Governmental Accounting Standards Update: 8/31/20

Katz,Sapper&Miller

The Government Accounting Standards Board (GASB) regularly issues GASB Statements to set accounting and financial reporting standards for state and local governments that follow generally accepted accounting principles in the United States (U.S.

Governmental Accounting Standards Update: 5/12/20

Katz,Sapper&Miller

The Governmental Accounting Standards Board (GASB) regularly issues GASB statements to set accounting and financial reporting standards for state and local governments that follow generally accepted accounting principles in the United States (U.S.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

Governmental Accounting Standards Update: 7/9/19

Katz,Sapper&Miller

The Governmental Accounting Standards Board (GASB) has issued Statement No. 91, Conduit Debt Obligations to improve the existing standards by providing a single method for government issuers to report conduit debt obligations and related commitments and to eliminate diversity in practice associated with reporting conduit debt obligations

SMBs May Get More Time To Adopt New Accounting Standards

PYMNTS

Financial regulators are considering allowing smaller businesses (SMBs) more time to comply with sweeping changes in lease accounting standards, which experts have said will place a significant burden as organizations work to comply with the requirements. Reports in Accounting Today last week said Financial Accounting Standards Board (FASB) Chairman Russell Golden revealed that it is considering extending the compliance deadline for small and private firms by as much as two years.

Governmental Accounting Standards Update: 4/24/19

Katz,Sapper&Miller

The Governmental Accounting Standards Board (GASB) regularly issues GASB statements to set accounting and financial reporting standards for state and local governments that follow generally accepted accounting principles in the United States (U.S.

Governmental Accounting Standards Update: 3/21/19

Katz,Sapper&Miller

The Governmental Accounting Standards Board (GASB) has issued Statement No. 87, Leases, in an effort to provide information that is more relevant and consistent related to the reporting of leases by governments. Effective for reporting periods after Dec. 15, 2019, this statement requires lessees to recognize a lease liability and a right-to-use asset for all leases regardless of classification.

Proposed Accounting Standards Update - In-Kind Contribution Reporting

Katz,Sapper&Miller

FASB Proposes Delays on Accounting Standard Changes

Katz,Sapper&Miller

On July 17, the Financial Accounting Standards Board (FASB) voted to have its staff prepare an exposure draft to delay the effective dates for accounting standard changes on leases, credit losses, and hedging. The FASB received several requests to provide relief as smaller companies are dealing with the highly challenging implementation of the revenue recognition standard.

India Gives NBFCs Two Years To Adopt New Accounting Standards

PYMNTS

The Securities and Exchange Board of India will reportedly give non-bank financial companies (NBFCs) two years to adopt and implement changes to accounting standards, the Financial Express reported Wednesday (Sept. The new Indian Accounting Standards (Ind AS) are expected to have a significant impact on NBFCs’ financial management strategies, leading India regulators to defer implementation for these entities, reports said.

FASB Votes to Delay Effective Date for Major Accounting Standards

Katz,Sapper&Miller

Yesterday, the Financial Accounting Standards Board (FASB) voted to approve proposals to amend the effective dates for several major Accounting Standards Updates (ASUs). The FASB voted to issue final ASUs to amend the effective dates of the following ASUs

FASB Formally Delays Effective Dates for Major Accounting Standards

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) has officially deferred the effective dates of new Accounting Standards Updates (ASUs) related to credit losses, leases, hedging, and long-duration insurance contracts with the issuance of ASU No.

Banks, Businesses Brace For Far-Reaching Accounting Standard Changes

PYMNTS

Banks and businesses alike are heading toward the 11th hour of changes in accounting standards, which will have a major impact on how companies report financial metrics and performance. The changes, initiated by the Financial Accounting Standards Board (FASB), will affect the way businesses report on leasing costs, revenue recognition, credit losses, financial assets and liabilities, derivatives and hedging.

UK Tightens Accounting Standards As Corporate Collapses Continue

PYMNTS

have led the Financial Reporting Council (FRC) to enact more stringent accounting standards, The Guardian reported on Monday (Sept. According to reports, the FRC issued an updated going concern standard, adding “significantly stronger requirements” for U.K. auditors than are currently mandated under international standards. B2B Payments accounting audits B2B corporate accounting FRC investigations News regulation requirements standards U.K.

Shifting Lanes: How Updated Lease Accounting Standards Are Affecting Dealerships

Katz,Sapper&Miller

That means nearly all auto dealers will be impacted by the Financial Accounting Standards Board’s (FASB) update to the accounting standard for leases under U.S. generally accepted accounting principles (GAAP). The updated standard, which will take effect for private companies for fiscal years beginning after Dec.

Trucking Carriers: Start Planning for the New Lease Accounting Standard

Katz,Sapper&Miller

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. The Update represents the first comprehensive overhaul in lease accounting in approximately 40 years 2016-02, Leases (Topic 842) (the Update).

Not-for-Profit Accounting Standards Update: Updating the Definition of Collections

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) became aware that the definition of collections in the Master Glossary of the FASB Accounting Standards Codification® (ASC) did not agree with the definition used in the American Alliance of Museums’ Code of Ethics for Museums (the Code). Accounting Standards Update (ASU) No.

IASB Releases Guidance on Application of IFRS 9 During Time of Uncertainty Due to COVID-19 Pandemic

MarkFriedlich

The International Accounting Standards Board (IASB) has released the document, IFRS 9 and COVID-19—Accounting for Expected Credit Losses Applying IFRS 9 Financial Instruments in the Light of Current Uncertainty Resulting from the COVID-19 Pandemic.

