FASB clarifies interaction between standards
FASB took action to clarify the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives.
Accounting Compliance and Reporting (US)
Accounting for cloud computing: What you need to know
Get insight on implementing the updated accounting rules related to cloud computing implementation costs associated with a service arrangement, which are in effect for public companies now and will be required for all other entities later this year.
EY’s Jones to succeed Golden as FASB chair
Richard Jones, a 32-year veteran at EY, will succeed Russell Golden as the Financial Accounting Standards Board’s chair beginning in July.
New FASB standard aims to simplify accounting for income taxes
FASB issued a standard that is designed to reduce cost and complexity in accounting for income taxes.
Proposal would delay lease accounting effective date for federal entities
FASB’s standard for accounting for leases would be delayed for two years under a proposal issued Wednesday.
How to handle accounting for digital assets
A new practice aid published by the AICPA provides nonauthoritative guidance about how to account for digital assets under generally accepted accounting principles.
How auditors can stay independent while advising on revenue recognition
Some private company clients are having difficulty implementing FASB’s revenue recognition standard. CPAs who audit those clients’ financial statements need to proceed carefully to maintain their independence.
FASB addressing liabilities and equity complexity, goodwill
FASB is working to reduce complexity in its liabilities and equity guidance in the final months of board Chairman Russell Golden’s term.
AICPA seeks feedback on insurance working drafts
The AICPA issued working drafts on accounting issues for insurance entities. When completed, the drafts will be included in AICPA Accounting and Auditing Guides.
Revenue recognition tips from the SEC staff
Labeling multiple goods and services provided to a customer as a “solution” does not eliminate a company’s responsibility to identify and report separate performance obligations under FASB’s new revenue recognition standard.
FASB votes to delay effective dates for 3 major standards
A separate standard for insurance contract accounting also was delayed.
Making use of FASB delays
Delays in effective dates for three key accounting standards provide preparers an opportunity for a more thorough implementation.
FASB proposes changes aimed at improving codification
FASB proposed minor changes as part of its annual effort to clarify and correct unintended application of its Accounting Standards Codification.
FASB issues narrow-scope changes to credit losses standard
An Accounting Standards Update makes improvements to certain technical and other aspects of implementing FASB’s new accounting standard for credit losses.
FASB officially delays 4 major standards
FASB issued two Accounting Standards Updates that finalize delays to various effective dates for new standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.
FASB approves guidance to assist in reference rate transition
FASB approved guidance to assist companies in their transition from interbank-offered rates to new reference rates.
FASB proposes clarifying hedge accounting standard
FASB is attempting to enable a better, more consistent application of its new hedge accounting standard with proposed clarifications to certain sections of the guidance.
FASB addresses share-based payments to customers
Share-based payments made to customers will be accounted for under FASB ASC Topic 718 as a result of new rules.
FASB proposes delay in long-term insurance standard effective date
The board put forward a new philosophy on effective dates.
FASB makes a second effort to improve balance sheet debt classification
The reproposal addresses unused long-term financing arrangements.
