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.
Accounting and Financial Reporting
A FASB proposal could render obsolete a valuable financing option for health care entities known as variable-rate debt obligations (VRDOs).
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.
The guidance was described as inconsistent and overly complex.
Accounting for leases, hedging, and credit losses would be affected.
The change addresses the measurement alternative and the equity method.
The material is being developed for a guide to help preparers.
A new guide contains Q&As to assist in implementation.
A new accounting standard for federal government agencies eliminates the required stewardship information category and updates references to lease accounting.
The IASB and GASB acted to help financial statement preparers with the phaseout of interbank-offered rates that are used as interest rate benchmarks.
In comments submitted to the IRS, the AICPA requested expeditious guidance concerning adjustments attributable to conversions from an S corporation to a C corporation.
The SEC issued new rules for testing the waters on IPOs and modernizing regulation of ETFs. It also proposed amendments to enhance protections for investors.
Locating and reporting on lease arrangements hidden in contracts that are not labeled as leases can be a challenge under FASB’s new rules.
As more companies latch on to the importance of long-term value creation, the International Integrated Reporting Council is offering them advice for producing integrated reports.
FASB issued a reproposal that is designed to improve guidance used to determine whether debt should be classified as a current or noncurrent liability on a classified balance sheet.
A proposed Accounting Standards Update would establish temporary guidance designed to reduce the accounting burdens associated with the shift from LIBOR and other interbank-offered interest rates to new reference rates.
A not-for-profit’s survival depends on high-quality oversight from its board. In this episode, learn how using the right governance strategy can help your not-for-profit thrive.
Effective dates of 4 major standards would be affected.
In an effort to promote convergence with international standards, the AICPA Accounting and Review Services Committee (ARSC) recently proposed changes to standards for review services.
Communication and trust are the foundation for everything from leading a staff to working with external auditors, according to Mark Lubas, CPA, vice president of accounting for Red Hat.