FASB wants to clarify the interaction between GAAP for collaborative arrangements and the board’s new revenue recognition standard.
Accounting Compliance and Reporting (US)
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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.
Income statements and comprehensive income are now covered in FASB ASC Topic 220.
Preparers have had trouble finding and extracting data.
The position was reinstated in 2013.
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.