September 2019 Audit & Assurance Newsletter

Monday, September 16, 2019

FASB proposes delays in 3 key effective dates Certain financial statement preparers would receive the benefit of effective date delays in FASB’s accounting standards for leases, hedging, and credit losses under a proposal the board recently issued. In response to preparers’ concerns about overload while implementing these three significant standards, FASB proposed amending the effective […]

August 2019 Audit & Assurance Newsletter

Monday, August 12, 2019

FASB tackles difficult liabilities and equity topic FASB recently addressed one of the most misunderstood areas of financial reporting, issuing a proposal that’s intended to help distinguish liabilities from equity. The proposed Accounting Standards Update (ASU) is designed to improve the board’s guidance for certain financial instruments with characteristics of liabilities and equity, including convertible instruments. read […]

June 2019 Audit & Assurance Newsletter

Monday, June 10, 2019

FASB extends GAAP alternatives to not-for-profits Not-for-profit financial statement preparers will be able to take advantage of two GAAP alternatives that FASB originally developed for private companies. FASB issued a standard Thursday that will make not-for-profits eligible for the private company alternatives on accounting for goodwill and accounting for identifiable intangible assets in a business combination. read […]

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 […]