No delay in lease accounting standard effective date, Golden says
FASB will not delay the effective date of its new lease accounting standard, board Chairman Russell Golden said at the AICPA Conference on Current SEC and PCAOB Developments.
Accounting and Financial Reporting
How to recognize ‘individually tailored’ disclosures
The new concept of “individually tailored” accounting disclosures has been a challenge for accountants and auditors.
SEC urges consistency in non-GAAP reporting
Companies need to adhere to policies and controls that reinforce quality in non-GAAP reporting and KPIs, Securities and Exchange Commission Chairman Jay Clayton and Chief Accountant Wes Bricker said at the AICPA Conference on SEC and PCAOB Developments.
FASB tweaks leases standard with new update
An Accounting Standards Update affects accounting for sales and similar taxes, certain lessor costs and certain requirements related to variable payments in contracts.
Simplifying implementation of FASB’s not-for-profit financial reporting standard
Smaller organizations with limited staff may have difficulty implementing FASB’s new standard on presentation of not-for-profit financial statements. These best practices can make the work easier.
SEC proposes clarifying broker-dealer exemption
The change corrects a 2013 error.
FASB permits new benchmark rate for hedge accounting
The list of permissible interest rates expands to 5.
FASAB proposal seeks clearer materiality guidance
The exposure draft includes specific questions.
SEC seeks professional accounting fellow applicants
The positions will begin in the summer or fall of 2019.
8 things to know about lease accounting implementation
Here are some things that company finance departments may wish to keep in mind as the lease accounting standard takes effect at the beginning of next year for public companies.
FASB proposes narrow-scope financial instruments accounting changes
FASB proposed clarifications and changes to its recently issued accounting standards on credit losses, hedging, and recognition and measurement.
Proposed guidance published on inventory valuation
The AICPA Financial Reporting Executive Committee (FinREC) published a working draft on inventory valuation and is seeking comments on the draft.
FASB alters transition requirements, scope of credit losses standard
FASB changed the transition requirements and clarified the scope of its standard on accounting for credit losses, which was issued in 2016.
FASB staff paper assists with franchise fee recognition
A new FASB staff paper provides information to private company franchisors as they decide how to recognize certain franchise fees under the new revenue recognition standard.
Revenue recognition tilts toward modified transition approach
A majority of S&P 500 companies chose the simplicity of the modified retrospective transition for their revenue recognition standard implementation, a new white paper shows.
SASB publishes industry-specific sustainability accounting standards
New industry-specific sustainability accounting standards published by the Sustainability Accounting Standards Board are designed to help investors and companies make informed decisions about long-term value.
FASB proposal addresses accounting for TV series
FASB issued a proposal that would align the accounting for production costs of an episodic TV series with the accounting for films.
FASB clarifies collaborative arrangement accounting rules
In a new standard, FASB clarified the interaction between the guidance for certain collaborative arrangements and the revenue recognition standard.
It’s crunch time for private companies on revenue recognition
Here’s what company leaders need to know about an implementation job that may be arduous.
FASB takes big steps on disclosure effectiveness
The board also addressed concerns about its standard on credit losses.
