New Financial Accounting Standards Board rules that took effect this year have ushered in a number of changes to not-for-profit accounting. This quiz tests your knowledge in this specialized area.
Accounting and Financial Reporting
A new Center for Audit Quality tool is designed to help audit committees with oversight of this difficult adoption process.
The new standard also requires the disclosure of additional essential debt-related information for all types of debt, including amounts of unused lines of credit and assets pledged as collateral for debt.
A new conceptual framework for IFRS includes revisions to concepts for reporting assets, liabilities, income, and expenses.
A new technical question and answer from the AICPA provides nonauthoritative guidance to help financial statement preparers account for the amount a partnership pays the IRS under these circumstances.
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.
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 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.
The guidance relates to the Tax Cuts and Jobs Act.
The draft adds a transition option and a practical expedient.
Work continues on the Revenue Recognition Guide.
The proposal seeks to balance the public interest with security needs.
5 issues will be communicated through a Q&A.
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.
Public companies received new guidance from the SEC on the disclosures they should make related to cybersecurity.
FASB proposed adding a new U.S. benchmark interest rate to the list of rates permitted in the application of hedge accounting.
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 is moving quickly to give financial statement preparers a targeted improvement in their accounting for effects of the new tax reform law.
Companies with deferred tax assets may report surprisingly lower net income in 2017 even though they will benefit from lower income tax rates under the new tax law in 2018.
An AICPA committee has asked FASB to provide relief for private companies and certain conduit debt obligors from some elements of the new revenue recognition standard.