FASB proposal would address lessor implementation challenges
FASB proposed an accounting standard that would clarify how lessors should handle certain scenarios under the board’s new lease accounting standard.
U.S. compliance and reporting
GAAP, SEC taxonomies for 2019 are available
The taxonomies contain updates necessary for meeting GAAP and SEC requirements in financial reporting.
No delay in lease accounting standard effective date, Golden says
FASB will not delay the effective date of its new lease accounting standard, board Chairman Russell Golden said at the AICPA Conference on Current SEC and PCAOB Developments.
Simplifying implementation of FASB’s not-for-profit financial reporting standard
Smaller organizations with limited staff may have difficulty implementing FASB’s new standard on presentation of not-for-profit financial statements. These best practices can make the work easier.
FASB permits new benchmark rate for hedge accounting
The list of permissible interest rates expands to 5.
8 things to know about lease accounting implementation
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.
FASB proposes narrow-scope financial instruments accounting changes
FASB proposed clarifications and changes to its recently issued accounting standards on credit losses, hedging, and recognition and measurement.
Proposed guidance published on inventory valuation
The AICPA Financial Reporting Executive Committee (FinREC) published a working draft on inventory valuation and is seeking comments on the draft.
FASB alters transition requirements, scope of credit losses standard
FASB changed the transition requirements and clarified the scope of its standard on accounting for credit losses, which was issued in 2016.
FASB staff paper assists with franchise fee recognition
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.
Revenue recognition tilts toward modified transition approach
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 proposal addresses accounting for TV series
FASB issued a proposal that would align the accounting for production costs of an episodic TV series with the accounting for films.
FASB clarifies collaborative arrangement accounting rules
In a new standard, FASB clarified the interaction between the guidance for certain collaborative arrangements and the revenue recognition standard.
FASB takes big steps on disclosure effectiveness
The board also addressed concerns about its standard on credit losses.
FASB expands private company consolidation relief
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 permits new benchmark rate for hedge accounting
FASB expanded the list of benchmark interest rates that are permissible in the application of hedge accounting.
FinREC issues working drafts on credit loss accounting issues
A new guide focuses on lenders and insurance companies.
Lease accounting rules get additional tweaks
FASB issued minor amendments, targeted changes, and a proposal addressing lessors' implementation challenges.
FASB changes insurance accounting
A new standard creates targeted changes for long-duration contracts.
FinREC issues working draft on multiemployer benefit plans
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.
