Here are some things that company finance departments may wish to keep in mind as the lease accounting standard takes effect at the beginning of next year for public companies.
U.S. compliance and reporting
FASB proposed clarifications and changes to its recently issued accounting standards on credit losses, hedging, and recognition and measurement.
The AICPA Financial Reporting Executive Committee (FinREC) published a working draft on inventory valuation and is seeking comments on the draft.
FASB changed the transition requirements and clarified the scope of its standard on accounting for credit losses, which was issued in 2016.
A new FASB staff paper provides information to private company franchisors as they decide how to recognize certain franchise fees under the new revenue recognition standard.
A majority of S&P 500 companies chose the simplicity of the modified retrospective transition for their revenue recognition standard implementation, a new white paper shows.
FASB issued a proposal that would align the accounting for production costs of an episodic TV series with the accounting for films.
In a new standard, FASB clarified the interaction between the guidance for certain collaborative arrangements and the revenue recognition standard.
The board also addressed concerns about its standard on credit losses.
FASB expanded an accounting alternative for private companies and changed the rules for all entities for deciding whether a decision-making fee is a variable interest.
FASB expanded the list of benchmark interest rates that are permissible in the application of hedge accounting.
A new guide focuses on lenders and insurance companies.
FASB issued minor amendments, targeted changes, and a proposal addressing lessors' implementation challenges.
A new standard creates targeted changes for long-duration contracts.
The AICPA Financial Reporting Executive Committee (FinREC) issued a working draft of a proposed chapter on multiemployer benefit plans and illustrative financial statements, which will be added to the AICPA Audit and Accounting Guide Employee Benefit Plans.
The board also proposed a new definition of collections and issued clarifications on lease accounting and other issues.
FASB issued new rules that are designed to reduce complexity for the accounting for costs of implementing a cloud computing service arrangement.
FASB’s ongoing efforts to improve the effectiveness of disclosures in the notes to financial statements led to multiple changes announced by the board.
Preparers may want to consider technological tools that can help with the accounting and the administration of leases.
A new Federal Accounting Standards Advisory Board proposal is designed to eliminate inconsistencies in the board’s guidance for federal entities’ accounting for inter-entity costs.