Audit & Assurance News Alerts

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 […]

FASB issues update on modification accounting for share-based payment awards In a new accounting standard recently issued, The Financial Accounting Standards Board (FASB) hopes to provide clarity by offering guidance on the scope of modification accounting for share-based payment awards. Accounting Standards Update No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, gives direction […]

New rules for accounting for amortization of premiums for purchased callable debt securities The Financial Accounting Standards Board (FASB) recently made targeted changes to the rules governing accounting for amortization of premiums for purchased callable debt securities. The changes are described in Accounting Standards Update No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium […]

FASB changes presentation of defined benefit costs The Financial Accounting Standards Board (FASB) recently issued an accounting standard that is designed to increase the transparency and usefulness of information about defined benefit costs for pension plans and other post-retirement benefit plans presented in employer financial statements. The rules changes are described in Accounting Standards Update […]

ASB issues new going concern auditing standard Accounting and auditing standards for going concern recently achieved greater harmony when the AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern. read more                […]