A new FASAB proposal is designed to promote consistency in the accounting treatment and reporting for land holdings while considering the information needs of financial statement users.
Accounting Compliance and Reporting (US)
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.
FASB superseded outdated accounting guidance related to a Banking Circular that has been rescinded by the Officer of the Comptroller of the Currency.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.
Applying FASB’s new lease accounting guidance on a portfolio level can help make implementation easier and less costly.
The board also took on miscellaneous topics.
FASB wants to clarify the interaction between GAAP for collaborative arrangements and the board’s new revenue recognition standard.
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 draft adds a transition option and a practical expedient.
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.
FASB proposed adding a new U.S. benchmark interest rate to the list of rates permitted in the application of hedge accounting.
FASB issued new rules that provide financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.
FASB is moving quickly to give financial statement preparers a targeted improvement in their accounting for effects of the new tax reform law.
GASB is seeking public feedback as it develops a revenue and expense recognition model for state and local government accounting.
The AICPA Financial Reporting Executive Committee sought public comment on seven new revenue recognition implementation issues to be added to the AICPA’s revenue recognition guide.
Preparers have had trouble finding and extracting data.
The position was reinstated in 2013.
Income statements and comprehensive income are now covered in FASB ASC Topic 220.