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Audit & Assurance

September 2018 Audit & Assurance Newsletter

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, FASB Chairman Russell Golden said in a news release. read more    – Journal of Accountancy

FASB simplifies accounting for cloud computing service costs

FASB recently issued a new standard that is designed to reduce complexity for the accounting for costs of implementing a cloud computing service arrangement. read more    – Journal of Accountancy

Global accounting body to consider revamping ‘goodwill’ rule

A global accounting standard setter has said it will review how companies calculate “goodwill” on their balance sheets to avoid misleading investors with overly optimistic assessments of financial health. read more    – Reuters

GASB clarifies majority equity interest reporting rules

The definition of an acquisition is the dividing line in state and local governments’ accounting for the majority equity interest in an organization that remains legally separate after acquisition, according to clarifying guidance recently issued by GASB. read more    – Journal of Accountancy

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