Audit & Assurance News Alerts

December Audit & Assurance Newsletter

Monday, December 18, 2017

FASB combines guidance for income statement, comprehensive income into one topic In an effort to simplify its Accounting Standards Codification, the FASB has combined its guidance for income statements and comprehensive income into one topic. Previously, FASB’s guidance on these subjects has been located in Topic 225, Income Statement, and Topic 220, Comprehensive Income. Under the changes, […]

October Audit & Assurance Newsletter

Monday, October 9, 2017

FASB proposes various minor changes to codification The Financial Accounting Standards Board (FASB) recently issued a proposed Accounting Standards Update that would make changes designed to clarify, correct errors in, or make minor improvements to the board’s Accounting Standards Codification. Nine potential amendments are contained in the proposal, which would affect a wide variety of topics […]

September Audit & Assurance Newsletter

Monday, September 11, 2017

New FASB standard aims to simplify hedge accounting The Financial Accounting Standards Board recently issued a new standard that is designed to make hedge accounting easier for financial statement preparers and easier for financial statement users to understand. According to FASB Chairman Russell Golden, Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to […]

August Audit & Assurance Newsletter

Thursday, August 10, 2017

FASB simplifies accounting for certain financial instruments Following a Private Company Council recommendation, the Financial Accounting Standards Board (FASB) recently issued a new standard that simplifies the accounting for certain financial instruments with down round features. Down round features are a provision in an equity-linked financial instrument or embedded feature that provides a downward adjustment […]

July Audit & Assurance Newsletter

Wednesday, July 12, 2017

FASB proposes changes to consolidation guidance The Financial Accounting Standards Board (FASB) has proposed an accounting standards update to reduce the cost and complexity of financial reporting related to the consolidation of variable interest entities, based on recommendations from FASB’s sister organization, the Private Company Council. The proposal aims to address some of the concerns […]