FASB proposes discount rate relief for nonpublic lessees
FASB recently proposed changes to discount rate guidance for lessees that are nonpublic business entities, with an objective of reducing the costs of implementing the board’s new lease accounting guidance. read more Journal of Accountancy
FinREC addresses EBP revenue recognition implementation
The AICPA Financial Reporting Executive Committee (FinREC) recently issued a working draft of an accounting implementation paper that would address revenue recognition implementation for employee benefit plans and would be included in the AICPA Audit and Accounting Guide, Employee Benefit Plans. read more Journal of Accountancy<
FASB proposes hedge accounting changes
FASB recently proposed a new accounting standard that is designed to better align hedge accounting with an organization’s risk management strategy. read more Journal of Accountancy
GASB publishes implementation guidance on various issues
Application guidance on GASB’s state and local government accounting standards for derivative instruments, fiduciary activities, leases, and nonexchange transactions is included in a new implementation guide the board recently issued. read more Journal of Accountancy
GASB addresses accounting changes and error corrections
GASB recently proposed changes to its accounting and financial reporting guidance for accounting changes and error corrections that has been in effect for more than 40 years. read more Journal of Accountancy
AICPA & CIMA issue new nonauthoritative guidance for auditing digital assets
AICPA & CIMA issued nonauthoritative guidance for auditing digital assets such as cryptoassets in the areas of risk assessment, processes and controls, laws and regulations, and related parties. read more Journal of Accountancy
Sustainability reporting harmony boosted by SASB-IIRC merger
The drive towards consistency in environmental, social, and governance (ESG) and sustainability reporting recently took a step forward with the formal announcement that the Sustainability Accounting Standards Board (SASB) and the International Integrated Reporting Council (IIRC) are merging to form the Value Reporting Foundation. read more Financial Management