March 2019 Audit & Assurance Newsletter

New FASB standard clarifies lease accounting issues

FASB addressed two lessor implementation issues recently and clarified an exemption for lessors and lessees from a certain interim disclosure requirement associated with adopting the board’s new lease accounting standard.

In Accounting Standards Update (ASU) No. 2019-01Leases (Topic 842): Codification Improvements, FASB aligns the new guidance with existing guidance for fair value of the underlying asset by lessors that are not manufacturers or dealers in Topic 842, Leasesread more      – Journal of Accountancy

FASB proposes guidance for measuring share-based payments to customers

FASB recently issued a proposal that would provide explicit guidance on how to measure share-based payments to a customer. read more       – Journal of Accountancy

FASB addresses deferred revenue in business combinations

The recognition and measurement of deferred revenue in business combinations would change under a new proposal recently issued by FASB. read more      – Journal of Accountancy

FASB proposes transition relief for credit losses standard

FASB recently proposed a standard that is designed to ease the transition to its new credit losses standard by providing an option to measure certain types of assets at fair value. read more     – Journal of Accountancy

Private company GAAP alternatives: It’s not too late

It would be understandable if leaders of some private companies have not had the time to consider adopting the private company GAAP alternatives created by FASB’s Private Company Council (PCC). Implementation of new standards on revenue recognition and lease accounting has provided GAAP users with plenty to do over the past few years in addition to their regular workload. read more     – Journal of Accountancy

GASB issues proposed lease accounting implementation guide

GASB issued a proposed implementation guide that is designed to help state and local governments understand the board’s new standard on lease accounting. read more    – Journal of Accountancy

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