- The AICPA released an updated version of the Audit and Accounting Guide for Revenue Recognition. The 2019 edition includes guidance on FASB’s update to U.S. GAAP concerning collaborative arrangements.
- The AICPA released an exposure draft that proposes guidance for use in the preparation and evaluation of a new SOC for Supply Chain report.
- The FASB’s new credit losses accounting standard is considered the biggest change to bank accounting in decades. But it does not just apply to banks. In addition to a variety of financial assets, the new standard applies to trade receivables, which could take some businesses by surprise.
- The FASB discussed its ongoing project to improve how companies provide information around business segments. Board members urged staff to reach out to more investors on what segment data they would like to see disclosed.
- The FASB backed a series of improvements to convertible instrument disclosures, including the format in which that information can be presented to investors. The board stopped short of requiring those disclosures to be presented in a tabular format, and instead backed an option in which issuers could use either a tabular or narrative disclosure.