/Tag: Financial Accounting Standards Board FASB

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 [...]

Is your company ready for ASU No. 2014-09?

By |2016-10-11T21:55:34+00:00October 11th, 2016|Categories: Audit & Accounting|Tags: , , , |

A landmark financial reporting update is replacing about 180 pieces of industry-specific revenue accounting guidance with a single, principles-based approach. In May 2014, the Financial Accounting Standards Board (FASB) unveiled Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. In 2015, the FASB postponed the effective date for the new revenue guidance by [...]

Fair Value Reporting: What it means to the FASB and you

By |2017-05-24T13:42:05+00:00September 23rd, 2016|Categories: Audit & Accounting|Tags: , , |

In 2002, the Financial Accounting Standards Board (FASB), as part of its move toward international financial reporting convergence, began to transition from the principle of historic cost to fair value reporting. Fair value estimates are now used to report such assets as derivatives, nonpublic entity securities, certain long-lived assets, and acquired goodwill and other intangibles. [...]

Private Company Update: Accounting for Goodwill

By |2017-05-24T13:42:30+00:00February 5th, 2014|Categories: Business Advice, International Tax|Tags: , , , , , , , |

In mid-January, 2014, the FASB (Financial Accounting Standards Board) issued an ASU (Accounting Standards Update) to U.S. GAAP (Generally Accepted Accounting Principles) that provide private companies with alternatives related to accounting for goodwill. The goal is to create simplification in accounting and a reduction in application cost for private companies. Intangibles-Goodwill and Other relates to [...]

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