When preparing internal financial reports, not-for-profits need to provide the board with the proper information to perform its oversight duties.
Accounting and Financial Reporting
Lease accounting rules for federal entities also were clarified.
A proposed chapter will be added to an AICPA Audit and Accounting Guide.
FASB expanded an accounting alternative for private companies and changed the rules for all entities for deciding whether a decision-making fee is a variable interest.
The IASB revised its definition of “material” in an effort to make it easier for companies to decide which information is important enough to include in their financial statements.
The AICPA Financial Reporting Executive Committee (FinREC) issued a working draft of an accounting issue related to the implementation of FASB’s new standard on accounting for credit losses.
FASB expanded the list of benchmark interest rates that are permissible in the application of hedge accounting.
The Federal Accounting Standards Advisory Board (FASAB) is asking for public comment on a proposal to clarify the implementation of materiality concepts in the issuance of federal financial statements.
A new guide focuses on lenders and insurance companies.
FASB issued minor amendments, targeted changes, and a proposal addressing lessors' implementation challenges.
A new standard creates targeted changes for long-duration contracts.
GASB issued separate proposals that are designed to deliver targeted improvements to the financial reporting model and advance new concepts to guide the board in developing standards on recognition in state and local government financial statements.
The Securities and Exchange Commission proposed an amendment that would correct an error published in 2013 in the exemption provisions in the broker-dealer annual reporting rule.
The AICPA Financial Reporting Executive Committee (FinREC) issued a working draft of a proposed chapter on multiemployer benefit plans and illustrative financial statements, which will be added to the AICPA Audit and Accounting Guide Employee Benefit Plans.
Clarifying guidance issued by GASB explains that state and local governments are required to consider the definition of an acquisition in their accounting for majority equity interest in an organization.
The documents show the thinking of the board's staff on challenges preparers face.
The commission also changed the scaled disclosure requirements threshold and addressed several other issues.
The board also proposed a new definition of collections and issued clarifications on lease accounting and other issues.
FASB issued new rules that are designed to reduce complexity for the accounting for costs of implementing a cloud computing service arrangement.
FASB’s ongoing efforts to improve the effectiveness of disclosures in the notes to financial statements led to multiple changes announced by the board.