FASB superseded guidance for US steamship entities because a 25-year limit has expired, making the guidance irrelevant.
U.S. compliance and reporting
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.
The board also issued several exposure drafts.
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.
Three issue analyses from the AICPA Health Care Expert Panel could help with implementation of FASB’s new standard.
FinREC has been seeking public comment on working drafts that provide industry-specific guidance for entities implementing FASB’s new revenue recognition standard.
The board aims to equalize nonfinancial and financial hedging strategies.
Nine potential amendments are contained in the proposal, which would affect a wide variety of topics in the codification.
The AICPA Financial Reporting Executive Committee issued 20 working drafts on issues related to implementation of the new revenue recognition standard.
Informal comments will be accepted by email.
FASB proposed clarifications to separate standards issued in 2016 on accounting for financial instruments and lease accounting.
FASB issued a proposal that would clarify how its new leases standard should be applied to land easements.
FASB voted to work on developing accounting rules to address areas of distinguishing liabilities and equity, financial performance reporting, and segment reporting.
Amid concerns that financial reporting guidance for consolidation is difficult to understand and navigate, FASB proposed a reorganization of the rules.
The proposed 2018 GAAP Financial Reporting Taxonomy and the proposed 2018 Shared Reporting Taxonomy were released for public comment by FASB.
The committee seeks feedback on guidance for 4 industries.