by CPA Journal | Jun 8, 2020 | Articles, Goodwill Accounting, Impairment, Intangible Assets, Lease Accounting
In Brief For the last seven years, Russell G. Golden has served as FASB’s chairman. During this time, and for the nine years previously, he has seen the standards setter face numerous challenges in its mission to improve the quality and reliability of financial...
by CPA Journal | May 28, 2020 | Articles, ASC 606, Revenue Recognition, Transfer
In Brief Not-for-profit organizations receive financial donations as a matter of course, but the accounting for that revenue depends on whether the transaction is classified as a contribution or an exchange, and the distinction between the two is not always easy to...
by CPA Journal | Apr 29, 2020 | Articles, GASB, Government Accounting
In Brief The need for accounting standards for government entities has been long recognized, but the road to establishing the right body to set such standards was not a smooth one. Success was finally achieved 35 years ago with the creation of the Government...
by CPA Journal | Apr 29, 2020 | Articles, ASC 606, ASC 840, ASC 842, Lease Accounting, Revenue Recognition
On April 8, 2020, FASB and its staff met to discuss various issues relating to the implications of the coronavirus (COVID-19) pandemic on certain FASB accounting standards–setting activities. The board’s discussions covered the impact of the current efforts to address...
by CPA Journal | Apr 29, 2020 | Articles, GASB 87, Lease Accounting
Effective for fiscal years beginning January 1, 2020, a new approach for accounting and reporting leases will be required for state and local governments under GASB Statement 87, Leases. This standard, which will be applied retroactively, establishes a...
