• Leases ASU issued by the FASB

    The Financial Accounting Standards Board (FASB) issued its long awaited Accounting Standard Update on accounting for Leases. This marks the completion of one of the last convergence projects the FASB took up with the International Accounting Standards Board (IASB).
  • The FASB has a full plate for 2016

    Actions the FASB takes can have a significant effect on your financial statements and the impression they leave with users of such statements. Here are areas the FASB is likely to focus on in 2016.
  • Revenue recognition requirements delayed one year

    On July 9, 2015, the FASB approved its April 2015 proposal to defer the effective date of ASU No. 2014-09, Revenue from Contracts with Customers, for all entities for one year. Entities will, however, be allowed to apply the new standard as of the original effective dates set out in the standard. This article examines the revenue recognition standard and explains why the FASB granted an extension.