Accounting Compliance and Reporting (US)

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.

CECL isn’t just for banks anymore

Revised financial instruments standards that impact all industries and apply to a broad range of financial assets have begun to take effect. The effective date for SEC filers is years beginning after Dec. 15, 2019.

FASB proposes delay in long-term insurance standard effective date

The board put forward a new philosophy on effective dates.

FASB proposes guidance to ease transition to new benchmark rates

Reference rates are seen as less susceptible to manipulation.

FASB makes a second effort to improve balance sheet debt classification

The reproposal addresses unused long-term financing arrangements.

FASB debt classification reproposal sparks concerns

FASB’s attempts to simplify the classification of debt in a classified balance sheet may have unintended consequences, according to a comment letter sent by the AICPA Technical Issues Committee.

Lease accounting: Keep pushing ahead

Despite FASB’s delay in the lease accounting effective date for private companies and certain other entities, there’s not a lot of time for companies to handle a complicated implementation.

FASB votes to delay effective dates for 3 major standards

Effective dates will be delayed for private companies and certain other entities for FASB’s standards on accounting for leases, credit losses, and hedging after a unanimous vote by FASB.

Opinion: FASB proposal jeopardizes health care entity financing

A FASB proposal could render obsolete a valuable financing option for health care entities known as variable-rate debt obligations (VRDOs).

A new path for private companies with VIEs

FASB has expanded the election not to consolidate for private companies with variable-interest entities. Users of private company financial statements told FASB that consolidation does not help them analyze financial statements.

FASB tackles difficult liabilities and equity topic

The guidance was described as inconsistent and overly complex.

FASB proposes delay in 3 key effective dates

Accounting for leases, hedging, and credit losses would be affected.