FASB clarifies interaction between standards
FASB took action to clarify the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives.
Accounting and Financial Reporting
GASB selects Mauldin & Jenkins’s Black as next chair
GASB has selected Joel Black, CPA, partner-in-charge of the audit practice at accounting firm Mauldin & Jenkins LLC in Atlanta, as its next chair.
Accounting for cloud computing: What you need to know
Get insight on implementing the updated accounting rules related to cloud computing implementation costs associated with a service arrangement, which are in effect for public companies now and will be required for all other entities later this year.
EY’s Jones to succeed Golden as FASB chair
Richard Jones, a 32-year veteran at EY, will succeed Russell Golden as the Financial Accounting Standards Board’s chair beginning in July.
AICPA issues TQAs related to Sec. 163(j), GASB 84
The AICPA issued separate Technical Questions and Answers to provide nonauthoritative guidance in response to the amendment of Internal Revenue Code Sec. 163(j) and related to GASB’s fiduciary activities guidance.
New FASB standard aims to simplify accounting for income taxes
FASB issued a standard that is designed to reduce cost and complexity in accounting for income taxes.
Proposal would delay lease accounting effective date for federal entities
FASB’s standard for accounting for leases would be delayed for two years under a proposal issued Wednesday.
How to handle accounting for digital assets
A new practice aid published by the AICPA provides nonauthoritative guidance about how to account for digital assets under generally accepted accounting principles.
How auditors can stay independent while advising on revenue recognition
Some private company clients are having difficulty implementing FASB’s revenue recognition standard. CPAs who audit those clients’ financial statements need to proceed carefully to maintain their independence.
FASB addressing liabilities and equity complexity, goodwill
FASB is working to reduce complexity in its liabilities and equity guidance in the final months of board Chairman Russell Golden’s term.
AICPA seeks feedback on insurance working drafts
The AICPA issued working drafts on accounting issues for insurance entities. When completed, the drafts will be included in AICPA Accounting and Auditing Guides.
Revenue recognition tips from the SEC staff
Labeling multiple goods and services provided to a customer as a “solution” does not eliminate a company’s responsibility to identify and report separate performance obligations under FASB’s new revenue recognition standard.
SEC addresses IPOs, ETFs, retail investor protections
All issuers will be allowed to 'test the waters.'
FASB votes to delay effective dates for 3 major standards
A separate standard for insurance contract accounting also was delayed.
Making use of FASB delays
Delays in effective dates for three key accounting standards provide preparers an opportunity for a more thorough implementation.
AICPA seeks guidance on adjustments for conversions from S corp. to C corp.
A reduced corporate tax rate could encourage changeover.
IASB, GASB address interbank-offered rate phaseout
The standard setters are preparing for transaction-based rates.
FASB proposes changes aimed at improving codification
FASB proposed minor changes as part of its annual effort to clarify and correct unintended application of its Accounting Standards Codification.
FASB issues narrow-scope changes to credit losses standard
An Accounting Standards Update makes improvements to certain technical and other aspects of implementing FASB’s new accounting standard for credit losses.
Valuation in spotlight as SEC mulls expanding investment opportunities
The SEC is considering expanding opportunities for nonaccredited investors. That means more investors may be relying on private-equity fund valuations and auditors’ assessments of those valuations.
