Companies that sell products such as life insurance, disability income insurance, long-term-care insurance and annuities will change their accounting under new rules issued by FASB.
Accounting Compliance and Reporting (US)
Amendments proposed by FASB are intended to make implementation of the new lease accounting standard easier and less costly for lessors.
The AICPA’s Financial Reporting Executive Committee (FinREC) has issued working drafts of accounting issues related to implementation of FASB’s new standard for accounting for credit losses.
The change aligns accounting of transactions for employees and nonemployees.
FASB has issued targeted changes to its new lease accounting standard that are designed to make implementation easier and reduce costs for financial statement preparers.
FASB clarified rules and corrected application of guidance for its lease accounting standard.
FASB made clarifying changes and corrected unintended application of guidance in a standard that updates its Accounting Standards Codification.
Gaming and telecommunications are up for discussion.
No significant effects on current practices are expected.
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FASB superseded outdated accounting guidance related to a Banking Circular that has been rescinded by the Officer of the Comptroller of the Currency.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.
The board also took on miscellaneous topics.
Applying FASB’s new lease accounting guidance on a portfolio level can help make implementation easier and less costly.
FASB wants to clarify the interaction between GAAP for collaborative arrangements and the board’s new revenue recognition standard.