The working draft of an Accounting and Valuation Guide issued by the AICPA provides guidance on the accounting for and valuation of portfolio company investments of venture capital and private-equity funds and other investment companies.
Accounting and Financial Reporting
FASB superseded outdated accounting guidance related to a Banking Circular that has been rescinded by the Officer of the Comptroller of the Currency.
The AICPA FinREC published working drafts addressing revenue recognition issues in the gaming and telecommunications industries.
The board also took on miscellaneous topics.
Applying FASB’s new lease accounting guidance on a portfolio level can help make implementation easier and less costly.
FASB wants to clarify the interaction between GAAP for collaborative arrangements and the board’s new revenue recognition standard.
A new Center for Audit Quality tool is designed to help audit committees with oversight of this difficult adoption process.
The new standard also requires the disclosure of additional essential debt-related information for all types of debt, including amounts of unused lines of credit and assets pledged as collateral for debt.
A new conceptual framework for IFRS includes revisions to concepts for reporting assets, liabilities, income, and expenses.
A new technical question and answer from the AICPA provides nonauthoritative guidance to help financial statement preparers account for the amount a partnership pays the IRS under these circumstances.
Learn which software costs should be capitalized and which costs should be expensed when an entity builds external-use software using an agile development environment.
Companies are finding that FASB’s new hedge accounting guidance removes some of the barriers that had prevented them from taking advantage of hedging opportunities.
FASB issued a proposed Accounting Standards Update that would clarify the accounting for implementation costs related to a cloud-computing arrangement that is a service contract.
The guidance relates to the Tax Cuts and Jobs Act.
The draft adds a transition option and a practical expedient.
Work continues on the Revenue Recognition Guide.
The proposal seeks to balance the public interest with security needs.
5 issues will be communicated through a Q&A.
FASB issued technical corrections and improvements to its financial instruments standard on recognition and measurement of financial assets and liabilities that was originally issued in 2016.
Public companies received new guidance from the SEC on the disclosures they should make related to cybersecurity.