Feb 27, 2025 | Accounting
The FASB has proposed updates to Interim Reporting (Topic 270) to improve clarity and ensure users understand when and how the guidance applies. While these changes do not fundamentally alter interim reporting requirements, they enhance navigability, disclosure clarity, and consistency across entities. All entities providing interim financial statements under GAAP, including SEC registrants and non-registrants should check to see what impacts the new guidance could have on your process. Submit your comments by March 31, 2025.
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....
