FinREC issues working drafts on credit loss accounting issues
A new guide focuses on lenders and insurance companies.
Accounting and Financial Reporting
Lease accounting rules get additional tweaks
FASB issued minor amendments, targeted changes, and a proposal addressing lessors' implementation challenges.
FASB changes insurance accounting
A new standard creates targeted changes for long-duration contracts.
GASB proposes targeted improvements, new concepts
GASB issued separate proposals that are designed to deliver targeted improvements to the financial reporting model and advance new concepts to guide the board in developing standards on recognition in state and local government financial statements.
SEC proposes clarifying broker-dealer exemption
The Securities and Exchange Commission proposed an amendment that would correct an error published in 2013 in the exemption provisions in the broker-dealer annual reporting rule.
FinREC issues working draft on multiemployer benefit plans
The AICPA Financial Reporting Executive Committee (FinREC) issued a working draft of a proposed chapter on multiemployer benefit plans and illustrative financial statements, which will be added to the AICPA Audit and Accounting Guide Employee Benefit Plans.
GASB clarifies majority equity interest reporting rules
Clarifying guidance issued by GASB explains that state and local governments are required to consider the definition of an acquisition in their accounting for majority equity interest in an organization.
FASB memos shed light on private company revenue recognition issues
The documents show the thinking of the board's staff on challenges preparers face.
SEC adopts new Inline XBRL requirements
The commission also changed the scaled disclosure requirements threshold and addressed several other issues.
FASB clarifies accounting for grants and contributions
The board also proposed a new definition of collections and issued clarifications on lease accounting and other issues.
FASB simplifies accounting for cloud computing service costs
FASB issued new rules that are designed to reduce complexity for the accounting for costs of implementing a cloud computing service arrangement.
FASB takes big steps on disclosure effectiveness
FASB’s ongoing efforts to improve the effectiveness of disclosures in the notes to financial statements led to multiple changes announced by the board.
Technology issues to consider in lease accounting
Preparers may want to consider technological tools that can help with the accounting and the administration of leases.
Proposal would withdraw inter-entity cost guidance
A new Federal Accounting Standards Advisory Board proposal is designed to eliminate inconsistencies in the board’s guidance for federal entities’ accounting for inter-entity costs.
Wright reappointed as PCC chair
Candace Wright, CPA/CFF, has been reappointed as chair of the Private Company Council (PCC), the Financial Accounting Foundation board of trustees announced.
FASB addresses credit loss standard concerns
A proposal issued by FASB would amend the transition requirements and scope of the board’s new standard for accounting for credit losses.
Quarterly earnings reports at center of debate
Some say focusing too intently on quarterly reports causes companies to neglect the long-term goals that should be more of an emphasis.
FASB changes accounting for long-duration insurance contracts
Companies that sell products such as life insurance, disability income insurance, long-term-care insurance and annuities will change their accounting under new rules issued by FASB.
FASB proposes lessor accounting amendments
Amendments proposed by FASB are intended to make implementation of the new lease accounting standard easier and less costly for lessors.
FinREC issues working drafts on credit loss accounting issues
The AICPA’s Financial Reporting Executive Committee (FinREC) has issued working drafts of accounting issues related to implementation of FASB’s new standard for accounting for credit losses.
