Accounting & Auditing Update

The International Federation of Accountants is pitching the G-20 to make a plug for international accounting and auditing standards when they meet in September. Tammy Whitehouse reports.

FASB’s proposed 2017 U.S. GAAP Financial Reporting Taxonomy contains some changes that are meant to address concerns of users of XBRL-tagged financial statement data. Tammy Whitehouse has more.

After issuing some huge changes to accounting standards, FASB will keep the current work load or corporate accounting offices in mind before taking on big new projects.

Audit Analytics discusses early adoption of ASC 606.

Private company audits soon will reflect new standards around the going concern call, but public companies will be getting their new standards no time soon. Tammy Whitehouse reports.

The FASB is advising accountants to sit tight through some reconstructive work in the coming months in the online Accounting Standards Codification.

Audit regulators have proposed two new standards to beef up requirements for auditors as they scrutinize accounting estimates and the work of specialists.

Another new poll says public companies are starting to freak out over how they’ll meet the 2019 effective date to adopt new lease accounting rules.

Half way from publication to adoption of new lease accounting rules, C-suite executives are worried about whether implementation will get done on time. 

Big 4 firms say the SEC won’t object if certain “public business entities” adopt new revenue and leasing rules under private company effective dates.

A Deloitte poll suggests new revenue recognition accounting requirements taking effect next year may put a chill on initial public offerings.

FASB is proposing new clarifications to its previously issued standards on the recognition and measurement of financial instruments and on leases.

Recent surveys suggest continued uncertainty in the financial services sector over how to project credit losses in compliance with a new accounting rule.

Third-quarter filings suggest companies are making progress implementing new revenue rules, but still have plenty of work to do in the fourth quarter.

The lease accounting standard is about to get easier to adopt when it takes effect in 2019, but that doesn’t mean companies should slow their preparations.

The SEC has signaled it doesn’t plan to pick apart the many detailed judgments they must exercise as they follow new revenue recognition rules beginning next year.

FASB has reached some preliminary decisions about how it will revise rules on lease accounting and hedging to address implementation questions.

Corporate filings flagging doubt over a company’s ability to continue as a going concern reached a low in 2016, according to the newest research.

With only six months to the effective date of a new lease accounting rule, more than half of companies have not started to prepare, according to a new survey.

Virtually all public companies are feeling some pain over accounting change occurring in their organizations the past few years, according to a recent poll.

Investors are not getting much warning about assets and liabilities soon to hit corporate balance sheets as companies prepare to adopt new lease accounting rules.

Banks appear all over the spectrum in terms of their readiness for CECL, with equal numbers implementing the new model or still in the early stages, a new poll says.

Accountants globally have new rules to follow around offering or accepting inducements, and they’re a little more explicitly stated than those for U.S. accountants.