With the effective date of Topic 842, Leases, right around the corner, the FASB recently issued two new ASUs that update the lease accounting guidance originally issued in 2016. Both of these updates are effective at the same time as Topic 842. In July, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, […]
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10 Items to Consider As You Adopt the New Lease Accounting Standard
ASU No. 2016-02, Leases (Topic 842), the new lease accounting standard, is here. In this post, we highlight 10 items for consideration as you plan to adopt this standard.
FASB Makes It Easier to Test for Goodwill Impairment while the SEC Cracks the Whip on SAB 74 Disclosures
The Financial Accounting Standards Board (FASB) has been very active in early 2017, having issued three Accounting Standard Codification (ASC) Updates this past week. Here’s a quick summary of the new Updates.
A Closer Look: FASB’s Amendments to Topic 606, Revenue From Contracts With Customers
With ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue From Contracts With Customers, the FASB continued its response to implementation challenges and requests for clarifications received from the Transition Resource Group (TRG). The TRG, the group of practitioners, accountants and financial statement preparers tasked with vetting questions concerning Topic 606, Revenue from […]
FASB Issues Technical Improvements to Topic 606, Making it Easier to Implement
The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-20 today, which addresses a number of implementation issues that have been identified as business entities move to adopt ASC Topic 606, Revenue from Contracts with Customers. This much-anticipated update contains guidance on 13 specific issues that had been previously identified since the […]