April 2019 Audit & Assurance Newsletter

Monday, April 22, 2019

FASB modifies definition of ‘collections’ FASB recently issued a standard aligning its definition of “collections” with the definition used in the American Alliance of Museums’ Code of Ethics for Museums. Accounting Standards Update No. 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections, applies to all entities, including business entities, that maintain collections. But FASB states […]

March 2019 Audit & Assurance Newsletter

Tuesday, March 19, 2019

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. 2019-01, Leases (Topic 842): Codification Improvements, FASB aligns the new guidance with existing guidance […]

January 2019 Audit & Assurance Newsletter

Tuesday, January 15, 2019

FASB tweaks leases standard with new update FASB recently issued an Accounting Standards Update (ASU) that clarifies how to apply the new leases standard when accounting for sales taxes, certain lessor costs, and certain requirements related to variable payments in contracts. ASU No. 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors, modifies ASU No. 2016-02, Leases (Topic 842). […]

December 2018 Audit & Assurance Newsletter

Tuesday, December 11, 2018

FASB alters transition requirements, scope of credit losses standard FASB recently amended its standard on accounting for credit losses, changing the transition requirements and clarifying the scope of the standard. The credit losses standard was issued in 2016 and requires more timely reporting of credit losses on loans and other financial instruments. The standard requires […]

November 2018 Audit & Assurance Newsletter

Wednesday, November 7, 2018

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. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 […]