• Webcast to cover private company, not-for-profit accounting issues

    As companies prepare to implement some of the biggest accounting changes in decades, the FASB is focusing on making sure companies and organizations follow the new standards properly. The FASB plans to hold a webcast for private companies and not-for-profit groups tailored at implementing the revenue, leases and credit loss standards, as well as an overview of the FASB’s standard-setting activity.
  • Update allows later adoption of revenue, leases standards for some businesses

    Businesses that meet the definition of a public business entity because their financial statements have to include, or be included, with the financial statements or financial information of other public companies can have more time to adopt the FASB's revenue recognition and lease accounting standards. The organizations can adopt the new standards at the same time as private companies, the FASB said in an update to U.S. GAAP.