FASB issued minor amendments, targeted changes, and a proposal addressing lessors' implementation challenges.
U.S. compliance and reporting
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.
A proposal issued by FASB would amend the transition requirements and scope of the board’s new standard for accounting for credit losses.
Companies that sell products such as life insurance, disability income insurance, long-term-care insurance and annuities will change their accounting under new rules issued by FASB.
Amendments proposed by FASB are intended to make implementation of the new lease accounting standard easier and less costly for lessors.
The AICPA’s Financial Reporting Executive Committee (FinREC) has issued working drafts of accounting issues related to implementation of FASB’s new standard for accounting for credit losses.
The change aligns accounting of transactions for employees and nonemployees.
FASB has issued targeted changes to its new lease accounting standard that are designed to make implementation easier and reduce costs for financial statement preparers.
FASB clarified rules and corrected application of guidance for its lease accounting standard.
FASB made clarifying changes and corrected unintended application of guidance in a standard that updates its Accounting Standards Codification.
No significant effects on current practices are expected.
Gaming and telecommunications are up for discussion.
Questions arose with the new revenue recognition standard.
The proposal would realign the definitions of “collections” used in GAAP and the American Alliance of Museums’ Code of Ethics for Museums.