- Organizations should carefully consider nonmonetary asset conversion and related insurance accounting as they account for the impact of a natural disaster on their properties.
- Baker Tilly comments tot he Financial Accounting Standards Board on Topic 958 proposed changes to accounting guidance for contributions received and made.
- 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.
- In the wake of recent natural disasters, it is important for companies to understand potential U.S. GAAP accounting implications.
- FASB has released four major updates to U.S. GAAP that will go into effect in the next few years. These sweeping changes — combined with plans to reform the tax code and reduce federal regulations under the Trump administration — have created a volatile environment for CFOs and controllers. Here's a summary of what’s changing and when the changes, if applicable to you, will hit your financial statements.
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