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U.S. Accounting Rulemaker Chief Outlines 2018 Goals
The 2018 objectives for FASB include assisting companies with accounting implementation challenges on four important standards—revenue recognition, leases, credit losses, and hedging—Financial Accounting Standards Board Chairman Russell Golden told Bloomberg Tax. Additionally, FASB will initiate or advance new projects relating to accounting for life insurance, distinguishing liabilities from equity, and improving segment reporting, ...
Read More7 Key Steps to Master Revenue Recognition Implementation
Standard setters have made game-changing revisions to revenue recognition standards, and the effective date for implementation is fast-approaching. The new standard replaces the existing transaction- and industry-specific revenue approach with a principles-based approach. Is your organization ready for this shift? The new standard was originally issued by the Financial Accounting Standards Board as Accounting Standards Update (ASU)
Read MorePractical Considerations for Lease Accounting
On the heels of a transformative and challenging revenue recognition standard, FASB's new lease accounting standard presents a potential tsunami of changes to the financial statements of public and private companies. In February 2016, FASB issued new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). This new guidance was initiated as a joint project with the International ...
Read MoreDo You Know Where Your Leases Are?
Complying with the new lease accounting standard will require collecting data from lease contracts across numerous locations and geographies. The clock is ticking to fulfill the requirements of impending changes to lease accounting standards, which are creating a handful of organizational challenges for corporations. One of the more complicated of these challenges is finding lease rights and obligations from numerous (sometimes thousands)
Read MoreFASB Plans to Ease Lease Accounting Requirements
The Financial Accounting Standards Board decided to ease some of the implementation burdens and possible costs of the new lease accounting standard by making several adjustments and offering some practical expedients. In the area of land easements, FASB decided to proceed with issuing a final accounting standards update that offers a more practical expedient as an optional transition to the new standard. If elected, the option ...
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