Tweaks and updates addressed implementation challenges.
Accounting Compliance and Reporting (US)
Finance has a pivotal role to play in facilitating a successful acquisition or merger — and in performing the challenging accounting associated with a business combination.
FASB took a step forward in resolving challenges in its rules for recognizing and measuring deferred revenue in business combinations.
The challenges associated with FASB’s new revenue recognition standard have been substantial for many companies, but at least they’re gaining valuable data and process improvements as a result of the implementation.
FASB proposed providing an option to measure certain types of assets at fair value, a change aimed at making the transition to its new credit losses standard easier.
No significant effects on accounting practice are expected.
FASB amended its standard on accounting for credit losses, changing the transition requirements and clarifying the scope of the standard.
Tax-exempt organizations are working through the biggest change to not-for-profit financial reporting in 25 years. Smaller organizations with limited resources can smoothly implement FASB’s new rules by following some best practices.
Alignment with capitalization rules for films is sought.
The change takes effect alongside an Accounting Standards Update.
Under a proposal issued by FASB, not-for-profits would be able to take advantage of the private company GAAP alternatives for accounting for goodwill and accounting for intangible assets in a business combination.
FASB proposed an accounting standard that would clarify how lessors should handle certain scenarios under the board’s new lease accounting standard.
The taxonomies contain updates necessary for meeting GAAP and SEC requirements in financial reporting.
FASB will not delay the effective date of its new lease accounting standard, board Chairman Russell Golden said at the AICPA Conference on Current SEC and PCAOB Developments.
Smaller organizations with limited staff may have difficulty implementing FASB’s new standard on presentation of not-for-profit financial statements. These best practices can make the work easier.
The list of permissible interest rates expands to 5.
Here are some things that company finance departments may wish to keep in mind as the lease accounting standard takes effect at the beginning of next year for public companies.
FASB proposed clarifications and changes to its recently issued accounting standards on credit losses, hedging, and recognition and measurement.
The AICPA Financial Reporting Executive Committee (FinREC) published a working draft on inventory valuation and is seeking comments on the draft.
FASB changed the transition requirements and clarified the scope of its standard on accounting for credit losses, which was issued in 2016.