These practical illustrations give state and local governments insight into the new requirements of GASB Statement No. 87.
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
FASB tackles difficult liabilities and equity topic
FASB addressed one of the most challenging areas of financial reporting with a proposal intended to help distinguish liabilities from equity.
FASB proposes clarifying interaction between 2 standards
FASB issued a proposal that would clarify the interaction between its standard on recognition and measurement of financial instruments and its standard on equity method investments.
FASB to propose delaying effective dates for 4 major standards
Effective dates for certain entities for key standards on accounting for leases, credit losses, hedging, and long-duration insurance contracts would change under a proposal FASB voted to direct its staff to draft.
Implementation insight from FASB’s vice chair
FASB vice chairman Jim Kroeker shares advice for successful implementation of accounting standards, as well as what’s on the horizon for FASB.
FASB considering goodwill accounting changes
FASB issued an Invitation to Comment on whether the board should make changes to the accounting for certain identifiable intangible assets acquired in a business combination and subsequent accounting for goodwill.
Polley steps down as head of FAF
High-profile standards were completed during the CEO’s tenure.
Q&A discusses ‘direct care’ expenses for collections
A Technical Question and Answer issued by the AICPA discusses the characteristics of expenses that would be considered “direct care of existing collections” under a new FASB standard that updates the definition of “collections.”
Lease accounting: A private company perspective
As they implement FASB’s new lease accounting rules, private companies and not-for-profits may be surprised by the complexity of the transition and the effects on the financial statements.
FASB proposes simplifying accounting for income taxes
The changes would remove various exceptions to general principles.
FASB proposes narrow-scope changes to credit loss standard
FASB proposed changes that are designed to address issues that have arisen for stakeholders implementing the board’s new standard for accounting for credit losses.
Get private companies ready for the new revenue standard
Private companies are entering the final stretch of their preparations to comply with FASB’s new revenue recognition standard. Here’s how auditors can help their clients with the implementation process.
Revenue recognition tips for not-for-profits
Not-for-profits have their own specific concerns related to the Financial Accounting Standards Board’s new revenue recognition standard. Find out in this episode how the new standard applies to not-for-profits.
Tips for a smooth CECL implementation
FASB’s new current expected credit losses standard contains big implementation challenges for the financial services industry but also applies to companies in other industries.
FASB modifies definition of ‘collections’
New rules issued by the FASB align its definition of “collections” with that used by the American Alliance of Museums’ Code of Ethics for Museums.
FASB extends GAAP alternatives to not-for-profits
The new FASB standard allows not-for-profits to use alternatives on accounting for goodwill and accounting for identifiable intangible assets in a business combination.
FASB eases transition to credit losses standard
FASB issued new accounting rules that are designed to ease the transition to the board’s new credit losses standard by providing an option to measure certain types of assets at fair value.
FASB proposes simplifying accounting for income taxes
FASB issued a proposal that is intended to make accounting for income taxes less costly and complex.
Credit losses standard tips for audit committees
FASB’s new standard for recording credit losses presents a huge change to accounting for financial institutions, and affects other organizations as well. A new tool helps audit committees in their oversight of this important implementation.
Q&A discusses ‘direct care’ expenses for collections
A new Technical Question and Answer issued by the AICPA discusses the characteristics of expenses that would be considered “direct care of existing collections” under a new FASB standard that updates the definition of “collections.”
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