Tips for lease accounting implementation
The effective date for implementing FASB’s new lease accounting standard is still about one year away, but it will require additional resources and a team effort.
U.S. compliance and reporting
FASB clarifies lease standard’s application to land easements
The change is expected to make adopting the leases standard easier for some land easements.
FASB Q&As discuss financial reporting implications of tax law
FASB issued four staff Q&As that address financial reporting issues related to the Tax Cuts and Jobs Act.
FASB proposes corporate reporting change related to new tax law
FASB proposed a new standard that is intended to help organizations reclassify certain income effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.
FASB Q&A supports use of SAB 118 by private companies, not-for-profits
Private companies and not-for-profits that elect to apply the guidance in a new SEC staff accounting bulletin should apply all relevant aspects of the bulletin in its entirety, FASB’s staff said.
FASB addresses financial reporting impacts of new tax law
FASB addressed numerous financial reporting implications of P.L. 115-97, known as the Tax Cuts and Jobs Act.
FASB proposes lease standard implementation improvements
A proposed FASB Accounting Standards Update seeks to ease the implementation of the new leases accounting standard.
How to handle GASB implementation challenges
State and local government finance staffs have had to implement several new, significant GASB statements. Here are tips for handling the challenges.
AICPA issues broker-dealer revenue recognition working draft
A new working draft issued by the AICPA Financial Reporting Executive Committee addresses a consideration for broker-dealers related to FASB’s new revenue recognition standard.
New working draft discusses revenue recognition issue for broker-dealers
The AICPA issued a new working draft that discusses helpful considerations for broker-dealers implementing FASB’s new revenue recognition standard.
FASB supersedes steamship entities guidance
FASB superseded guidance for US steamship entities because a 25-year limit has expired, making the guidance irrelevant.
Last-minute revenue recognition implementation tips
Time is running short in the revenue recognition implementation effort as public companies must adopt FASB’s new standard at the beginning of 2018.
FASB aims to ease pain of implementing lease accounting, other standards
Changes and proposed changes to FASB’s new lease accounting standard that were announced last week addressed financial statement preparers’ most pressing implementation concerns.
New working drafts address 5 revenue recognition issues
Working drafts for a total of five revenue recognition implementation issues in four industries were exposed by the AICPA Financial Reporting Executive Committee.
FASB lays out technical agenda
The board also issued several exposure drafts.
FASB simplifying leases standard implementation
FASB decided to simplify implementation of its new lease accounting standard in an effort to reduce costs and decrease challenges for financial statement preparers.
Practical considerations for lease accounting
Here are some things financial statement preparers should keep in mind when implementing FASB’s lease accounting standard
FASB combines guidance for income statement, comprehensive income into one topic
In an effort to simplify its Accounting Standards Codification, FASB has combined its guidance for income statements and comprehensive income into one topic.
Not-for-profit standard implementation assistance for health care entities
Three issue analyses from the AICPA Health Care Expert Panel could help with implementation of FASB’s new standard.
FinREC releases more revenue recognition working drafts
FinREC has been seeking public comment on working drafts that provide industry-specific guidance for entities implementing FASB’s new revenue recognition standard.
