The Financial Accounting Standards Board is researching revenue recognition accounting issues that may challenge companies—and may lead to a delay in the effective date of the new standard.
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Accounting & reporting
SEC will seek comments on new possibility for voluntary IFRS adoption
The SEC is considering the merits of an informal proposal that would allow voluntary filing of supplemental material in financial statements by U.S. public companies, according to SEC Chief Accountant James Schnurr.
SEC official: PCAOB’s standard setting too slow
The PCAOB’s pace of developing auditing standards is too slow, SEC Chief Accountant James Schnurr said. He plans reviews of the process in hopes of speeding it up.
Do preparers have answers to revenue recognition questions?
Financial statement preparers have questions about the new revenue recognition standard that may make a delay in the implementation date appropriate, SEC Chief Accountant James Schnurr said.
7 risk areas for the 2014 audit cycle
Revenue recognition and internal control over financial reporting are among the key risk factors in the 2014 audit cycle, according to an alert by the Center for Audit Quality (CAQ). The alert details seven key areas of potential risk in auditors’ work.
FAF, FASB, and GASB release draft strategic plan
The Financial Accounting Foundation, the Financial Accounting Standards Board, and the Governmental Accounting Standards Board released a new joint strategic plan that spells out the organizations’ vision and mission.
What do public companies disclose about auditor relationships?
Proxy reports filed by U.S. public companies often discuss how nonaudit services may affect independence, according to a new report. But other elements of relationships with auditors are disclosed less often.
A bright line in SSARSs
New standards for accounting and review services include significant changes for accountants in public practice who prepare financial statements for clients. Find out more about the changes contained in newly issued Statement on Standards for Accounting and Review Services (SSARS) No. 21.
Financial reporting
The Private Company Council (PCC) voted to approve a GAAP alternative that will allow private companies to elect not to separately recognize and measure certain intangible assets acquired in a business combination.
Auditing / Financial reporting
New Technical Questions and Answers (TPAs) have been issued and are available on the AICPA website to provide nonauthoritative guidance.
6 tips for integrated thinking
Here are six ways companies can adopt integrated thinking and decision-making processes that are fundamental to the creation of an integrated report.
GASB gives preliminary views on leases, fiduciary responsibilities
The Governmental Accounting Standards Board issued “Preliminary Views” statements proposing changes for the way state and local governments account for leases—and for activities in which they have a fiduciary responsibility.
FASB publishes new rules for pushdown accounting
New accounting rules published Tuesday by FASB establish whether and at what threshold an acquired business or not-for-profit organization can apply pushdown accounting. Pushdown accounting occurs in an acquisition when an acquired organization uses the acquirer’s basis of accounting to prepare its financial statements. A lack of guidance in GAAP
11 suggestions for making corporate disclosures more effective
Better search and visualization capabilities, more discussion of company strategy, and ranking of risk factors would make corporate financial reporting more useful to investors, according to a report released Thursday. Prepared with the help of a broad spectrum of experts, the report provides recommendations for improving the effectiveness of corporate
How SSARS No. 21 became a standard
It took years of deliberation and professionwide collaboration to produce Statement on Standards for Accounting and Review Services (SSARS) No. 21. Here’s how the AICPA Accounting and Review Services Committee (ARSC) developed the standard, which was issued Oct. 23: Initial exposure draft On June 29, 2012, ARSC initially exposed for
Standards revised for reviews, compilations, engagements to prepare financial statements
Clarified and revised standards for compilations and engagements to prepare financial statements released Thursday create a bright line between accounting (preparation) and reporting (compilation) services. The AICPA Accounting and Review Services Committee (ARSC) released Statement on Standards for Accounting and Review Services (SSARS) No. 21, which contains significant changes for
When does Section 70 of SSARS No. 21 apply?
Section 70, Preparation of Financial Statements, of Statement on Standards for Accounting and Review Services No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification, applies when an accountant in public practice is engaged to prepare financial statements. The following table provides examples of services that the
Reducing unnecessary complexity remains a key focus of FASB
Taking unnecessary cost and complexity out of the U.S. financial reporting system has been a primary objective for Russell Golden since he became FASB’s chairman in July 2013. FASB plans to continue its efforts to reduce complexity—while maintaining usefulness of reporting to financial statement users—in the coming years, Golden said
How NFPs should allocate joint costs
Not-for-profit management and auditors have the responsibility to make sure that costs are properly allocated for activities that serve their mission and also include fundraising opportunities. Learn how consistent application of accounting rules results in a fair depiction of these costs in not-for-profit financials.
PCC approves private company GAAP exception for certain acquired intangible assets
The Private Company Council (PCC) voted Tuesday to approve a GAAP alternative that will allow private companies to elect not to separately recognize and measure certain intangible assets acquired in a business combination. Private companies that elect the alternative would not recognize: Noncompetition agreements. Customer-related intangible assets that are not
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