U.S. compliance and reporting

FinREC issues 2 revenue recognition working drafts

The AICPA FinREC published working drafts addressing revenue recognition issues in the gaming and telecommunications industries.

FASB addresses stranded income effects of tax law

The board also took on miscellaneous topics.

Leases: A portfolio approach

Applying FASB’s new lease accounting guidance on a portfolio level can help make implementation easier and less costly.

FASB proposes targeted changes to collaborative arrangements standard

FASB wants to clarify the interaction between GAAP for collaborative arrangements and the board’s new revenue recognition standard.

Accounting for external-use software development costs in an agile environment

Learn which software costs should be capitalized and which costs should be expensed when an entity builds external-use software using an agile development environment.

Hedging gets a boost from simplified accounting guidance

Companies are finding that FASB’s new hedge accounting guidance removes some of the barriers that had prevented them from taking advantage of hedging opportunities.

FASB addresses accounting for implementing certain cloud-computing arrangements

FASB issued a proposed Accounting Standards Update that would clarify the accounting for implementation costs related to a cloud-computing arrangement that is a service contract.

FASB proposes lease standard implementation improvements

The draft adds a transition option and a practical expedient.

FASB issues technical corrections to financial instruments standard

FASB issued technical corrections and improvements to its financial instruments standard on recognition and measurement of financial assets and liabilities that was originally issued in 2016.

FASB proposes adding a new benchmark interest rate for hedge accounting

FASB proposed adding a new U.S. benchmark interest rate to the list of rates permitted in the application of hedge accounting.

FASB addresses stranded income tax effects of new tax law

FASB issued new rules that provide financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.

FASB moving forward on reclassification of stranded tax effects

FASB is moving quickly to give financial statement preparers a targeted improvement in their accounting for effects of the new tax reform law.

GASB developing revenue and expense recognition model

GASB is seeking public feedback as it develops a revenue and expense recognition model for state and local government accounting.

7 revenue recognition issues exposed by FinREC

The AICPA Financial Reporting Executive Committee sought public comment on seven new revenue recognition implementation issues to be added to the AICPA’s revenue recognition guide.

FASB combines guidance on 2 subjects into 1 topic

Income statements and comprehensive income are now covered in FASB ASC Topic 220.

FASB simplifying leases standard implementation

Preparers have had trouble finding and extracting data.

Kroeker reappointed as FASB’s vice chairman

The position was reinstated in 2013.

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.

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.