by CPA Journal | Aug 10, 2017 | Articles, Extractive Activities, IFRS Accounting, Industry Accounting, Oil and Gas, US GAAP Accounting
FASB News Oil and Gas Companies May Receive Relief from Lease Standard FASB wants to give utilities and oil-and-gas companies some relief when they switch to the board’s new lease standard. The board has unanimously agreed to float a proposal exempting companies with...
by CPA Journal | Jun 1, 2017 | Articles, Auditing, US GAAP Accounting
Small Business Advisory Committee Seeks U.S. GAAP Exemptions Some members of FASB’s Small Business Advisory Committee (SBAC) have told the accounting board that, because of their resource constraints, they should receive the same accounting exemptions offered to...
by CPA Journal | Apr 26, 2017 | Articles, FASAB, GASB, Government Accounting
Accounting for leases has received considerable attention from standards setters in recent years. Under current FASB and GASB accounting rules, many leases are structured to avoid the recognition of leased assets and corresponding liabilities on the balance sheet....
by CPA Journal | Feb 13, 2017 | Articles, ASC 840, ASC 842, IAS 17, IFRS 16, IFRS Accounting, Lease Accounting, US GAAP Accounting
After years of anticipation, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued their final standards on lease accounting. Accounting Standards Codification (ASC) Topic 842, “Leases,” will be effective...
by CPA Journal | Feb 2, 2016 | Articles, Auditing, Going Concern, US GAAP Accounting
Recent events, such as the fiscal crisis of 2007–2008 and the economic recession that followed, have prompted concerns about whether investors have received sufficient notice of impending corporate bankruptcy. According to data available from New Generation Research,...
