November 2018 Audit & Assurance Newsletter

FASB clarifies collaborative arrangement accounting rules

FASB recently issued a new standard that provides guidance on how to assess whether certain transactions between participants in collaborative arrangements should be accounted for within the board’s revenue recognition standard.

The guidance is provided in Accounting Standards Update No. 2018-18Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606read more    – Journal of Accountancy

FASB expands private company consolidation relief

FASB recently addressed an area of accounting that has long been a concern for private companies with the issuance of a standard designed to improve consolidation accounting for private companies. read more    – Journal of Accountancy

FASB permits new benchmark rate for hedge accounting

FASB recently made an addition to its list of permissible benchmark interest rates for hedge accounting. read more    – Journal of Accountancy

International audit standard addresses estimates

A newly released international auditing standard for auditing accounting estimates and related disclosures is designed to help auditors keep pace with changes in accounting standards for loan provisions and insurance contracts. read more    – Journal of Accountancy

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