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 Amortization on Purchased Callable Debt Securities. read more – Journal of Accountancy
ASB addresses auditor reporting on ERISA plan financial statements
The American Institute of Certified Public Accountants (AICPA) Auditing Standards Board (ASB) recently issued a proposal that would create a new auditing standard for auditors reporting on audits of the financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). read more – Journal of Accountancy
Revenue recognition working drafts issued for four industries
The airlines, gaming, hospitality, and time-share industries are represented in the latest group of revenue recognition working drafts exposed by the American Institute of Certified Public Accountants (AICPA) Financial Reporting Executive Committee (FinREC). read more – Journal of Accountancy
How financial statement audits deliver key business insights
Financial statement audits are not just a compliance exercise, but also an opportunity to gain knowledge that can generate positive business results, according to a new survey. read more – Journal of Accountancy
GAO proposes revisions to government auditing standards
Multiple requirements in Government Auditing Standards would change under revisions proposed by the U.S. Government Accountability Office (GAO). read more – Journal of Accountancy
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