NSAC Happenings and Latest News - Page 115
FASB Proposes Changes in Pension and Post-retirement Reporting
The Financial Accounting Standards Board has issued two proposed accounting standards updates to improve financial reporting by employers related to defined benefit pension and other postretirement benefit plans. One of the proposed updates, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans, is part of the FASB’s broader ...
Read MoreCompanies Expected to See Biggest Impact from New Leasing Standard
The lease accounting standard that the Financial Accounting Standards Board plans to release this quarter is expected to have a major impact on many companies, requiring current off-balance sheet leasing activities to be reflected on balance sheets for the first time. Earlier this month the International Accounting Standards Board released its version of the standard, which differs in some key respects from FASB’s (see IASB ...
Read MoreCompanies Getting Ready for FASB's Leasing Standard
The Financial Accounting Standards Board is expected to release its long-awaited lease accounting standard this quarter, and companies are bracing for the impact on their balance sheets. The changes will require companies to gather significantly more information and require more management judgments each reporting period, according to PricewaterhouseCoopers. The changing model might affect financial ratios and metrics, “lease vs.
Read MoreRevenue recognition, lease standards challenge preparers
Important new standards for revenue recognition and leases are causing difficulty for corporate financial statement preparers, a new survey shows. Just 29% of corporate preparers said their companies have a clear plan to implement the new revenue recognition standard, according to a KPMG LLP survey of nearly 400 financial executives at the firm’s annual Accounting & Financial Reporting Symposium. The revenue recognition standard was ...
Read MoreFASB plans to issue new leases standard on February 25, 2016
The FASB said it plans to issue its new leases standard on February 25, 2016. The standard will require lessees to recognize most leases on their balance sheets and could have significant financial reporting and business implications.
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