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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FASB to Drop Obsolete Guidance for Steamship Companies FASB has agreed to delete an outdated piece of guidance from U.S. GAAP governing a soon-to-expire income tax deferral related to funds...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.
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ICYMI | A Refresher on Accounting for Leases
In Brief FASB’s long-debated exposure draft of a new standard on accounting for leases has raised the possibility that almost all leases will need to be capitalized in the near future. Although...
Implementing New Standards for Revenue Recognition, Leases, and Financial Statements
The panel began with a discussion of the new standard for revenue recognition and the process for implementing it. Siegel highlighted some of the more prominent changes, such as moving the...