FASB 2021 Agenda

What’s on the FASB’s 2021 agenda? In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders in early 2021, Jones identified a list of high-priority projects that he plans [...]

By |2021-04-16T11:58:11-04:00April 16th, 2021|Categories: Audit, Blog, GAAP|Tags: , , , , , , |Comments Off on FASB 2021 Agenda

Updated Guidance for Impairment Testing

Updated guidance for impairment testing: When to consider triggering events On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP). This [...]

By |2021-04-02T12:11:21-04:00April 2nd, 2021|Categories: Audit, Blog, COVID-19|Tags: , , , , , |Comments Off on Updated Guidance for Impairment Testing

Footnote Disclosures: The Story Behind the Numbers

The footnotes to your company’s financial statements give investors and lenders insight into account balances, accounting practices and potential risk factors — knowledge that’s vital to making well-informed business and investment decisions. Here are four important issues that you [...]

By |2021-01-29T12:43:11-05:00January 29th, 2021|Categories: Audit, Blog|Tags: , , , , , , , |Comments Off on Footnote Disclosures: The Story Behind the Numbers

New Law Provides Option to Delay Implementing the Updated CECL Standard

The Consolidated Appropriations Act (CAA), signed into law on December 27, 2020, includes a variety of economic relief measures. One such measure allows certain banks and credit unions to temporarily postpone implementation of the controversial current expected credit loss (CECL) [...]

By |2021-01-11T13:18:41-05:00January 11th, 2021|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on New Law Provides Option to Delay Implementing the Updated CECL Standard

Improving Restriction Tracking and Revenue Recognition for Nonprofits

Tracking donor restrictions and understanding the implications of those restrictions on revenue recognition are common challenges for nonprofits — especially if they try to manage these important metrics with spreadsheets. Updated revenue recognition standards for nonprofits issued as part [...]

By |2021-09-08T11:52:55-04:00November 3rd, 2020|Categories: Blog, Cloud Technology, Consulting, Kevin Shives, Nonprofit, Sage Intacct, Software Solutions|Tags: , , , , , |Comments Off on Improving Restriction Tracking and Revenue Recognition for Nonprofits

FASB to Delay Long-Term Insurance Standard … Again

On September 30, the Financial Accounting Standards Board (FASB) finalized a rule to delay the effective date of the updated long-term insurance standard for a second time. The deferral will give insurers more time to properly implement the changes [...]

By |2020-11-10T13:48:31-05:00October 9th, 2020|Categories: Audit, Blog|Tags: , , , , , |Comments Off on FASB to Delay Long-Term Insurance Standard … Again

Gifts In Kind: New Reporting Requirements for Nonprofits

On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details. Need for Change [...]

By |2020-10-06T13:33:26-04:00October 6th, 2020|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Gifts In Kind: New Reporting Requirements for Nonprofits

Reporting COVID-19-Related Debt Restructurings

Today, many banks are working with struggling borrowers on loan modifications. Recent guidance from the Financial Accounting Standards Board (FASB) confirms that short-term modifications due to the COVID-19 pandemic won’t be subject to the complex accounting rules for troubled [...]

By |2020-10-02T14:29:04-04:00September 18th, 2020|Categories: Audit, Blog|Tags: , , , , , |Comments Off on Reporting COVID-19-Related Debt Restructurings

Reporting Embedded Leases

In 2016, the Financial Accounting Standards Board (FASB) published guidance that requires major changes to how leases are reported on financial statements. One area of the guidance that’s especially complicated relates to “embedded” leases. Updated guidance Organizations are required [...]

By |2021-08-04T00:10:40-04:00July 10th, 2020|Categories: Audit, Blog, COVID-19|Tags: , , , , |Comments Off on Reporting Embedded Leases

Revenue Recognition and Leases: FASB Gives Certain Entities More Time

Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board [...]

By |2021-08-04T00:10:29-04:00May 29th, 2020|Categories: Blog, COVID-19, Tax|Tags: , , , |Comments Off on Revenue Recognition and Leases: FASB Gives Certain Entities More Time
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