FASB News Guidance for Credit Card Receivables to Receive Another Look As banks prepare to implement FASB’s amended standard for loan loss accounting, the board…
Effort to Amend Income Tax Disclosure Guidance on Hold
FASB/AICPA News
FASB News Effort to Amend Income Tax Disclosure Guidance on Hold FASB plans to wait for the outcome of tax reform legislation before moving to…
Report: Revenue Changes for Software Industry May be Significant
FASB/PCAOB News
FASB News Report: Revenue Changes for Software Industry May be Significant FASB’s sweeping new revenue recognition rules go into effect in 2018, removing approximately 200…
Webcast on Proposed Guidance for Grants, Contributions
FASB/PCAOB/AICPA News
FASB News Webcast on Proposed Guidance for Grants, Contributions On September 11, FASB plans to hold a webcast to explain its proposed guidance for not-for-profit…
Alignment Sought For Asset Acquisition, Business Combinations Guidance
FASB/AICPA/IFAC News
FASB News Alignment Sought for Asset Acquisition, Business Combinations Guidance FASB is considering beginning a project to reduce the differences between business combinations and acquisition…
Oil and Gas Companies May Receive Relief from Lease Standard
FASB/AICPA/ISAB News
FASB News Oil and Gas Companies May Receive Relief from Lease Standard FASB wants to give utilities and oil-and-gas companies some relief when they switch…
Attestation Guide For Sustainability Information Published
FASB News/IASB News/AICPA News
FASB News Meeting with Japanese Board Addresses Wide Range of Issues FASB used its most recent meeting with the Accounting Standards Board of Japan (ASBJ),…
Emerging Issues Task Force Divided on Guidance for Cloud Computing
FASB, GASB, and IASB Updates
FASB News Emerging Issues Task Force Divided on Guidance for Cloud Computing During a July 20 meeting, FASB’s Emerging Issues Task Force (EITF) said its…
Lease Standard Implementation Falls Behind Schedule
FASB, AICPA, and IASB News
FASB News Lease Standard Implementation Falls Behind Schedule Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), the lease standard published by FASB in February 2016,…
Proposed Framework for Valuing Financial Instruments Released
AICPA and IASB News
AICPA News Proposed Framework for Valuing Financial Instruments Released On July 6, the AICPA issued a proposed framework intended to help accountants and financial reporting…
Focus To Shift From New Standards To Improving Communication
IASB, PCAOB News
IASB News Focus to Shift from New Standards to Improving Communication Now that the IASB has finished its “big four” accounting standards—leases, revenue, insurance, and…
Not-for-Profit Liquidity Disclosures Will Be Flexible
FASB, IASB, and AICPA News
FASB News Not-for-Profit Liquidity Disclosures Will Be Flexible FASB’s ASU 2016-14 is the first major update to financial reporting for not-for-profit entities in more than…
Financial Reporting Faces Technological Change
FASB, IASB, and PCAOB News
FASB News Financial Reporting Faces Technological Change FASB and its Financial Accounting Standards Advisory Council (FASAC) are contemplating the future of financial reporting in a…
Companies Lag in Implementing Revenue Standard
FASB, IASB, and PCAOB News
FASB News Companies Lag in Implementing Revenue Standard Six months before they must comply with a sweeping standard for calculating revenues, many U.S. companies are…
On June 1, the PCAOB proposed an expansion of auditors’ responsibilities for examining clients’ use of accounting estimates. The board said additional guidance is necessary…
The AICPA’s Financial Reporting Executive Committee (FinREC) issued 12 working drafts of interpretive guidance for six industries— asset management, engineering and construction, gaming, health care,…
Since 2013, FASB has regularly given private companies extra time to adopt new accounting standards. Now the board may be ready to extend a similar…
FASB News Small Business Advisory Committee Seeks U.S. GAAP Exemptions Some members of FASB’s Small Business Advisory Committee (SBAC) have told the accounting board that,…
FASB News Businesses, Auditors Repeat Concerns about Debt Classification. Businesses, professional groups, and audit firms repeated concerns they raised to the FASB while the board…
CPAJ News Briefs: FASB, IASB, and AICPA
Clarifying Accounting For Intangible Assets May Take Years
FASB News Clarifying Accounting for Intangible Assets May Take Years The accounting for intangible assets has been a contentious accounting issue for most of FASB’s…
FASB News Podcast Series Launched on Implementation of Revenue Standard FASB began a series of podcasts on May 11 about its landmark revenue recognition standard.…
FASB News Conceptual Framework Discussion to Resume FASB resumed discussions on its effort to complete its Conceptual Framework—an internal guide to help the board set…
FASB News Credit Loss Standard Advisory Panel Plans to Review Implementation Questions FASB plans to hold a meeting of its Transition Resource Group on June…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Tax & Accounting Update
FASB/SEC News
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…