With the news that the FASB – in conjunction with the IASB – intends to formally move forward with plans that will fundamentally alter the way that leases are accounted for on financial statements, businesses are recognizing they will need to adapt.
The GASB launched an updated website on September 30 that features more user-friendly navigation and "plain English" resources that provide information on accounting and financial reporting issues for state and local governments.
Two alternatives within US GAAP – accounting for interest rate swaps and accounting for goodwill in a business combination for private companies – were finalized by the PCC during a meeting on October 1.
The primary advisory group for the FASB released results of a recent survey that solicited stakeholder views about the standard-setting board's future agenda, including the top five projects the FASB should pursue in the next three to five years.
In his first public speech since taking the helm of the FASB, Chairman Russell Golden outlined his top four priorities for the standard-setting board's future during an event on September 12 celebrating FASB's fortieth anniversary.
The AICPA released a decision tool to help privately held businesses determine which accounting framework, including the "Financial Reporting Framework for Small- and Medium-Sized Entities" (FRF for SMEs), best meets their financial reporting needs.
Individuals interested in reviewing the proposed 2014 US Generally Accepted Accounting Principles (GAAP) taxonomy from the Financial Accounting Standards Board (FASB) have until October 31 to submit their written comments.
A post-implementation review of two accounting standards that were established to improve the consistency and comparability of reporting US state and local governments' insurance activities concluded that the standards achieve their purposes.
A proposal that defines a public business entity was issued by the Financial Accounting Standards Board (FASB) on August 7. The FASB is encouraging stakeholders to review and provide comments on the proposal by September 20.
A joint group created by the FASB and the IASB will be tasked to help organizations transition to the upcoming final converged standard on revenue recognition, the two standards-setting groups announced July 26.
The changes to the guidelines for lease accounting that were proposed in the recent exposure draft from the FASB and the IASB will significantly alter financial reporting standards for both lessors and lessees, according to Fitch Ratings.
A decision-making framework that outlines criteria to determine whether and in what circumstances it is appropriate to adjust financial reporting requirements for private companies following US GAAP was finalized by the FASB and the PCC on July 16.
The NASBA and the AICPA have put aside their differences regarding the non-US GAAP financial reporting framework the AICPA introduced last month, and they have teamed on a decision-making tool that will help small businesses decide whether the framework is right for them.