FASB clarified rules and corrected application of guidance for its lease accounting standard.
Accounting Compliance and Reporting (US)
FASB made clarifying changes and corrected unintended application of guidance in a standard that updates its Accounting Standards Codification.
No significant effects on current practices are expected.
Gaming and telecommunications are up for discussion.
Questions arose with the new revenue recognition standard.
The proposal would realign the definitions of “collections” used in GAAP and the American Alliance of Museums’ Code of Ethics for Museums.
FASB released an Accounting Standards Update (ASU) designed to improve the financial reporting for share-based payments issued to nonemployees for goods or services.
A 2015 change by FASB can affect debt covenant ratios and has the potential to move companies out of compliance with their restriction thresholds.
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.
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FASB superseded outdated accounting guidance related to a Banking Circular that has been rescinded by the Officer of the Comptroller of the Currency.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.