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.
This edition was updated to add new guidance on loan modifications, reflect the adoption of the CECL and leases standards, and more.
A proposed update would require disclosing compensation, depreciation and inventory costs within income statement line items.
RSM provides guidance on accounting for the Employee Retention Credit in an entity’s financial statements.
AICPA issues Technical Questions and Answers to assist auditors in designing and performing audit procedures related to employee benefit plan provisions.
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.
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.
Avoiding unintended income tax consequences in your estate plan
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.
The Governmental Accounting Standards Board (GASB) has released Statement No. 100, Accounting Changes and Error Corrections (Statement 100), which amends GASB Statement No 62.
The Governmental Accounting Standards Board has released Statement No. 101, Compensated Absences, replacing GASB Statement No. 16, Accounting for Compensated Absences.
The OMB has released the 2022 Compliance Supplement, which is effective for audits of fiscal years beginning after June 30, 2021.