FASB financial accounting & reporting

FASB issued a standard clarifying the scope of its asset derecognition guidance and adding accounting guidance for partial sales of nonfinancial assets.

Working drafts on revenue recognition issues for the insurance and software industries were published by the AICPA, which is seeking comments from interested parties.

Step 2 was eliminated from the goodwill impairment test as the FASB sought to simplify accounting in a new standard issued Thursday.

Deloitte offers five strategies to help find efficiencies and avoid unnecessary disturbances.

A new federal government accounting standard is designed to provide concise and meaningful information about insurance costs and liabilities.

FASB addressed balance sheet classification of debt and the disclosure requirements for inventory under the board’s Disclosure Framework.

The definition was clarified because of concerns that many transactions that should be considered asset acquisitions were being recorded as business acquisitions for accounting purposes.

The latest drafts address issues in the aerospace and defense, telecommunications, and time-share industries.

Financial statement preparers and auditors face important challenges as they implement FASB’s new revenue recognition standard.