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 changes to the accounting landscape and imposes new challenges on financial...
The Potential Impact of Lease Accounting on Equity Valuation
Learn how lease accounting will impact equity valuation.
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FASB to Drop Obsolete Guidance for Steamship Companies FASB has agreed to delete an outdated piece of guidance from U.S. GAAP governing a soon-to-expire income tax deferral related to funds that U.S. steamship companies set aside to buy new vessels or update existing...
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, clarifications and other minor improvements to generally accepted accounting...
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 Standards Update (ASU) 2016-02, Leases—Topic 842. The two standards differ...
Accounting for Leases under the New Standard, Part 2
How to account for leases under ASC 842.