US GAAP

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

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 Tweaks Rules for Discontinued Operations Reporting

Under the new US GAAP guidance, a discontinued operation is a disposal of part of an organization that has a major effect on its operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment.
A&A

FASB Issues GAAP Variable Interest Entity Alternative

An accounting alternative that was issued by the Financial Accounting Standards Board (FASB) on March 20 would – if certain conditions are met – exempt private companies from applying VIE guidance to lessors under common-control leasing arrangements.
A&A

New GAAP Hierarchy for State and Local Governments Urged by the GASB

A proposal made by the Governmental Accounting Standards Board (GASB) last week would give state and local governments new guidance to follow under US Generally Accepted Accounting Principles (GAAP) when preparing financial statements.
A&A

FASB Backs Variable Interest Entity GAAP Alternative

The Financial Accounting Standards Board (FASB) on February 19 green-lighted an accounting alternative that would exempt many private companies from applying variable interest entity guidance to lessor companies under common-control leasing arrangements if certain conditions are met.
A&A

Auditing Special Purpose Frameworks - Part 8: Stock-based Comp, Business Combinations, and More

Continuing to lay a foundation for developing audit strategies and audit plans, this article presents more comparisons of significant requirements in US GAAP and the AICPA’s "Financial Reporting Framework for Small- and Medium-Sized Entities" (FRF for SMEs).
A&A

Final US GAAP Framework for Private Companies Issued by FASB and PCC

The Financial Accounting Standards Board and the Private Company Council on December 23 issued a final decision-making framework for users and preparers of private company financial statements.
A&A

Auditing Special Purpose Frameworks - Part 1

This series of articles by Larry Perry, CPA, will discuss special considerations concerning engagement acceptance, the planning and performance phase of this type of engagement, and determining an opinion and reporting on the audit.
A&A

Complexity Still an Issue for Income Tax Accounting Standard

FASB says it will continue to analyze the FAF's post-implementation review of FASB Statement No. 109. The FAF had concluded that, while generally achieving its purpose, the standard may still be too complex.
A&A

GASB Annual Bound Editions Updated by FAF

An updated print edition of the Governmental Accounting Standards Board (GASB) Codification of Governmental Accounting and Financial Reporting Standards was released by the GASB's parent organization, the FAF, on November 5.
A&A

PCC Finalizes Standard on Variable Interest Entity Guidance

On November 12, the Private Company Council voted to finalize an alternative standard on variable interest entity guidance for private companies, which will be submitted to the FASB for a final decision on endorsement.
A&A

Hypothetical Earnings Trigger Real Bonus Payments

Federal income tax incentives motivate questionable compensation decisions that benefit executives at the expense of taxpayers and shareowners.
A&A

FASB Issues Exposure Draft on Development Stage Entities

On November 7, FASB issued an exposure draft of a proposed accounting standards update that is intended to improve financial reporting about public and private development stage entities.
A&A

FASB: Final Revenue Recognition Standard Coming Soon

A revenue recognition standard for US Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) is close to being finalized.
A&A

FASB to Host Roundtable Meetings on Insurance Proposal

The Financial Accounting Standards Board will host public roundtable meetings in December on its proposed accounting standards update "Insurance Contracts (Topic 834)."
A&A

PCC Finalizes Two GAAP Standards for FASB to Endorse

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.
A&A

FASB Chairman Russell Golden Outlines Plans for Future

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.
A&A

FASB OK'd Exposure Draft on Development Stage Entities

The FASB voted on September 11 to approve issuing an exposure draft containing proposals for improving financial reporting about public and private development stage entities.
A&A

Public Comment Period on Lease Accounting Draws Near

September 13 is the final day individuals and organizations can submit comments on the revised proposals to the guidelines for lease accounting that were published in May by the FASB and the IASB.

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