Oct 26, 2023 | Accounting, Government
The GASB recently proposed to separate out disclosures of various types of assets to help users understand the types of assets. Due to the creation of new assets like lease assets and subscriptions assets in GASB 87 and 96 there have been questions about how disclosures should be presented. GASB’s proposal would separate out intangible assets, lease assets and subscription assets separately by their respective classes of assets. Comments are due January 5, 2024.
Oct 5, 2023 | Accounting, Auditing, Ethics, Genuine Learning, Government
At the end of July, the FASB proposed new disclosure requirements that would require public business entities to provide more disaggregated data around their income statement expenses. Unlike the recent income tax disclosure proposal, this proposal only impacts public business entities. It is in response to a request from investors to provide more granular information to assist users in understanding the company’s cash flows. Comments are due October 30.
Sep 28, 2023 | 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.
Sep 14, 2023 | Accounting, Genuine Learning
Concept Stmt: Chapter 5, Recognition and Derecognition In August, the FASB issued Chapter 5 of the Conceptual Framework, Recognition and Derecognition. The chapter addresses the criteria that would be used to determine when an element should be recognized in the...
Sep 7, 2023 | Accounting, Genuine Learning
Concept Stmt: Chapter 2, The Reporting Entity The FASB has issued a new Concept Statement around the Reporting Entity. While concept statements are not authoritative GAAP they are the theory that underlies GAAP used by the board to develop ASUs. If you are looking...
