Apr 8, 2019 | FASB Updates, GAAP Updates
WHY: Before the global financial crisis that began in 2008, both the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) began a joint project to improve and to achieve convergence of their respective standards on the...
Jan 4, 2019 | FASB Updates
Private companies must start following the FASB’s landmark revenue recognition standard in 2019 — now. Many financial reporting professionals report that private companies still have work to do to meet the demands of the new, sweeping rules for calculating the...
May 24, 2018 | FASB Updates, IASB, IRS information
Rev Proc 2018-29, 2018-21 IRB In a Revenue Procedure, IRS has provided a new automatic change in accounting method for taxpayers to use to conform with new financial accounting standards issued by the Financial Accounting Standards Board (FASB) and the International...
Feb 13, 2018 | FASB Updates, Insurance, Tax Cuts and Jobs Act, Tax Updates
The FASB agreed to finalize a proposal it released in January that aims to alleviate concerns from banks and insurance companies about the accounting implications of the Tax Cuts and Jobs Act. The final update to U.S. GAAP will be optional for companies to apply, the...
Dec 21, 2017 | FASB Updates, Nonprofit Updates
On August 3, 2017 the Financial Accounting Standards Board (FASB) issued an Exposure Draft, Not-for-Profit Entities (Topic 958), Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made (proposed ASU). The following is a brief...
Nov 22, 2017 | FASB Updates, Public Companies
Effective January 1st 2018 public companies are required to implement ASU 2016-01 which changes the method of accounting for equity investments. Non-public companies can early adopt or are required to adopt January 1st 2019. The resulting update requires equity...
