FASB took a step forward in resolving challenges in its rules for recognizing and measuring deferred revenue in business combinations.
Accounting and Financial Reporting
The challenges associated with FASB’s new revenue recognition standard have been substantial for many companies, but at least they’re gaining valuable data and process improvements as a result of the implementation.
FASB proposed providing an option to measure certain types of assets at fair value, a change aimed at making the transition to its new credit losses standard easier.
No significant effects on accounting practice are expected.
FASB amended its standard on accounting for credit losses, changing the transition requirements and clarifying the scope of the standard.
Tax-exempt organizations are working through the biggest change to not-for-profit financial reporting in 25 years. Smaller organizations with limited resources can smoothly implement FASB’s new rules by following some best practices.
Comments are sought on nonauthoritative guidance.
The AICPA Financial Reporting Executive Committee has published a working draft of an illustrative note to financial statements of SEC-registered broker-dealers.
This article breaks down cryptoassets into four categories.
The National Association of State Boards of Accountancy (NASBA) is proposing changes to the Uniform Accountancy Act (UAA) Model Rules related to peer review programs.
GASB published a proposed implementation guide that provides questions and answers about the board’s new standards for state and local government accounting and financial reporting for fiduciary activities.
The guidance supersedes the 2014 private company exception.
The objective is to make it easier for companies to make judgments.
Alignment with capitalization rules for films is sought.
The change takes effect alongside an Accounting Standards Update.
The standards cover financially material issues in 77 industries.
Audit committees have a lot to consider as 2018 concludes with adoption of game-changing accounting standards in full swing at many companies.
Under a proposal issued by FASB, not-for-profits would be able to take advantage of the private company GAAP alternatives for accounting for goodwill and accounting for intangible assets in a business combination.
FASB proposed an accounting standard that would clarify how lessors should handle certain scenarios under the board’s new lease accounting standard.
The taxonomies contain updates necessary for meeting GAAP and SEC requirements in financial reporting.