FinREC is requesting feedback on four working drafts that provide industry-specific guidance for entities implementing FASB Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606).
U.S. compliance and reporting
The board issued an invitation to comment.
New guidance on modification accounting addresses diversity in practice.
he standard clarifies accounting for operating entities serving public-sector grantors.
The committee is updating an industry-specific guide.
Technical corrections proposed by FASB would affect accounting guidance for certain bad debt reserves of savings and loans, and steamship entities.
A proposed ASU would give private companies an alternative for financial reporting associated with consolidation of variable-interest entities.
The pace of standard setting may slow in the coming months, but one key new project is on the horizon.
Accounting obstacles that prevented some organizations from using hedging to manage risks may be eliminated by a standard that received preliminary approval from FASB.
Stakeholders said current GAAP distorts interest income.
Airlines, gaming, hospitality, and time-share are addressed.
Companies must prepare for unforeseen implications for tax planning.
FASB made the first of several scheduled maintenance updates to its Accounting Standards Codification as part of an effort to simplify the codification’s structure.
FASB intends to provide clarity to help financial statement preparers determine the customer of the operation services for transactions.
The changes relate to disclosure and presentation for master trusts.
Accounting for partial sales of nonfinancial assets is also addressed.
The current presentation was said to combine heterogeneous elements.
The changes would expand the scope of transactions covered by ASC Topic 718.
The latest topics include aerospace, broker-dealers, time-share, and utilities.
Working drafts for the airlines, gaming, hospitality and time-share industries were included in the latest group of issues exposed for the AICPA’s guide to implementing FASB’s revenue recognition standard.