The CARES Act Provides Temporary Relief from CECL Standard

MarkFriedlich

The CARES Act (the “Act”) provides temporary relief from FASB Accounting Standards Update (ASU) No. Specifically, as worded in the Act, “no insured depository institution, bank holding company, or any affiliate thereof shall be required to comply with the Financial Accounting […].

audit 150

US Eases New Banking Rule On Reporting Bad Loans

PYMNTS

1 accounting standard known as “current expected credit loss” (CECL) in an effort to bolster loans in the wake of the coronavirus, the Wall Street Journal reported on Friday (March 27). Banking accounting standards banking CECL credit loans News What's Hot

Bridging The Accounting Gap For Lessors And Lessees

PYMNTS

The International Accounting Standards Board introduced a significant overhaul to lease accounting standards , and while the changes went into effect at the start of 2019, corporates continue to face challenges to adhere to the standards and remain compliant.

US Bancorp Reduces Growth Forecast

PYMNTS

To reflect the upcoming adoption of new accounting standards as well as lower interest rates, U.S. The bank also indicated that the accounting standard of Current Expected Credit Loss (CECL), set to take effect in 2020, affected the outlook for growth. CECL will make banks account for expected credit losses in a faster fashion. Banking accounting standards banking Citibank Interest Rates jpmorgan Morgan Stanley News us bancorp wells fargo What's Hot

California CPAs Call For Crypto Accounting Clarity

PYMNTS

Certified Professional Accountants (CPAs) in California are calling on an industry watchdog to clarify standards for cryptocurrency accounting, with expectations that corporations will increase their use of cryptocurrencies moving forward. ” The committee also suggested in its letter that standards approach cryptocurrency accounting the same way they would for a corporation holding and using foreign currencies.

cpas 57

LeaseAccelerator, Clearlink Partner For SMB Lease Accounting Compliance

PYMNTS

Enterprise lease accounting software company LeaseAccelerator is teaming up with Clearlink Partners to help joint clients ease the administrative burden of complying with changes in lease accounting standards. 14), noting LeaseAccelerator will collaborate with the business consulting services firm, which will provide businesses, government entities and small to medium-sized businesses (SMBs) with services to adopt new standards.

Reverse Factoring Intensifies The B2B Late Payments Debate

PYMNTS

The Big Four auditing firms — EY, Deloitte, KPMG and PwC — have recently requested that the Financial Accounting Standards Board (FASB) provide clarity in how corporates should classify their reverse factoring or supply chain financing agreements, adding more fuel to a long-standing debate as to whether such trade financing tools are debt.

Standards Update: 10/30/20

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).

Standards Update 6/5/20

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP

Standards Update 5/20/20

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP

Common Accounting Mistakes: Government Edition - Issue #11 What is GAAP?

SMBAccountant

Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required.

Standards Update: 12/17/19

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).

FASB Proposes Delay in Effective Dates for Leases and Revenue Recognition Standards for Certain Entities

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (Exposure Draft) that includes an optional one-year delay in the effective date for certain entities in applying the new lease and revenue recognition standards.

How to report COVID-19-related debt restructuring

Marlogin,Winer&Evens

Recent guidance from the Financial Accounting Standards Board (FASB) confirms that short-term modifications due to the COVID-19 pandemic won’t be subject to the complex accounting rules for troubled debt restructurings (TDRs).

Accounting Update for Not-for-Profit Entities: Leases

Katz,Sapper&Miller

In February 2016, the Financial Accounting Standards Board (FASB) issued one of the most sweeping changes to generally accepted accounting principles in the United States (GAAP) – Accounting Standards Update (ASU) No.

Private Companies: Are You on Track to Meet the 2022 Deadline for the Updated Lease Standard?

Marlogin,Winer&Evens

Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting in fiscal year 2022.

Standards Update: 5/29/19

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).

Accounting Update for Not-for-Profit Entities: Revenue Recognition

Katz,Sapper&Miller

Not-for-Profit Services Group to help organizations navigate and understand Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606

Standards Update: 11/26/18

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP

Transportation Webinar: KSM to Discuss Changes to Revenue Recognition and Lease Standards

Katz,Sapper&Miller

Recent changes to two accounting standards, revenue recognition and leases, will have a significant impact on financial reporting in the transportation industry

Changes to Manufacturing Lease Accounting

Katz,Sapper&Miller

That means nearly all of these businesses will be impacted by the Financial Accounting Standards Board’s (FASB) update to the accounting standards for leases under generally accepted accounting principles in the United States (GAAP).

Standards Update: 2/27/18

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted (GAAP) in the United States.

Common Accounting Mistakes: Government Edition – Issue #3 Policies and Procedures

SMBAccountant

When working as a government contractor, these processes and policies need to be written, reviewed, and updated regularly to ensure compliance with the company’s own requirements, and the accounting standards demanded of contractors spending tax dollars. Accounting policies and procedures can reach into almost every department, area, or responsibility, so they need to be communicated and monitored often.

Significant Changes Coming for Financial Reporting of Not-for-Profits

Katz,Sapper&Miller

In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities

Standards Update: 8/22/19

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).

How Revenue Recognition Is Impacting Buy Here – Pay Here Dealers

Katz,Sapper&Miller

When the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, it represented perhaps the most extensive changes to accounting standards for revenue recognition ever. 31, 2019 for nonpublic companies; however, many have delayed analyzing how significantly the updated standards will impact their business