- If your organization is in the process of adopting, or still researching, the new revenue recognition accounting standard, then this comprehensive, yet easy-to-read, 60+ page eBook is for you.
- The AICPA’s Auditing Standards Board (ASB) proposed a standard that addresses an auditor’s responsibility for audits of employee benefit plans. The proposal says a benefit plan audit report should discuss the limits a plan’s executives or administrator may have imposed on the auditor and the assets excluded from an audit’s scope.
- The FASB is preparing to issue a proposed amendment to U.S. GAAP’s guidance for not-for-profit organizations that will apply to gifts that require a charity, foundation, or group to satisfy certain conditions. The board considered the proposed amendment within the context of a larger debate in which the board is trying to clarify the difference between a grant or gift that has a “restriction” on it versus a grant or gift that has a donor-imposed condition.
- The FASB and IASB’s sweeping new revenue standards will require major changes in the way companies calculate the top line in their income statements. For some companies, reported revenues may be pushed back because of the revised thresholds for recognizing revenue in the current reporting period, while for others, the reported amounts may be accelerated somewhat. But over time, it is not clear that the total reported revenue will change much at all.
- The FASB published an update to U.S. GAAP to shorten the amortization period for premiums paid for callable debt securities, such as municipal bonds, to the earliest call date. The FASB believes the move will eliminate the unexpected losses that are often recorded by bondholders when the securities are called before they mature.