A new group devoted to dealing with transition issues related to the new, converged revenue recognition standard will meet twice in 2014 and four times in 2015. The Joint Transition Resource Group for Revenue Recognition will hold its first meeting on July 18 and will consist of financial statement preparers,
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How preparers can make revenue recognition implementation smooth
Financial statement preparers are embarking on a daunting task as they begin to ramp up for implementation of the new, comprehensive, converged standard on revenue recognition. Reading and understanding the standard, which was released on Wednesday, is the first item of business for preparers, according to Brian Marshall, CPA, a
Highlights of ethics research
The authors distill research published in tax and accounting journals of interest to busy practitioners. This article focuses on academic research in ethics.
GASB pension reporting: How to obtain and audit key numbers
State and local government employers who participate in multiple-employer defined benefit pension plans—and the governments’ auditors—may have difficulty obtaining data required by GASB’s new pension standards to prepare employer financial statements and auditing such information. GASB Statement No. 67, Financial Reporting for Pension Plans, provides revised guidance for the financial
Accounting may need help in revenue recognition implementation
Many companies are going to find that the attention of finance and accounting will not be enough to ensure successful implementation of the new revenue recognition standard.
FASB, IASB release historic revenue recognition standard
FASB and the International Accounting Standards Board (IASB) released a standard on the recognition of revenue from contracts with customers that is designed to create greater comparability for financial statement users across industries and jurisdictions.
New revenue guidance: Six things to consider
The release Wednesday of a long-awaited new revenue recognition standard had financial statement preparers settling in to read hundreds of pages of text, as standard setters celebrated the achievement of producing that text.
GASB proposals would address post-employment health care liabilities
New accounting rules proposals approved Wednesday by GASB would require more transparency in financial reporting about state and local government obligations for post-employment benefits (OPEB). GASB approved two exposure drafts related to OPEB and an additional exposure draft that would establish requirements for state and local government pensions and pension
GASB proposal would define fair value
A GASB proposal released Thursday describes how fair value should be defined and measured in state and local government financial reporting. GASB is proposing in its Fair Value Measurement and Application exposure draft that fair value be defined as the price that would be received to sell an asset or
IASB clarifies appropriate methods of depreciation, amortization
New amendments to two international accounting standards published Monday clarify acceptable methods of depreciation and amortization. To clarify appropriate methods, the International Accounting Standards Board (IASB) changed IAS 16, Property, Plant and Equipment, and IAS 38, Intangible Assets. Both standards explain that the expected pattern of consumption of an asset’s
FAF, FASB, GASB path includes overarching projects
Global standard setting is taking a new path and U.S. accounting standard setters are preparing to consider foundational projects, according to forward-looking information published Thursday in the annual report of the Financial Accounting Foundation (FAF). Board chairmen Russell Golden of FASB and David Vaudt of GASB, whose organizations are overseen
IASB establishes principles for cooperation with other standard setters
An updated charter published Wednesday by the International Accounting Standards Board (IASB) establishes principles for the board’s cooperation with national standard-setting bodies, as represented by the International Forum of Accounting Standard Setters. The updated charter: Re-emphasizes the importance of the global standard-setting community to the IASB’s work and builds on
IASB issues new standard for acquisitions of joint operations
New international accounting rules for acquisitions of interests in joint operations were published Tuesday by the International Accounting Standards Board (IASB). Amendments to IFRS 11, Joint Arrangements, specify the appropriate accounting treatment for an acquisition of an interest in a joint operation that constitutes a business. The IASB decided that
Portions of conflict minerals rule stayed by SEC
Companies will not have to explicitly declare whether their products contain minerals that originated in mines in the Democratic Republic of Congo or its neighboring countries, according to the SEC. The SEC issued an order Friday staying the effective date for compliance with portions of its conflict minerals rule that
FASAB proposes delay in long-term fiscal projections transition
The Federal Accounting Standards Advisory Board (FASAB) is proposing that new presentation requirements for long-term fiscal projections for the U.S. government and related disclosures be delayed one year, to take effect in fiscal year 2015 rather than fiscal year 2014. The standard requires projections and related disclosures to be presented
Revenue recognition: Do companies have enough time for implementation?
Companies may face a serious time crunch with implementation of the new, converged financial reporting standard for revenue recognition despite a seemingly long transition period, General Electric Controller and Chief Accounting Officer Jan Hauser said Thursday. The much-delayed standard, which has been approved by FASB and the International Accounting Standards
Five key issues FASB may change in financial reporting
FASB is preparing to consider foundational changes that could significantly alter financial reporting in the future as well as standards improvements that will reduce complexity, board Chairman Russell Golden said Thursday. Here are five issues that will be studied and debated by FASB in the coming years under active projects,
SEC slightly amends conflict minerals reporting requirements
The SEC has amended its conflict minerals reporting requirements after an appeals court struck down part of the rule. Under the conflict minerals rule, issuers are required to attempt to determine whether the gold, tantalum, tin, and tungsten used in their products originated in mines operated by warlords in the
Two SEC commissioners call for stay of conflict minerals rule
Two SEC commissioners issued a statement Monday calling for the commission to stay its conflict minerals rule and impose no further regulatory obligations related to the rule until litigation surrounding the rule is completed. Commissioners Daniel Gallagher and Michael Piwowar said marching ahead with a rule that might be invalidated
New TPAs address changes to reports arising from PCC VIE alternative
New nonauthoritative guidance issued by the AICPA addresses changes to accountants’ or auditors’ reports when a client adopts a new Private Company Council (PCC) alternative that results in a change to a previously issued report. Private company clients can elect not to apply variable-interest entity guidance to certain common-control leasing
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