FASB proposed adding a new U.S. benchmark interest rate to the list of rates permitted in the application of hedge accounting.
Accounting Compliance and Reporting (US)
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.
The effective date for implementing FASB’s new lease accounting standard is still about one year away, but it will require additional resources and a team effort.
The change is expected to make adopting the leases standard easier for some land easements.
FASB issued four staff Q&As that address financial reporting issues related to the Tax Cuts and Jobs Act.
FASB proposed a new standard that is intended to help organizations reclassify certain income effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.
Private companies and not-for-profits that elect to apply the guidance in a new SEC staff accounting bulletin should apply all relevant aspects of the bulletin in its entirety, FASB’s staff said.
FASB addressed numerous financial reporting implications of P.L. 115-97, known as the Tax Cuts and Jobs Act.
A proposed FASB Accounting Standards Update seeks to ease the implementation of the new leases accounting standard.
State and local government finance staffs have had to implement several new, significant GASB statements. Here are tips for handling the challenges.
A new working draft issued by the AICPA Financial Reporting Executive Committee addresses a consideration for broker-dealers related to FASB’s new revenue recognition standard.
The AICPA issued a new working draft that discusses helpful considerations for broker-dealers implementing FASB’s new revenue recognition standard.
FASB superseded guidance for US steamship entities because a 25-year limit has expired, making the guidance irrelevant.
Time is running short in the revenue recognition implementation effort as public companies must adopt FASB’s new standard at the beginning of 2018.