A new guide focuses on lenders and insurance companies.
Accounting and Financial Reporting
FASB issued minor amendments, targeted changes, and a proposal addressing lessors' implementation challenges.
A new standard creates targeted changes for long-duration contracts.
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.
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.
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.
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.
The documents show the thinking of the board's staff on challenges preparers face.
The commission also changed the scaled disclosure requirements threshold and addressed several other issues.
The board also proposed a new definition of collections and issued clarifications on lease accounting and other issues.
FASB issued new rules that are designed to reduce complexity for the accounting for costs of implementing a cloud computing service arrangement.
FASB’s ongoing efforts to improve the effectiveness of disclosures in the notes to financial statements led to multiple changes announced by the board.
Preparers may want to consider technological tools that can help with the accounting and the administration of leases.
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.
Candace Wright, CPA/CFF, has been reappointed as chair of the Private Company Council (PCC), the Financial Accounting Foundation board of trustees announced.
A proposal issued by FASB would amend the transition requirements and scope of the board’s new standard for accounting for credit losses.
Some say focusing too intently on quarterly reports causes companies to neglect the long-term goals that should be more of an emphasis.
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.
Amendments proposed by FASB are intended to make implementation of the new lease accounting standard easier and less costly for lessors.
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.