Public companies are finding that even though they have implemented FASB’s new lease accounting standard, their work is not nearly done. Private companies, meanwhile, are struggling with their own adoption of the standard.
Accounting Compliance and Reporting (US)
Private companies implementing new lease accounting rules can expect a complex transition and a substantial financial statement impact.
New rules issued by the FASB align its definition of “collections” with that used by the American Alliance of Museums’ Code of Ethics for Museums.
FASB issued a standard that converges the accounting guidance for production costs for episodic TV series with the rules for production costs for films.
FASB addressed two lessor implementation issues and clarified an exemption for lessors and lessees from a certain interim disclosure requirement associated with adopting the board’s new lease accounting standard.
A proposal issued by the Financial Accounting Standards Board would spell out how to measure share-based payments to a customer.
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.
Tweaks and updates addressed implementation challenges.
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.
The change takes effect alongside an Accounting Standards Update.
Alignment with capitalization rules for films is sought.
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.