by CPA Journal | Aug 16, 2018 | Articles, ASC 842, Lease Accounting, US GAAP Accounting
Summary provided by MaterialAccounting.com: This article goes into detail about FASB’s new accounting standard, ASC 842. It discusses the changes to how leases are defined and classified. In Brief The new lease accounting standard, released by FASB in...
by CPA Journal | Dec 20, 2017 | Articles, Auditing
The CPA profession has been debating the concept of separate accounting standards for closely held businesses for over 40 years. In the December 1972 Journal of Accountancy, two CPAs expressed frustration with small organizations being required to comply...
by CPA Journal | Dec 4, 2017 | Articles, ASC 605, ASC 606, Revenue Recognition, US GAAP Accounting
In May 2014, FASB and the IASB released a final, converged standard on revenue recognition [see Accounting Standards Update (ASU) 2014-09 and IFRS 15]. The new standard introduces sweeping changes to the accounting landscape and imposes new challenges on financial...
by CPA Journal | Nov 29, 2017 | Articles, ASC 842, Equity Securities, IFRS 16, IFRS Accounting, Investment Accounting, Lease Accounting
Summary provided by MaterialAccounting.com: This article provides an overview of the way lease accounting will impact equity valuation. Examples are provided. On February 25, 2016, FASB, in collaboration with the International Accounting Standards Board...
by CPA Journal | Nov 9, 2017 | Articles, Auditing
FASB to Drop Obsolete Guidance for Steamship Companies FASB has agreed to delete an outdated piece of guidance from U.S. GAAP governing a soon-to-expire income tax deferral related to funds that U.S. steamship companies set aside to buy new vessels or update existing...
