- The bodies that establish US and international accounting standards have released new guidance on the timing of companies’ revenue recognition. The new guidance from FASB and the IASB have been in development for more than a decade and are intended to enhance comparability of revenue recognition practices across companies, industries, jurisdictions, and capital markets. FASB’s version of the guidance was published in ASU No. 2014-09, Revenue from Contracts with Customers. This article provides an overview of the converged guidance, along with a brief look at the potential impact on certain industries.
- A new SEC rule requires publicly traded manufacturers to disclose whether their products include minerals whose sale funded armed conflict in the Congo. The article discusses what companies are doing to comply with this challenging rule.
- As a trusted business advisor, CPAs are often seen by third parties, lenders, insurers, and realtors as sources of “comfort” with respect to the financial picture of the individuals that the third parties are considering for credit.
- In December 2013, the Financial Accounting Standards Board added a new definition to its master glossary with the issuance of Accounting Standards Update 2013-12, Definition of a Public Business Entity. The public business entity (PBE) definition will be used to determine which entities may apply the private company accounting and reporting alternatives within US generally accepted accounting principles (US GAAP) on a going-forward basis.
- As part of the JOBS Act, Congress directed the SEC to review the requirements related to Regulation A with an eye towards liberalizing the process and making it easier for emerging growth companies to raise capital.
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