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. […]

July Audit & Assurance Newsletter

Tuesday, July 24, 2018

FASB issues 16 minor amendments to lease accounting standard FASB recently issued 16 minor amendments to its new lease accounting standard, clarifying rules and correcting application of guidance that the board had not intended when it created the standard. The lease accounting standard (codified in Topic 842, Leases) was issued on Feb. 25, 2016, and takes […]

June Audit & Assurance Newsletter

Friday, June 29, 2018

FASB supersedes outdated guidance related to Circular 202 FASB recently issued amendments to accounting rules to supersede outdated guidance related to the Office of the Comptroller of the Currency’s Banking Circular 202, Accounting for Net Deferred Tax Charges. Circular 202 has been rescinded and is no longer relevant. FASB issued Accounting Standards Update No. 2018-06, Codification Improvements […]

March Audit & Assurance Newsletter

Tuesday, March 13, 2018

FASB issues technical corrections to financial instruments standard The FASB recently issued technical corrections and improvements to its financial instruments standard on recognition and measurement of financial assets and liabilities that was originally issued in 2016. The original standard, Accounting Standards Update (ASU) No. 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial […]

February Audit & Assurance Newsletter

Wednesday, February 21, 2018

FASB addresses stranded income tax effects of new tax law FASB recently issued an Accounting Standards Update that is designed to help organizations address certain stranded income tax effects in accumulated other comprehensive income resulting from P.L. 115-97, known as the Tax Cuts and Jobs Act. Under the new FASB rules, financial statement preparers are […]