Aug 29, 2019 | Accounting
This blog addresses two proposed ASUs that will delay effective dates for private companies. Now that private companies have started to implement revenue recognition, we know that it takes more effort for private companies to go through the adoption process. In addition, private companies struggle with the back to back nature of these major changes and have to triage each standard. As a result, the FASB is proposing delaying the CECL, hedging and leases standard for private companies. During this process, the Board also updated its framework for effective dates for private companies. In addition, to the three standards, FASB issued a separate exposure draft delaying the effective date of long-duration contracts for all entities.
Jul 5, 2019 | Accounting, Non-Profit
The FASB has issued a Staff Q&A that addresses two few frequently asked questions about the application of the limited discretion indicator and the accounting for cost-sharing provisions when implementing ASU 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. The Q&A addresses cost sharing provisions as well as budgets and its impact on whether these stipulations would qualify as conditions for contribution accounting.
May 22, 2019 | Accounting
As part of its Simplification Initiative, FASB has issued an Exposure Draft proposing changes to ASC Topic 740, Income Taxes. The proposal would simplify the accounting for income taxes by removing certain exceptions in the area of financial reporting for taxes. The...
