FASB simplifies accounting for share-based payments to nonemployees
FASB released an Accounting Standards Update (ASU) designed to improve the financial reporting for share-based payments issued to nonemployees for goods or services.
Accounting Compliance and Reporting (US)
Keeping covenants: Getting debt ratios right
A 2015 change by FASB can affect debt covenant ratios and has the potential to move companies out of compliance with their restriction thresholds.
FASAB proposes new standards for accounting and reporting of government land
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.
Valuation of portfolio company investments addressed in AICPA working draft
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FASB supersedes outdated guidance related to Circular 202
FASB superseded outdated accounting guidance related to a Banking Circular that has been rescinded by the Officer of the Comptroller of the Currency.
FinREC issues 2 revenue recognition working drafts
The AICPA FinREC published working drafts addressing revenue recognition issues in the gaming and telecommunications industries.
Leases: A portfolio approach
Applying FASB’s new lease accounting guidance on a portfolio level can help make implementation easier and less costly.
FASB addresses stranded income effects of tax law
The board also took on miscellaneous topics.
FASB proposes targeted changes to collaborative arrangements standard
FASB wants to clarify the interaction between GAAP for collaborative arrangements and the board’s new revenue recognition standard.
Accounting for external-use software development costs in an agile environment
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.
Hedging gets a boost from simplified accounting guidance
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 addresses accounting for implementing certain cloud-computing arrangements
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.
FASB proposes lease standard implementation improvements
The draft adds a transition option and a practical expedient.
FASB issues technical corrections to financial instruments standard
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 proposes adding a new benchmark interest rate for hedge accounting
FASB proposed adding a new U.S. benchmark interest rate to the list of rates permitted in the application of hedge accounting.
FASB addresses stranded income tax effects of new tax law
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 moving forward on reclassification of stranded tax effects
FASB is moving quickly to give financial statement preparers a targeted improvement in their accounting for effects of the new tax reform law.
GASB developing revenue and expense recognition model
GASB is seeking public feedback as it develops a revenue and expense recognition model for state and local government accounting.
7 revenue recognition issues exposed by FinREC
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.
FASB simplifying leases standard implementation
Preparers have had trouble finding and extracting data.
