U.S. compliance and reporting

FASB officially delays 4 major standards

FASB issued two Accounting Standards Updates that finalize delays to various effective dates for new standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.

CECL isn’t just for banks anymore

Revised financial instruments standards that impact all industries and apply to a broad range of financial assets have begun to take effect. The effective date for SEC filers is years beginning after Dec. 15, 2019.

Lease accounting: Keep pushing ahead

Despite FASB’s delay in the lease accounting effective date for private companies and certain other entities, there’s not a lot of time for companies to handle a complicated implementation.

A new path for private companies with VIEs

FASB has expanded the election not to consolidate for private companies with variable-interest entities. Users of private company financial statements told FASB that consolidation does not help them analyze financial statements.

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VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.