FASB issues final standard on joint venture formations
This Accounting Standards Update addresses the current diversity in practice when accounting for joint venture formations.
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Revenue recognition for franchisors
In May 2014, the FASB issued new revenue recognition guidance that replaces most pre-existing revenue recognition guidance, including industry-specific guidance, in U.S. GAAP.
OCC issues 2023 edition of “Bank Accounting Advisory Series”
This edition was updated to add new guidance on loan modifications, reflect the adoption of the CECL and leases standards, and more.
Additional reminders about the Employee Retention Credit
RSM provides guidance on accounting for the Employee Retention Credit in an entity’s financial statements.
FASB proposes expense disaggregation to aid income statement analysis
A proposed update would require disclosing compensation, depreciation and inventory costs within income statement line items.
AICPA issues TQAs on considering plan provisions
AICPA issues Technical Questions and Answers to assist auditors in designing and performing audit procedures related to employee benefit plan provisions.
FASB votes to simplify accounting for common control leases
For common control leases, the FASB is drafting amendments to simplify determining whether a lease exists, the classification of the lease, and accounting for leasehold improvements.
FASB to propose changes to related party leases guidance
The FASB recently voted to issue proposals on the determination of an arrangement as a lease and the financial reporting requirements for related party lease arrangements for certain entities.
FASB clarifies fair value measurement guidance for equity securities
The FASB has clarified the measurement of the fair value of equity securities subject to contractual restrictions that prohibit the sale of the equity security.
GASB revises requirements for accounting changes and error corrections
The Governmental Accounting Standards Board (GASB) has released Statement No. 100, Accounting Changes and Error Corrections (Statement 100), which amends GASB Statement No 62.
GASB revises requirements for compensated absences
The Governmental Accounting Standards Board has released Statement No. 101, Compensated Absences, replacing GASB Statement No. 16, Accounting for Compensated Absences.
Five considerations for changing auditors
As your business grows, it's imperative to have an audit firm whose capabilities grow with you. Assess if it's time for a change.
OMB issues 2022 Compliance Supplement
The OMB has released the 2022 Compliance Supplement, which is effective for audits of fiscal years beginning after June 30, 2021.
SAS 136: The communication of reportable findings
SAS 136 includes requirements to communicate reportable findings identified as a result of testing relevant plan provisions.
SAS 136: The ERISA Section 103(a)(3)(C) audit election
Plan administrators should consider all implications of an ERISA Section 103(a)(3)(C) election before the election is made.
Disclosures by business entities about government assistance
The Accounting Standards Update (ASU) 2021-10 is intended to increase transparency by requiring business entities to disclose information about certain types of government assistance they receive.