FASB proposes delays in 3 key effective dates
Certain financial statement preparers would receive the benefit of effective date delays in FASB’s accounting standards for leases, hedging, and credit losses under a proposal the board recently issued.
In response to preparers’ concerns about overload while implementing these three significant standards, FASB proposed amending the effective dates. read more – Journal of Accountancy
FASB makes a second effort to improve balance sheet debt classification
After considering comments on a previous proposal for improving balance sheet debt classification, FASB recently issued a reproposal on the issue. read more – Journal of Accountancy
How to make the most of FASB’s effective date delays
Delays FASB has proposed for effective dates for certain preparers for three major accounting standards represent an opportunity for company finance departments to implement the standards more thoroughly, review public company filings, and make process and business improvements. read more – Journal of Accountancy
FASB proposes guidance to ease transition to new benchmark rates
FASB is seeking feedback on a proposed Accounting Standards Update (ASU) designed to reduce the accounting costs and complexities related to the migration from interbank-offered interest rates to new reference rates. read more – Journal of Accountancy
FASB proposes delay in long-term insurance standard effective date
FASB on Wednesday proposed a delay in the effective date of its new accounting standard for long-duration insurance contracts. read more – Journal of Accountancy
Determining materiality for nonquantitative subject matters
Determining materiality has long been one of the most difficult exercises in auditing and financial reporting. read more – Journal of Accountancy
ASB addresses challenges in auditing accounting estimates
A proposal recently issued by the AICPA Auditing Standards Board (ASB) is intended to provide auditors with enhanced guidance on auditing accounting estimates. read more – Journal of Accountancy
Proposal would align AU-C 800 series with SAS No. 134
A proposal recently issued by the AICPA Auditing Standards Board (ASB) is designed to align three sections of the clarified auditing standards with the new auditor reporting standard the board issued earlier this year. read more – Journal of Accountancy
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