Feb 13, 2025 | Accounting
The FASB has proposed new accounting guidance for business entities that receive government grants. ASU 2018-08 explicitly excludes transfers of assets from government entities to business entities from the contributions received guidance in 958. During COVID, this left for-profit entities without clear guidance on handling various government grants. The exposure draft provides recognition, measurement, presentation, and disclosure guidance for governmental entities, which more closely aligns with IAS 20 than nonprofit GAAP. Comments are due March 31, 2025.
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.
Sep 12, 2024 | Accounting
The FASB has issued a proposed ASU, DERIVATIVES SCOPE REFINEMENTS AND SCOPE CLARIFICATION FOR A SHARE-BASED PAYMENT FROM A CUSTOMER IN A REVENUE CONTRACT, which will provide additional scope exceptions to derivative accounting and address diversity in practice with respect to revenue recognition. Comments are due October 21st.
Jun 6, 2024 | Genuine Learning
Proposal: CECL & Programmatic Investments The AICPA has released a proposal of Chapter 8 of the Not-for-Profit A&A Guide on Programmatic Investments. The chapter provides context as to the impact of CECL on programmatic investments including examples....
Mar 7, 2024 | Accounting, Genuine Learning
The ACFE has issued their 2024 Report to the Nations. It provides an overview of fraud schemes as well as an update on the avatar of a fraudster.