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FASB Proposes Delays in 3 Key Effective Dates
Certain financial statement preparers would receive the benefit of effective date delays in FASB’s accounting standards for leases, hedging, and credit losses under a proposal the board issued. In response to preparers’ concerns about overload while implementing these three significant standards, FASB proposed amending the effective dates. “Private companies, not-for-profit organizations, and ...
Read MoreFASB Proposes Standard for Distinguishing Liabilities From Equity
The Financial Accounting Standards Board released a proposed accounting standards update with the goal of enhancing the guidance for financial instruments with the characteristics of liabilities and equity, including convertible instruments and derivatives. The proposed update aims to improve the guidance for both convertible instruments and the derivatives scope exception for contracts in a company’s own equity. It ...
Read MoreFASB Proposes Changes for Financial Instruments, Equity Method Investments
The Financial Accounting Standards Board is aiming to clarify the interaction between two of its accounting standards: the standard on recognition and measurement of financial instruments and the standard on equity method investments. FASB issued a proposed accounting standards update after hearing questions from some of its stakeholders about how the two standards worked together. In 2016, FASB issued Accounting Standards ...
Read More5 Things You May Not Know About the Lease Standard
As with any accounting standard shift, the new lease standard (ASC 842) brings momentous changes to accounting processes and financial reporting. While the main differences are well-known, I’ve taken a particular interest in the smaller nuances that live within the new standard. (Yes, I’m an accounting nerd and I love learning about and discussing all things related to leases!) In this article, I’m sharing five of those ...
Read MoreFASB to Propose Delaying Effective Dates for 4 Major Standards
FASB plans to propose delaying effective dates for four key standards for certain groups of financial statement preparers after a series of votes taken at a board meeting. The plan to delay effective dates for certain companies for accounting for leases, credit losses, hedging, and long-duration insurance contracts is FASB’s response to the burden placed on preparers by the board’s ambitious standard-setting activities. Coupled ...
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