All FASB articles – Page 6
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ArticleNon-banks still have plenty of work ahead to adopt CECL
Efforts to adopt CECL are generally underway in the banking sector, but companies outside financial services may still have plenty to do.
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ArticleSome companies are ready for CECL, some are not
Citigroup raised its expected loan loss reserves under CECL as it prepares for parallel testing of its methodology, but plenty of organizations have barely started.
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ArticleFASB clarifies financial instruments rules, including CECL
FASB issued an update to accounting standards to clarify new rules on CECL, hedging, and recognition and measurement of financial instruments.
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ArticleAICPA revenue recognition guide hits audit, sector issues
Still looking for some help on revenue recognition? The AICPA has published an audit and accounting guide meant to work through industry-specific issues.
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ArticleFASB preps proposal to simplify income tax accounting
FASB is preparing a proposal to amend accounting standards in a way that is intended to ease the accounting for income taxes.
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ArticleRoughly half of S&P 500 disclose expected CECL impact
A little more than half of the S&P 500 have disclosed something about how they expect to be affected by CECL reporting when it begins next year.
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ArticleFASB rejects bank request to ease CECL effects on income
The Financial Accounting Standards Board has rejected a proposal by some banks to revise the pending credit losses standard, due to take effect Jan. 1, 2020.
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ArticleFASB revises proposed changes to income tax disclosure
FASB has revised its proposed changes on tax disclosures to respond to feedback to an earlier proposal and to reflect changes under tax reform.
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ArticleMind controls, disclosures on leases, Big Four firms advise
As companies face first-quarter reporting under lease accounting, Big Four firms are offering some last-minute pointers about controls and disclosures.
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ArticleBanks move forward with CECL, expecting no relief
Despite calls for delay or reconsideration of the pending new model for recognizing loan losses, entities are implementing as if nothing will change.
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Companies tie loose ends on leasing, prepare ongoing accounting
Companies generally are expected to be ready to report under new lease accounting rules but still face some added work to prepare for ongoing compliance.
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ArticleLeases 2.0: Is your company ready for ongoing compliance?
With leases about to hit corporate balance sheets, companies need to shift gears to focus on the ongoing implications of new lease accounting rules.
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BlogFASB finalizes minor edits to major new lease rules
As companies are about to begin reflecting new lease rules, the Financial Accounting Standards Board has approved some minor edits to the standard that are intended to assure a smooth transition.
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ArticleCompanies face first reporting under new hedge rules
Hedge accounting rules, now taking effect, may have fallen under the radar as companies wrestled bigger changes to revenue recognition, leasing, and credit losses.
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BlogMolson Coors recalls bad batch of earnings figures
After discovering a bad batch of accounting, Molson Coors Brewing Co. has restated financials back to 2016 to unravel improperly reported earnings.
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Blog
FASB preps CECL edit to allow more fair value
To make it easier for companies to adopt CECL for credit losses, FASB is considering a change that would permit more use of fair value.
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FASB tees up CECL issues, but not deferral
The FASB will meet to discern implementation issues associated with CECL, but the possibility of a deferral in the effective date is not on the agenda.
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FASB considers how to answer CECL proposal
The FASB is reviewing a request from a group of mid-sized financial institutions to revise CECL in a way the board has apparently already considered and dismissed.
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FASB hears CECL concerns, plans March meeting date
Making no promises about what action, if any, it will take, FASB will meet in March to discuss the CECL standard on credit losses.
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Grant Thornton launches lease analytics app
Grant Thornton announced the launch of web-based application LeaseCom Analytics (LCA), designed to help companies adjust to FASB’s new lease accounting standard.