FASB

A&A

5 Ways to Prepare for New Lease Accounting Rules

The changes to lease accounting rules are just the beginning. Do you know your exposure? Will your software be up to the job? The time for CPAs to find a solution is now.
A&A

PCAOB Urges Auditors to Follow Standards on Going Concern

In a staff audit practice alert issued on Monday, the US audit regulator reminded auditors that they should continue adhering to the board’s existing standards when considering an organization’s ability to operate as a going concern.
A&A

Comment Period Opens for Proposed 2015 GAAP Taxonomy

Interested individuals have until October 31 to provide comments to the FASB about the taxonomy, which is a list of computer-readable financial reporting labels coded in XBRL.
A&A

FASB Share-Based Payment Rule Gets Mostly Positive Review

However, private company stakeholders told a Financial Accounting Foundation review team that the 2004 accounting standard is sometimes difficult to understand and is costly to apply.
A&A

FASB Gets into the Cloud Game

GAAP addresses accounting principles for cloud service providers, but there is no specific guidance for a customer's accounting of fees paid to the provider. Proposed guidance would change that.
A&A

IASB’s Decision Won’t Change FASB’s Plans for Leases Standard

The FASB remains unwavering in its support of a dual-model approach to bringing leases onto corporate balance sheets, despite its UK-based counterpart saying last week that it decided “tentatively” to back a single-lessee model.
A&A

FASB Unveils ‘More Visual’ Technical Agenda Web Page

The updated web page groups the standard-setting board's technical agenda into project “families” and informs visitors at a glance on where any given FASB project stands, the steps it took to get there, and what is coming up.
A&A

FASB OKs New Rules on Consolidations

New accounting guidance intended to increase transparency and consistency of financial reporting about consolidations was agreed upon by members of the standard-setting board on Wednesday. The final standard will be released in the coming months.
A&A

FASB Wants to Wipe Out Requirements for Extraordinary Items

As part of a new initiative to make US accounting rules less complex, the standard-setting board on Tuesday also proposed new guidance that would simplify the measurement of inventory.
A&A

Fitch: IFRS Adoption in the US Unlikely

As the FASB and the IASB continue to move away from full convergence of their standards, the prospects of international accounting rules being fully adopted in the US in the near future are growing less likely, according to a Fitch Ratings report.
A&A

FASB Fills Hole in Stock Compensation Accounting Rules

The standard-setting board last week finalized new accounting guidance on stock compensation – specifically on how to account for share-based payments, which is absent from current US GAAP.
A&A

Joint Accounting Rule on Leases May Not Happen in 2014

During a speech at the IMA's 95th Annual Conference and Exposition on Monday morning, FASB Chairman Russell Golden said he did not expect the converged leases standard to be finished "until the latter half of 2015."
A&A

FASB Tweaks Rule on Repo Agreements

New guidance issued by the standard-setting board on Thursday changes the accounting for repurchase-to-maturity transactions and repurchase financings, and adds two new disclosure requirements.
A&A

FASB Launches New Initiative to Reduce GAAP Complexity

The new effort involves the FASB adding narrow-scope projects to its agenda that were identified by stakeholders as areas where US accounting rules could be simplified in a relatively short period of time.
A&A

FASB Simplifies Rule on Development Stage Entities

New guidance issued on Tuesday reduces the overall cost and complexity associated with financial reporting for development stage entities, without lessening the availability of relevant information.
A&A

Revenue Recognition Transition Group to Convene Next Month

The group will be tasked with informing the FASB and the IASB about potential implementation issues that could arise when companies and organizations implement the new accounting standard.
A&A

FASB, IASB to Hold Revenue Recognition Webcast on June 5

The one-hour broadcast will provide an overview of the new accounting rule, as well as information on such topics as recognizing revenue over time, contract costs, disclosures, transition, and effective date.
A&A

FASB, IASB Unveil Final Standard on Revenue Recognition

The two standard-setting boards announced the release of the converged standard on the recognition of revenue from contracts with customers on Wednesday morning – the culmination of a joint project that has been in the works since 2008.
A&A

FAF Issues Report: Brave New World in Accounting

New people, new policies, new releases—and even new logos. The Financial Accounting Foundation's annual report shows just how busy everyone has been in Norwalk.
A&A

AICPA Issues 3 Audit Interpretations on Pension Standards

The interpretive guidance is intended to assist both plan and employer auditors who are auditing state and local government entities that have implemented recent GASB pension accounting standards.

Pages


Already a member? log in here.