- The GASB issued guidance to establish accounting requirements for the interest costs incurred before the end of a construction period. The board says the amended guidance simplifies the accounting for interest costs that are incurred while a project is under construction.
- The FASB updated U.S. GAAP to determine when a contribution to a not-for-profit organization should be accounted for as a contribution or an exchange and also decide when a contribution has conditions attached to it. The FASB says the accounting changes will resolve inconsistent reporting practices for cash payments and asset donations to not-for-profit groups by the recipients and the businesses, government bodies and not-for-profit groups that made them.
- The FASB plans to discuss its proposed amendments for its consolidated reporting standard at its upcoming meeting. The accounting board also plans to consider a recent decision from its Emerging Issue Task Force to finalize guidance for the costs of setting up a cloud computing contract.
- The FASB expanded the scope of its stock compensation guidance to include share-based payments to nonemployees for goods and services. The amendment to U.S. GAAP eliminates the guidance that called for businesses that give stock awards to independent contractors to follow a separate standard form the one used for employee stock compensation.
- The SEC is planning to adopt rules that revise the definition of “smaller reporting company” by the fall of 2018 and let more public companies submit regulatory filings with a lighter set of disclosures. A top SEC official suggested during a congressional hearing that the agency may also revise the threshold for compliance with the auditor attestation rules for internal controls over financial reporting.
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