Nonauthoritative guidance developed by the AICPA Not-for-Profit Entities Expert Panel addresses how a for-profit subsidiary of a not-for-profit entity can apply a private company accounting alternative related to amortization of goodwill in its stand-alone financial statements.
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TOPICS
Accounting & reporting
No more extraordinary items: FASB simplifies GAAP
A new standard issued by FASB is designed to save time and reduce costs for preparers by eliminating the concept of extraordinary items from GAAP.
PCAOB to seek comments on going concern
The project is responding to new FASB requirements for management’s evaluation of going concern.
GASB pension changes: Are you ready?
GASB Statements No. 67 and No. 68 have created significant changes in pension accounting for state and local governments that affect financial statement preparers and auditors.
Financial reporting
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 issues private company alternative for certain intangible assets
A GAAP alternative issued by FASB gives private companies the option to elect not to recognize separately from goodwill certain intangible assets acquired in a business combination.
U.S. GAAP taxonomy for 2015 available
The 2015 U.S. GAAP Financial Reporting Taxonomy is available, pending SEC approval, FASB announced.
IASB issues amendments, exposure draft related to more streamlined disclosures
The amendments are designed to give preparers the ability to use professional judgment when preparing financial statements.
U.S. board members cite challenges in revenue recognition implementation
Updating systems and policies and revising contracts with customers were cited by U.S. public company board members as the top challenges to implementing revenue recognition, according to a survey by accounting and consulting firm BDO.
Keep pushing forward on revenue recognition implementation, experts say
Companies should continue their work to implement the new revenue recognition standard despite the potential that FASB may defer its effective date, experts said at the AICPA Conference on Current SEC and PCAOB Developments.
FASB considering revenue recognition delay to reduce uncertainty
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.
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.
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