• 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.
  • Proposal offers to ease transition to lease standard for companies with special class of property rights

    A FASB proposal aims to offer relief to utility and oil-and-gas companies when they determine whether the FASB’s new lease accounting rules apply to some existing land easements or rights of way. A proposed amendment to the board’s lease accounting standard would exempt companies with existing arrangements from having to sort through paperwork to determine if the old deals should be accounted for as leases.
  • Report: Revenue recognition implementation delays could stall some IPOs

    A recent survey shows the majority of private companies contemplating initial public offerings are not prepared to follow the FASB’s sweeping revenue standard in 2018, reporting that only 8 percent of those polled were ready to implement the revenue standard, which goes into effect in 2018 for public companies.
  • Auditing Standards Board plans to propose expansion of audit report in October

    The AICPA’s Auditing Standards Board is planning to issue a proposal in October to expand the auditor’s report as part of its effort to align its standards with the guidance from the International Auditing and Assurance Standards Board. The proposal is expected to incorporate proposed amendments from another project that addresses an auditor’s examination of financial statement disclosures.