- ICFR for Revenue Recognition, including transition methods
- The Committee of Sponsoring Organizations of the Treadway Commission (COSO) said it is offering a self-study, on-demand learning program for its COSO Internal Control Certificate. The program complements the committee’s certificate program for internal controls, and both programs teach the design, implementation, and monitoring of financial reporting controls according to COSO’s Internal Control—Integrated Framework.
- The FASB’s plan to make businesses more clearly distinguish between debts that are due right away versus those on which they have time to make payments has been the subject of much criticism. One FASB representative said the board is planning to release a proposal that addresses some of the criticism it heard about the changes and satisfy the critics.
- The FASB’s new lease accounting standard goes into effect for public companies in 2019 and will require businesses to record on their balance sheets assets and liabilities associated with renting office space, heavy equipment, and fleets of vehicles. While most contracts considered leases today will be considered leases when the new standard comes into force, businesses will have to assess whether service contracts and other arrangements contain provisions that will meet the new definition of a lease.
- The FASB published a slate of minor technical corrections and clarifications to U.S. GAAP. The changes stem from a proposal floated in April and are part of the accounting board’s periodic review of the Accounting Standards Codification to find areas that require correction or revision. The changes include a minor correction to the board’s new not-for-profit accounting standard that was proposed for public comment separately from the other amendments.