Special purpose frameworks

An Accounting Standards Update affects accounting for sales and similar taxes, certain lessor costs and certain requirements related to variable payments in contracts.

Here’s what company leaders need to know about an implementation job that may be arduous.

Candace Wright, CPA/CFF, has been reappointed as chair of the Private Company Council (PCC), the Financial Accounting Foundation board of trustees announced.

Two FASB staff memos issued last month provide insight to private company financial statement preparers on how to overcome implementation challenges that some have encountered with the new revenue recognition standard.

An AICPA committee has asked FASB to provide relief for private companies and certain conduit debt obligors from some elements of the new revenue recognition standard.

Financial statements prepared in accordance with an AICPA financial reporting framework give lenders nearly as much confidence to loan capital as GAAP-based financial statements for small and medium-size businesses with low credit risk, a published study shows.

FASB standard provides relief for private companies facing challenges completing hedge documentation in a timely manner.

The Private Company Council is encountering challenges as it advocates for the smallest private companies in FASB’s process for setting accounting standards.

FASB issued a standard that eliminates the effective dates of the four private company financial reporting alternatives, making the alternatives more accessible.

FASB has endorsed a decision by the Private Company Council that would remove the effective dates from four GAAP alternatives for private companies.