- The IASB is continuing to discuss ways to improve the goodwill impairment test in IFRS. The board agreed to consider changing two requirements in its asset impairment guidance to simplify the test and provide information that is more useful to analysts and investors.
- The FASB updated U.S. GAAP to offer relief to utility and oil-and-gas companies when they make the transition to the new lease accounting standard. The limited amendment exempts companies with existing property rights of way for gas pipelines and electric power lines from having to reevaluate old contracts to determine if they meet the new definition of a lease.
- The FASB’s staff issued a question-and-answer document to offer guidance to four questions that have emerged about the accounting ramifications of the new tax law. The document covers accounting for the new base erosion anti-abuse tax (BEAT), the Global Intangible Low-Tax Income (GILTI), whether to discount the liability on the deemed repatriation of earnings and whether to discount alternative minimum tax credits that become refundable.
- The FASB’s Emerging Issues Task Force (EITF) decided that the costs of a cloud computing agreement should be accounted for in the same manner as licensed software. The accounting approach is similar to the one the FASB adopted for cloud computing fees in 2015.
- 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.