/Tag: fasb update

What Public Companies Need to Know: FASB’s New Lease Accounting Standard

By |2017-08-18T17:34:34+00:00August 18th, 2017|Categories: Audit & Accounting|Tags: , , , , , , , , , , |

Recently, the Financial Accounting Standards Board (FASB) issued its long-awaited, new lease accounting standard update, ASU No. 2016-02, Leases (Topic 842). This ASU affects the financial statements of companies that lease real property, equipment, vehicles and other fixed assets. Here are four things public companies need to know to implement and be compliant with [...]

Accounting News: FASB Issued Proposal for Consolidation of Variable Interest Entities

By |2017-07-25T00:25:38+00:00July 25th, 2017|Categories: News|Tags: , , , , , , , |

On June 22, 2017 FASB proposed an Accounting Standards Update (ASU) to simplify and improve financial reporting associated with consolidation of variable interest entities (VIEs) for private companies. Concerns: Private company stakeholders, Private Company Council (PCC), continue to express difficulty in applying VIE guidance to common control arrangements and requested that FASB address certain areas [...]

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