• Fine-tuning of liability definition continues

    The FASB’s latest effort to update its Conceptual Framework is focusing on the so-called “building blocks” of financial statements — the definitions of assets and liabilities. These questions have confounded the FASB for years, and the board still needs more work to decide how to improve the framework’s definition of a liability.
  • Final version of amended debt classification guidance is approved

    The FASB agreed to publish a final version of its amended guidance for classifying debt as long-term or short-term. Before it issues the final update, the accounting board still wants to solicit feedback about its decision that a long-term financing arrangement would be ignored in determining how other debt should be classified.
  • Tax Reform Progress Report | August 2018

    Our August issue of the Tax Reform Progress Report looks at different aspects of the new pass-through deduction as well as new guidance for bonus depreciation and small business accounting methods. There’s also a new warning about underwitholding federal income tax.
  • Staff guidance updated to provide more help with expanded auditor reporting

    The PCAOB updated its Staff Guidance to help accounting firms comply with the requirements for the expanded audit reports. The guidance deals with the requirement that the extended auditor reports address issues as the number of years the firm has served the client, the other firms that worked on the audit and the rule’s other requirements.