On Nov. 10, the Financial Accounting Standards Board (FASB) considered a request for a further two-year delay in the effective date of ASC Topic 842, Leases, for entities which have not yet adopted the new standard. The board voted 7-0 to not provide an additional deferral of ASC 842’s effective date. With this decision, the […]
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FASB Issues Long-awaited Lease Simplification Update
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, […]
Topic 606 and Construction Revenue: What CPAs Need to Know
In May 2014, FASB issued an Accounting Standards Update regarding Topic 606: Revenue from Contracts with Customers, along with various amendments, to be implemented in 2017 and 2019. In this post, we’ll talk about exact adoption dates of the new construction revenue recognition standards, the major updates, and how you can help your construction clients […]
(Video) Don’t Overlook These 3 Details in Topic 606, FASB’s New Revenue Recognition Model
When it comes to your implementation plan for Topic 606, the FASB's new revenue recognition model, here are 3 details not to overlook.
FASB Continues its Rapid 2017 Pace by Issuing 4 Accounting Updates
The FASB continued to clear its current technical agenda by issuing 4 new ASUs over the past few weeks. Read more for how each of these standards updates could affect your practice and your clients.
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 […]