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Accounting Compliance and Reporting (US)
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FASB superseded guidance for US steamship entities because a 25-year limit has expired, making the guidance irrelevant.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.
Changes and proposed changes to FASB’s new lease accounting standard that were announced last week addressed financial statement preparers’ most pressing implementation concerns.
Working drafts for a total of five revenue recognition implementation issues in four industries were exposed by the AICPA Financial Reporting Executive Committee.
The board also issued several exposure drafts.
FASB decided to simplify implementation of its new lease accounting standard in an effort to reduce costs and decrease challenges for financial statement preparers.
Here are some things financial statement preparers should keep in mind when implementing FASB’s lease accounting standard