All IASB articles – Page 3
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Blog
SEC Calls for Attention to Credit Impairment Rules
Image: With a new standard expected before the end of the year to change the way financial institutions account for credit impairments, the SEC will be looking for strong processes and controls around critical judgments. Recently, SEC Chief Accountant James Schnurr told accountants at a conference to get ready to ...
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Blog
FASB Proposes Gross-Net Guidance on Revenue Recognition
FASB has proposed an update to its revenue recognition standard to clarify when an entity is acting as the principal in its interaction with a customer or when it is an agent for some other entity, helping a company determine if it should recognize revenue on a gross or net ...
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Article
Taxing Times Ahead on Revenue Standard
Among the many issues companies must address as they adopt the new revenue recognition standard, tax consequences are gaining more attention. The IRS is seeking comment on how burdensome tax reporting might become, and the standard’s fundamental shift in recognizing revenue could make the burden quite heavy. “There’s a lot ...
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Blog
IASB Proposes Updates on Revenue Standard
The International Accounting Standards Board has floated a few ideas to help clarify the new revenue recognition standard, and is asking for public comment on the proposals. All three clarifications address performance obligations under the new standard and seek to clarify questions such as who is a principal or agent, ...
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Blog
IASB Follows Suit on Deferring Revenue Recognition One Year
Image: The International Accounting Standards Board has decided to delay the effective date of its revenue recognition standard by one year, just as FASB pushed out its required implementation date to 2018. IASB is delaying the standard because it is working on clarifications to help implementation and because it “keeps ...
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Blog
FASB Approves One-Year Deferral for Revenue Recognition
As long expected, FASB has approved a one-year deferral of the effective date of the new standard on revenue recognition, pushing the adoption requirement out to 2018. The board will also allow companies to adopt the standard as of the original effective date, January 2017, if they are inclined to ...
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Blog
FASB, IASB Work Out Guidance on Gross vs. Net
FASB and IASB have reached tentative decisions on how to address questions in the new revenue standard around when to report revenue on a gross versus net basis. While the boards are moving in different directions of how they will amend their respective guidance, FASB says the amendments to each ...
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Blog
Why Simplification Isn’t Simple
Simplicity in accounting is always a great idea, yet complexity always seems to be intruding into reality. This week, Compliance Week columnist Scott Taub tries to deconstruct why complexity endures, and why we may even see it creep into the ostensibly simplified new rule for revenue recognition. “Despite 10 years ...
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Blog
Revenue Recognition Implementation Brings Big Challenges
Companies in the vanguard of implementing the new revenue recognition standard are finding it a daunting task requiring major planning and coordination. At the Compliance Week 2015 conference, Bavan Holloway, vice president of corporate audit at Boeing, said companies need to have a strong change management process in place. “It’s ...
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Blog
SEC Chief Accountant Retreats From IFRS Filing Idea
Image: SEC chief accountant James Schnurr is distancing himself from an idea he floated last year that the Commission might allow U.S. companies an option to report under International Financial Reporting Standards. Schnurr says staff outreach revealed “little support” for that idea, essentially leaving convergence to standard setters. Details inside.
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Blog
FASB Seeks Comment on Revenue Delay, IASB Opts to Defer
The Financial Accounting Standards Board has issued a formal proposal to delay the effective date of the revenue recognition rule by one year, just as the International Accounting Standards Board voted to propose a one-year deferral for the international standard. FASB’s proposal is seeking comment on whether a two-year delay ...
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Blog
IASB Considers Deferral for Revenue Recognition Standard
Now that the new revenue recognition standard is likely to be delayed by a year in the United States, the International Accounting Standards Board is recommending a delay until Jan. 1, 2018, for those who file under International Financial Reporting Standards. “We think that it is less confusing for the ...
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Blog
FASB Mulls Deferral on New Revenue Rule
Image: FASB will review research behind a possible delay in the new revenue recognition standard. The board might also consider allowing early adoption, currently prohibited under FASB’s standard. SEC Chief Accountant James Schnurrif said, “If the parties determine there are implementation issues that require additional standard setting, I would think ...
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Blog
New Lease Accounting May Favor IFRS Filers
Image: New standards on accounting for leases are likely to be more flattering to the bottom lines of companies that use international accounting standards rather than U.S. GAAP, the International Accounting Standards Board said recently. Beth Paul, a partner with PwC, said during a webcast that the key difference will ...
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Blog
Un-Convergence? Auditors Fret Over Possible Changes to Revenue Rule
Auditors are starting to worry about the implications of changes to the sweeping new standard on revenue recognition if U.S. and international rulemakers start debating new views and reaching different conclusions. Although both boards agreed in a recent joint meeting to consider changes, they didn’t agree on what those changes ...
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Blog
FASB, IASB Staff Call for Changes to Revenue Rules
Staff members of both the U.S. and international accounting rulemakers are recommending that their boards re-open their massive joint standard on revenue recognition to answer specific questions around implementation. The Joint Transition Resource Group has fielded nearly 40 issues that companies have encountered; FASB began to consider possible changes this ...
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Article
The Slog Begins for New Revenue Standard
Image: FASB’s effort to implement its new standard for revenue recognition by 2017 is bumping against business reality, as different parts of Corporate America grow vocal about their ability—or lack thereof—to manage the task. “A lot of companies are trying to correlate the messaging around a potential deferral and potential ...
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Blog
FASB May Offer Deferral, Early Adoption on Revenue Rule
The Financial Accounting Standards Board is considering both a deferral of its sweeping new revenue recognition rule and early adoption for companies ready to proceed, a FASB spokesman said Monday. FASB will decide later this spring on those ideas, after hearing more input from companies preparing for the current 2017 ...
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Blog
FASB Studies Three Revenue Issues for Possible New Guidance
Image: Financial Accounting Standards Board Chairman Russ Golden has authorized FASB staff to conduct research on (1) how to apply the new revenue recognition standard to licensing agreements; (2) when revenue should be recognized on a gross versus net basis; and (3) how to determine performance obligations. The research should ...
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Blog
Golden Answers Early Political Pressure on Revenue Recognition
To answer early political pressure over the new accounting standard on revenue recognition, the Financial Accounting Standards Board is pledging its readiness to work through implementation issues as they are identified and brought to the board for action.
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