial Accounting Foundation to not lose the momentum it has built in addressing accounting issues for private companies through the Private Company Council process.

May 5, 2015

PCC considers unconditional first-time option for election of alternatives

Private companies may have more flexibility to elect private company accounting alternatives as a result of a project the Private Company Council (PCC) is undertaking.

April 30, 2015

FASB proposal addresses breakage associated with certain unredeemed cards

FASB issued a proposal addressing diversity in practice related to derecognizing liabilities related to certain unredeemed, prepaid cards.

April 29, 2015

FASB formally proposes deferring revenue recognition effective date

FASB issued a proposed Accounting Standards Update that would delay the effective date of the new, converged revenue recognition standard by one year.

April 28, 2015

IASB votes to propose delaying effective date of revenue standard

The International Accounting Standards Board agreed to propose delaying by one year the effective date of the converged revenue recognition standard, with early application permitted.

April 24, 2015

FASB proposals address plan accounting, certain electricity contracts

Three Accounting Standards Updates proposed by FASB seek to simplify accounting for employee benefit plans.

April 22, 2015

FASB proposes significant changes to not-for-profit reporting

Not-for-profit financial statement preparers would experience significant changes in practice as a result of new standards proposed Wednesday by FASB.