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Revenue recognition for franchisors

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”

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.
FASB proposes expense disaggregation to aid income statement analysis

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.
Additional reminders about the Employee Retention Credit

Additional reminders about the Employee Retention Credit

RSM provides guidance on accounting for the Employee Retention Credit in an entity’s financial statements.
AICPA issues TQAs on considering plan provisions

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

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

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.
Estate planning and income tax: Key considerations and planning points

Estate planning and income tax: Key considerations and planning points

Avoiding unintended income tax consequences in your estate plan
FASB clarifies fair value measurement guidance for equity securities

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

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

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.
OMB issues 2022 Compliance Supplement

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.