FASB superseded guidance for US steamship entities because a 25-year limit has expired, making the guidance irrelevant.
Time is running short in the revenue recognition implementation effort as public companies must adopt FASB’s new standard at the beginning of 2018.
Changes and proposed changes to FASB’s new lease accounting standard that were announced last week addressed financial statement preparers’ most pressing implementation concerns.
Working drafts for a total of five revenue recognition implementation issues in four industries were exposed by the AICPA Financial Reporting Executive Committee.
Five principles can help prevent, detect, or correct the most frequent securities law violations adjudicated by the SEC.
Repetition and immaterial disclosures will be discouraged.
The board also issued several exposure drafts.
The positions will begin in the summer or fall of 2018.
FASB decided to simplify implementation of its new lease accounting standard in an effort to reduce costs and decrease challenges for financial statement preparers.
Here are some things financial statement preparers should keep in mind when implementing FASB’s lease accounting standard
In an effort to simplify its Accounting Standards Codification, FASB has combined its guidance for income statements and comprehensive income into one topic.
James Kroeker was reappointed as FASB’s vice chairman, the Financial Accounting Foundation Board of Trustees announced.
Three issue analyses from the AICPA Health Care Expert Panel could help with implementation of FASB’s new standard.
The Federal Accounting Standards Advisory Board addressed accounting for intragovernmental exchange transactions and assigning assets to component reporting entities.
FinREC has been seeking public comment on working drafts that provide industry-specific guidance for entities implementing FASB’s new revenue recognition standard.
Faithfully applying the principles of ASC Topic 280 can help financial statement preparers avoid problems in a high-risk area.
The board aims to equalize nonfinancial and financial hedging strategies.
Drillable data is not only easy to navigate, it also provides a stellar audit trail sure to make any auditor smile.
The TQA was developed to assist those seeking clarity in their public business entity status.
Clients also turn to CPAs with questions about all kinds of financial matters, particularly about their companies and accounting.