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 […]

September 2018 Audit & Assurance Newsletter

Monday, September 17, 2018

FASB takes big steps on disclosure effectiveness FASB’s ongoing efforts to improve the effectiveness of disclosures in the notes to financial statements led to multiple changes recently announced by the board. Two changes to FASB’s conceptual framework will help the board identify and evaluate disclosure requirements in accounting standards and clarify the concept of materiality, […]

August Audit & Assurance Newsletter

Friday, August 17, 2018

FASB changes accounting for long-duration insurance contracts Financial reporting for insurance companies that issue long-duration contracts will change under an accounting standard that was recently issued by FASB. The targeted changes to the current reporting model affect accounting for companies that sell long-duration products such as life insurance, disability income insurance, long-term-care insurance, and annuities. […]