All IASB articles – Page 2
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Blog
Will new lease accounting lead to less leasing?
Accounting experts are beginning to discuss whether companies might change their leasing strategies when they are required to add leases to balance sheets. Tammy Whitehouse reports.
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Blog
FASB finalizes new rule to accelerate recognition of loan losses
FASB has finalized its long-awaited standard giving companies a new, more forward-looking way to account for credit losses in their portfolios. The standard will require companies to reflect expected credit losses on financial assets based on their historical experience, current market conditions, and even forecasts. Tammy Whitehouse has an in-depth ...
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Blog
Companies sweat data details more than IT under new lease rules
Preparers seem more concerned about how they will gather and manage the data they need to comply with new lease accounting rules than they are about new IT system needs, according to a recent Deloitte poll. Tammy Whitehouse has an in-depth look at the survey.
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Blog
FASB finalizes guidance on licensing, performance obligations
FASB has issued guidance related to the revenue recognition standard to clarify licensing and identifying performance obligations. The guidance says entities are not required to assess whether promised goods or services are performance obligations if they are immaterial in the contract with the customer. It also provides some clarification around ...
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Blog
FASB offers guidance on hedge accounting complexities
Image: Hedge accounting can help organizations manage exposures that range from changing interest rates to counterparty credit risk. But the rules that govern hedge accounting are extremely detailed and require close compliance consideration. CW columnist Robert Herz discusses how, with new regulations proposed, things are only going to get more ...
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Article
New accounting standard for leases brings numerous compliance concerns
As public companies face a 2019 deadline for a new accounting standard that brings leases onto corporate balance sheets, compliance officers will have to consider a long list of implementation decisions and business implications, says Tammy Whitehouse.
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Article
Footnotes of the future: reflections from the Disclosure Initiative
The IASB hears from investors all the time: Financial statement disclosures are too complicated, with too much insignificant detail; unorganized footnotes; and language that reads like a checklist. Seems the board has been listening. Inside, IASB member Gary Kabureck discusses some of the actions the board is taking to improve ...
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BlogSEC advises caution on revenue recognition policies
While international regulators have finished up with revenue recognition, the SEC continues to advise companies to scrutinize U.S. regulators’ impending work on the standard. FASB has scheduled three meetings for the Transition Resource Group, which will be airing and discussing any implementation questions it has received. According to Deputy Chief ...
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BlogFASB publishes final lease accounting standard
Image: Marking another milestone in accounting history, the Financial Accounting Standards Board has published its final standard requiring all companies that lease any kind of asset—from real estate to heavy equipment to office copiers—to recognize leased property as an asset they have a right to use and a liability that ...
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Article
Companies Prep for FASB’s New Take on Leases
Still knee-deep in preparing for the massive new revenue recognition standard, public companies have plenty of reason to start revving up now for another major accounting change on the horizon—the new leasing standard. “As soon as possible—even prior to the issuance of the new leases standard—preparers should consider creating a ...
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Blog
With IASB Leasing Rule Final, FASB Calls on US Companies to Plan Adoption
As the IASB has released its final leasing standard, FASB is now calling on U.S. companies to begin planning to adopt FASB’s incoming lease rules. The board is retaining an accounting model that contemplates two types of leases similar to the way they are categorized in GAAP currently; on the ...
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Blog
IASB Releases Final Lease Standard
Image: The IASB has issued its long-awaited accounting standard requiring assets and liabilities associated with leases to be added to corporate balance sheets. Companies that follow International Financial Reporting Standards have until 2019 to adopt the standard. “It’s been a long road getting to this event,” says Sean Torr, a ...
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Blog
FASB Publishes Final Standard on Recognition and Measurement of Financial Instruments
Image: A decade in the making, public companies now have a new standard that tells them how to measure and recognize the value of financial assets and financial liabilities in financial statements. Accounting Standards Update No. 2016-01 rewrites certain requirements under the Accounting Standards Codification for how to recognize, measure, ...
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Blog
FASB, IASB Agree on Revenue Recognition Solutions
Guidance on when to recognize revenue on a net or gross basis is expected to be highly consistent across U.S. and international rules when the Financial Accounting Standards Board and the International Accounting Standards Board issue their final amendments.
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Article
Little to Fear in New World of Lease Accounting
Accounting for leases is about to undergo a profound change, thanks to a new standard adopted by accounting rulemakers in the United States and overseas. The new standard has its critics; in a special guest column this week, Gary Kabureck—former chief accounting officer of Xerox, now a member of the ...
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Blog
FASB Sets 2019 Effective Date on Lease Standard
Image: FASB will issue its final leasing rule in 2016, effective 2019. IASB’s new leasing requirements will follow roughly the same timeline, although the boards still differ on how to reflect lease obligations in the income statement. “We believe that this new standard is important because it will provide investors, ...
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Blog
Final TRG Session Leaves Lingering Questions on Licenses
FASB and IASB’s Transition Resource Group met one final time to work through questions surrounding revenue recognition. While the group forged ahead with such issues as treating customer options for additional goods and services, pre-production activities, and fixed-odds wagering contracts, uncertainty still exists for licensing. Big 4 accounting firm PwC ...
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Blog
AICPA Begins Floating Revenue Recognition Drafts
Image: The American Institute of Certified Public Accountants has assembled 16 industry task forces to examine industry-specific implementation questions that are emerging as companies prepare to adopt the new principles-based revenue recognition standard. The working drafts provide insight and examples around nine specific questions, says Kim Kushmerick, senior technical ...
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Blog
Companies Lag in Assessing New Revenue Rules, Survey Shows
Image: A recent survey of 335 finance executives by PwC and Financial Executives Research Foundation found that 27 percent of executives said their companies had not yet started an initial impact assessment of the new revenue standard as of summer 2015, and 48 percent had started but not completed it ...
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Blog
IASB Sets 2019 Effective Date for Lease Accounting Standard
The International Accounting Standards Board says its updated lease accounting standard will take effect on Jan. 1, 2019, for companies following International Financial Reporting Standards. FASB is expected to issue its lease accounting standard by year’s end. The boards concur on how to define a lease and how leased assets ...
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