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 […]

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 […]