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Audit article FASB proposes deferring some effective dates
Learn the standards that will be affected by the proposals made by the FASB to defer some effective dates of several standards.
Audit Alert ACS 606- Revenue from contracts with customers
In May 2014 the Financial Accounting Standard Board (FASB) and the International Accounting Standard Board (IASB) published their largely converged standards on revenue recognition. Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, and IFRS 15 with the same title, created a new principle-based revenue recognition framework that will affect nearly every revenue-generating entity.
Audit Alert The new lease accounting standard
Accounting Standards Codification Topic 842 is the new lease accounting standard published by the Financial Accounting Standard Board (FASB), replacing the previous US GAAP leasing standard, ASC 840. This new accounting standard seeks to improve transparency, comparability, and financial reporting, however achieving compliance will require significant effort
Audit Article EITF discusses three issues at June 13 meeting
EITF discusses the revenue contract liabilities, interactions between Topics 321 and 323, and modifications of licenses of intellectual property.
Audit Article Planning for intangible business risk
5 tips to manage enterprise risk in businesses driven by innovation
Audit article Accountability in the financial reporting process
In this issue we review the role of audit and management in the financial reporting chain.
Audit Article Proposed accounting standard update for Business Combinations
FASB proposes an accounting standard update for Business Combinations.
Audit Article Narrow Scope Improvements for lessors
The FASB recently issued ASU 2018-20, Leases (Topic 842): Narrow Scope Improvements for Lessors, which simplifies how lessors implement the new leasing guidance in ASC 842, Leases.
Audit article Estimating the fair value of inventory
The AICPA has released an early working draft in relation with Inventory Valuation Guidance to outline the considerations for estimating the fair value of inventory acquired in a business combination.
Audit Article Proposed: changes to the accounting production costs
This issue discusses the FASB proposed improvements to account for certain entertainment production costs.
Audit Article FASB Board amends credit losses guidance
The Board issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, which amends two areas of the guidance in ASC 326.
Audit Article ASU allows private companies to elect out of VIE guidance
This issue discusses the ASU issued 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This ASU allows private companies to elect out of VIE guidance.
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