Tag Archives: FASB

FASB Releases Lease Accounting Standard

Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current Generally Accepted Accounting Principles (GAAP), the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification […]

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New Revenue Recognition Standard Deferred by FASB

Announced July 9th 2015, the Financial Accounting Standards Board approved a one-year deferral of the effective date of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers.  As a result, public entities, certain nonprofit entities, and certain employee benefit plans will apply the new revenue standard to annual reporting periods beginning after December 15, […]

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Update: FASB Proposes Potential Deferral of the Effective Date of New Revenue Recognition Standard

SSAE

On April 1, 2015, the Financial Accounting Standards Board (FASB) decided to defer the effective date of the new revenue standard, Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606).  This proposed one-year delay is intended to provide entities adequate time to effectively implement the new standard. The new revenue standard, which […]

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Is the New Goodwill Accounting Alternative Right for Your Company?

In January, the Financial Accounting Standards Board (FASB) issued the first Accounting Standards Update (ASU) created specifically for private companies. Accounting for Goodwill: a consensus of the Private Company Council (ASU 2014-02), which simplifies the accounting for goodwill subsequent to a business combination, is an important change by the PCC. In the May-June 2014 issue […]

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Little GAAP Continues to Gain Momentum

The Private Company Council (PCC), an advisory board to the Financial Accounting Standards Board (FASB), continues to offer “Little GAAP” modifications with two new alternatives for private company accounting: interest rate swaps and goodwill accounting. These are two areas that affect many government contractors, especially come year-end when closing the books and preparing for a […]

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