Jan 10, 2018 | Audits Newsletter, Audit Newsletter
The Financial Accounting Standards Board (FASB) has decided to issue a proposal that would make the much-anticipated lease accounting standard easier to apply. It calls for changes to how companies make the transition to the new accounting and revises the guidance for...
Sep 22, 2016 | Audit Newsletter
U.S. Generally Accepted Accounting Principles (GAAP) are a set of rules and procedures that accountants typically follow to record and summarize business transactions. These guidelines provide the foundation for consistent, fair, honest and accurate financial...
Sep 22, 2016 | Audit Newsletter
The Financial Accounting Standards Board (FASB) has released for public comment a proposal that adds new disclosure requirements about income taxes, including foreign earnings and global tax strategies. The proposal is more than a year in the making and is part of the...
Sep 22, 2016 | Audit Newsletter
The Financial Accounting Standards Board (FASB) is considering whether to require businesses to provide more details in their financial statement footnotes about their inventories. Investors want more information about changes in inventory, as well as breakdowns of...
Aug 11, 2016 | Audit Newsletter
The AICPA’s Auditing Standards Board (ASB) recently issued an exposure draft that would amend the guidance for how an auditor evaluates a company’s financial viability. The proposal deals with the uncertainties auditors face when the going concern basis of accounting...
Aug 11, 2016 | Audit Newsletter
The new-and-improved revenue recognition rules go live in 2018 for calendar-year public companies. But many organizations have taken a wait-and-see approach, patiently holding out until the AICPA’s Financial Reporting Executive Committee (FinREC) works through...
