FASB addresses deferred revenue in business combinations
FASB took a step forward in resolving challenges in its rules for recognizing and measuring deferred revenue in business combinations.
Accounting Compliance and Reporting (US)
Finding value in revenue recognition implementation
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 proposes transition relief for credit losses standard
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.
FASB proposes narrow-scope financial instruments accounting changes
No significant effects on accounting practice are expected.
FASB alters transition requirements, scope of credit losses standard
FASB amended its standard on accounting for credit losses, changing the transition requirements and clarifying the scope of the standard.
Simplifying adoption of NFP financial reporting 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.
FASB proposal addresses accounting for TV series
Alignment with capitalization rules for films is sought.
FASB permits new benchmark rate for hedge accounting
The change takes effect alongside an Accounting Standards Update.
FASB proposes extending 2 GAAP alternatives to not-for-profits
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 proposal would address lessor implementation challenges
FASB proposed an accounting standard that would clarify how lessors should handle certain scenarios under the board’s new lease accounting standard.
GAAP, SEC taxonomies for 2019 are available
The taxonomies contain updates necessary for meeting GAAP and SEC requirements in financial reporting.
No delay in lease accounting standard effective date, Golden says
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.
Simplifying implementation of FASB’s not-for-profit financial reporting standard
Smaller organizations with limited staff may have difficulty implementing FASB’s new standard on presentation of not-for-profit financial statements. These best practices can make the work easier.
FASB permits new benchmark rate for hedge accounting
The list of permissible interest rates expands to 5.
8 things to know about lease accounting implementation
Here are some things that company finance departments may wish to keep in mind as the lease accounting standard takes effect at the beginning of next year for public companies.
FASB proposes narrow-scope financial instruments accounting changes
FASB proposed clarifications and changes to its recently issued accounting standards on credit losses, hedging, and recognition and measurement.
Proposed guidance published on inventory valuation
The AICPA Financial Reporting Executive Committee (FinREC) published a working draft on inventory valuation and is seeking comments on the draft.
FASB alters transition requirements, scope of credit losses standard
FASB changed the transition requirements and clarified the scope of its standard on accounting for credit losses, which was issued in 2016.
FASB staff paper assists with franchise fee recognition
A new FASB staff paper provides information to private company franchisors as they decide how to recognize certain franchise fees under the new revenue recognition standard.
Revenue recognition tilts toward modified transition approach
A majority of S&P 500 companies chose the simplicity of the modified retrospective transition for their revenue recognition standard implementation, a new white paper shows.
