Convergence between U.S. GAAP and IFRS may diminish as the FASB and the IASB pursue different proposed changes in response to implementation concerns.
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
FASB agrees to propose revenue recognition standard delay
FASB voted to propose a one-year delay in the effective date of the new, converged revenue recognition standard.
FASB set to discuss revenue recognition effective date deferral
Some financial statement preparers have said the current effective date doesn’t give them time to gather the data they need.
FASB plans two new proposals to simplify accounting
FASB is expected to release proposals designed to simplify the equity method of accounting and to simplify the accounting for measurement period adjustments in a business combination.
Boards agree to propose additional changes to revenue standard
FASB and the IASB voted to propose the changes, which add to clarifications they agreed in February to propose.
GAAP taxonomy adopted by SEC
The 2015 GAAP financial reporting taxonomy has been adopted by the Securities and Exchange Commission and will be supported immediately. The taxonomy is a set of computer-readable tags for data included in financial statements.
FASB to propose new not-for-profit reporting requirements
The Financial Accounting Standards Board voted to propose new requirements designed to make not-for-profit financial statements more useful.
New challenges in a delicate process
FASB’s new going-concern standard creates many challenges for CPAs to consider. The Center for Plain English Accounting examines the new look-forward period, disparities with audit guidance, and a new triggering threshold.
FASB task force to consider whether the new revenue standard applies to certain prepaid cards
FASB’s Emerging Issues Task Force is expected to consider whether the new, converged revenue recognition standard applies to certain prepaid cards.
Proposed FASB disclosures would link bifurcated embedded derivatives to host contracts
The Financial Accounting Standards Board issued a proposal that would require disclosures linking each bifurcated embedded derivative to its host contract.
Revenue recognition: New differences emerging
International convergence of the new revenue recognition standard may decrease as a result of clarifying revisions that will be proposed by the Financial Accounting Standards Board and the International Accounting Standards Board.
Revenue recognition implementation concerns finance executives
A recent KPMG survey shows that 64% of U.S. companies are uncertain about the path they’ll take to adopt the new, converged revenue recognition standard. Also, regulation is cited as the top compliance concern for 51% of corporate finance executives.
FASB, IASB to propose clarifying revenue recognition guidance
FASB and the IASB decided to propose clarifying certain areas of the converged revenue recognition standard that are causing implementation problems for some financial statement preparers.
FASB issues targeted consolidation guidance changes
The Financial Accounting Standards Board issued a standard that is intended to make targeted improvements to consolidation guidance for certain legal entities.
FASB, AICPA working to clarify uncertain tax position guidance
The staffs of the Financial Accounting Standards Board and the AICPA will work together to clarify guidance for certain disclosures regarding uncertain tax positions.
FASB addresses income tax disclosures for undistributed foreign earnings
FASB has made tentative decisions on certain disclosures it plans to require related to income taxes, with a focus on undistributed foreign earnings. The board is attempting to simplify financial reporting by streamlining disclosures.
FASB proposes two changes to simplify accounting for income taxes
FASB proposed two standards changes that are designed to reduce complexity in accounting for income taxes.
5 ways to overcome confirmation bias
Following this five-step process can help auditors avoid a common psychological trap and the risk that they will overlook important contradictory evidence.
I’m not biased, am I?
Five common judgment biases can have a negative impact on accounting and auditing decisions. Learn how to spot these biases, and take a short quiz to see how they can affect your judgment.
Lost and found
Gift cards are a source of convenience for customers and a source of revenue for companies. But accounting for gift cards can be inconvenient. Finance must pay attention in particular to the recognition of breakage income related to unredeemed amounts on cards.
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