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April 13, 2015

Revenue recognition revisited

A reexamination of new revenue recognition rules has led to tinkering with the standard that is considered the biggest achievement of the convergence efforts of FASB and the International Accounting Standards Board (IASB).

April 13, 2015

Financial reporting

Financial reporting news from “News Digest.”

April 13, 2015

Will simpler also be better?

A number of standard setters and regulators are making efforts to reduce complexity in accounting standards and simplify financial reporting. These changes may free up finance employees from some reporting duties and allow them to focus on responsibilities that add more value to their organizations.

April 7, 2015

FASB issues changes regarding presentation of debt issuance

The standard requires that debt issuance costs not be classified as a deferred charge or deferred credit.

April 2, 2015

How revenue recognition divergence would affect preparers

Convergence between U.S. GAAP and IFRS may diminish as the FASB and the IASB pursue different proposed changes in response to implementation concerns.

April 1, 2015

FASB agrees to propose revenue recognition standard delay

FASB voted to propose a one-year delay in the effective date of the new, converged revenue recognition standard.

March 26, 2015

FASB set to discuss revenue recognition effective date deferral

Some financial statement preparers have said the current effective date doesn’t give them time to gather the data they need.

March 24, 2015

AICPA deletes nonauthoritative guidance on uncertain tax position disclosures

As part of an effort to clarify guidance regarding uncertain tax positions for nonpublic entities, the AICPA deleted a nonauthoritative Technical Question and Answer (Q&A).

March 24, 2015

FASB plans two new proposals to simplify accounting

FASB is expected to release proposals designed to simplify the equity method of accounting and to simplify the accounting for measurement period adjustments in a business combination.

March 18, 2015

Boards agree to propose additional changes to revenue standard

FASB and the IASB voted to propose the changes, which add to clarifications they agreed in February to propose.

March 17, 2015

“Pervasive” pressure challenges internal audit’s objectivity

Fifty-five percent of North American chief audit executives have been asked at least once to omit or modify an important audit finding, according to new research.

March 9, 2015

GAAP taxonomy adopted by SEC

The 2015 GAAP financial reporting taxonomy has been adopted by the Securities and Exchange Commission and will be supported immediately. The taxonomy is a set of computer-readable tags for data included in financial statements.

March 5, 2015

FASB to propose new not-for-profit reporting requirements

The Financial Accounting Standards Board voted to propose new requirements designed to make not-for-profit financial statements more useful.

March 2, 2015

GASB tackles fair value in state and local government reporting

New guidance issued by the Governmental Accounting Standards Board defines fair value and how it should be measured in state and local government financial reporting.

March 1, 2015

New challenges in a delicate process

FASB’s new going-concern standard creates many challenges for CPAs to consider. The Center for Plain English Accounting examines the new look-forward period, disparities with audit guidance, and a new triggering threshold.

March 1, 2015

Financial reporting

A FASB initiative designed to simplify GAAP has yielded a standard that eliminates the concept of extraordinary items from GAAP.

March 1, 2015

News highlights for March 2015

FASB issued a new GAAP alternative that is designed to make accounting for certain intangible assets acquired in a business combination less costly and less complicated for private companies.

February 27, 2015

FASB task force to consider whether the new revenue standard applies to certain prepaid cards

FASB’s Emerging Issues Task Force is expected to consider whether the new, converged revenue recognition standard applies to certain prepaid cards.

February 26, 2015

FAF seeks assessments of Private Company Council

The Financial Accounting Foundation board of trustees issued a request for comment on the effectiveness, accomplishments and future role of the Private Company Council.

February 25, 2015

Proposed FASB disclosures would link bifurcated embedded derivatives to host contracts

The Financial Accounting Standards Board issued a proposal that would require disclosures linking each bifurcated embedded derivative to its host contract.

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.