Jan 30, 2025 | Accounting
In December 2024, the Financial Accounting Foundation (FAF) released its 2023-2024 Review of the Private Company Council (PCC). The purpose of this report is to review the effectiveness of the PCC. The FAF gathered both internal feedback from PCC members & FASB members, and external feedback by conducting virtual meetings with representatives from firms, banking industry lenders, and other stakeholder groups, as well as issuing a Request for Public Comment. The report is divided into 5 key categories, including the PCC’s mission, communication, meeting operations, size/composition/recruitment of PCC members, and a conclusion section. Overall, the 2023-2024 PCC review highlighted positive stakeholder feedback on the PCC’s effectiveness while identifying areas for improvement.
Jan 23, 2025 | Accounting
With the rise of agile development and modern technology, it’s time to ditch the old stage-based approach and embrace updates that better reflect how software is developed today. Here’s what’s proposed: 1) Modernization: Streamlined accounting rules for internal-use software (Subtopic 350-40) that align with contemporary methods. 2) Transparency: Improved visibility into cash flows tied to software costs for smarter investor insights. 3) Clarity: Simplified guidance that brings website development costs under the same umbrella. The comment deadline is January 27, 2025.
Dec 12, 2024 | Accounting
Dive into our latest Genuine Learning Blog video where we unpack the Proposed Accounting Standards Update on Business Combinations (Topic 805) and Consolidation (Topic 810). We’re shedding light on the complexities of determining the accounting acquirer when acquiring a Variable Interest Entity (VIE). This is a must-watch for professionals navigating the nuances of mergers, acquisitions, and consolidation accounting. Stay ahead of the curve and understand how these proposed changes could impact your financial reporting!
Nov 7, 2024 | Accounting, Auditing
The FASB has issued a proposal to clarify accounting for share based payments to customers to reduce diversity in practice. Comments are due November 14th.
Oct 17, 2024 | Accounting
The FASB released its Exposure Draft on Hedging Accounting in September 2024, and it’s a game changer! With comments due by November 25, 2024, this is a crucial time for professionals to get up to speed on the proposed updates.
