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Recent articles
Implementing Variable Considerations in Revenue Recognition
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...
The Potential Impact of Lease Accounting on Equity Valuation
Learn how lease accounting will impact equity valuation.
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FASB to Drop Obsolete Guidance for Steamship Companies
FASB to Drop Obsolete Guidance for Steamship Companies FASB has agreed to delete an outdated piece of guidance from U.S. GAAP governing a soon-to-expire income tax deferral related to funds...
FASB Pitches GAAP Improvements Covering Income, Derivatives
In what the Financial Accounting Standards Board (FASB) calls a “perpetual project,” a proposed Accounting Standards Update has been issued that will make technical corrections,...
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Practical Illustrations of the New Leasing Standard for Lessees
A fter a nearly 10-year collaboration to develop a converged standard on leasing, on Jan. 13, 2016, the IASB issued IFRS 16, Leases, and on Feb. 25, 2016, FASB issued Accounting...
Accounting for Leases under the New Standard, Part 2
How to account for leases under ASC 842.