accounting standards - Accountant Advocate

IPSASB unveils accounting standard for retirement benefit plans

Accounting Today

NOVEMBER 8, 2023

The International Public Sector Accounting Standards Board has issued an accounting standard for governments around the world to use for reporting on retirement plans.

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How to keep up to date with accounting standards

ThomsonReuters

JUNE 6, 2022

When you can flag changes in accounting, auditing, and tax that clients didn’t know about, and help them manage commercial impacts with innovative solutions, then you’re well on your way to gaining their trust. But how do you stay current on accounting and auditing standards when there are new developments happening all the time?

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No Escape: How to Live with the New Lease Accounting Standards

CPA Practice

JUNE 28, 2023

By Emily Fish, director of product accounting at LeaseQuery Within the lease accounting standards, there are exceptions to help entities determine which leases are in scope and which are not. First and foremost, the lease accounting standards apply to all entities—there isn’t an exception for an entity or industry as a whole.

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Cost Accounting Standard Considerations for a Growing GovCon

Cherry Bekaert

NOVEMBER 6, 2023

Contact Us The post Cost Accounting Standard Considerations for a Growing GovCon appeared first on Cherry Bekaert.

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FASB proposes hedge accounting standards update

Accounting Today

SEPTEMBER 25, 2024

The proposed amendments would clarify guidance on hedge accounting and address issues that arose from the global reference rate reform initiative.

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Understanding the Latest Accounting Standards Update 2023-01 Leases: Common Control Arrangements

Withum

NOVEMBER 3, 2023

The subject of accounting standards is of utmost importance in the business world. With the ever-evolving nature of the global economy, it becomes imperative to align accounting practices and regulations with the changing needs of organizations. This update addressed two issues: Terms and Conditions and Leasehold Improvements.

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Accounting standards blamed for lack of accountants

Accounting Today

FEBRUARY 23, 2024

It's not just the 150-hour rule for obtaining a CPA license that may be the culprit for the talent shortage, according to an academic study.

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Cost Accounting Standards (CAS) Series: Implications When Acquiring Companies

Cherry Bekaert

JANUARY 30, 2024

In the third episode of Cherry Bekaert’s Cost Accounting Standards (CAS) podcast series, Brendan Halloran , a Director with Cherry Bekaert Advisory, is joined by Jeffery Annessa , a Senior Manager in Cherry Bekaert’s Government Contractor Industry practice, to discuss CAS implications during mergers and acquisitions.

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Accounting Standards Update 2023-08: FASB’s New Crypto Accounting Guidance

Withum

DECEMBER 14, 2023

On December 13, 2023, the Financial Accounting Standards Board (FASB) finalized Accounting Standards Update (ASU) 2023-08 “Accounting for and Disclosure of Crypto Assets”. Contact Us The post Accounting Standards Update 2023-08: FASB’s New Crypto Accounting Guidance appeared first on Withum.

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FASB Votes to Move Ahead with Proposed Crypto Asset Accounting Standard

CPA Practice

FEBRUARY 1, 2023

As expected, the Financial Accounting Standard Board (FASB) voted on Wednesday to issue an exposure draft of a new accounting standard that would require companies to measure cryptocurrency assets, like Bitcoin and Ethereum, using fair value accounting, with gains and losses recorded in current period comprehensive income.

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Cost Accounting Standards (CAS): A Comprehensive Overview for Government Contractors

Cherry Bekaert

OCTOBER 17, 2023

Cost Accounting Standards (CAS) are 19 standards and rules promulgated by 41 U.S.C. These standards impact emerging small and large businesses alike. Contact Us The post Cost Accounting Standards (CAS): A Comprehensive Overview for Government Contractors appeared first on Cherry Bekaert.

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Accounting Standards Update 2023-09: New Income Tax Disclosure Rules

Cherry Bekaert

FEBRUARY 27, 2024

On December 14, 2023, the Financial Accounting Standards Board (FASB) expanded income tax disclosure requirements for public and private companies. The expanded disclosure requirements are detailed in Accounting Standards Update No. 2023-09 (ASU 2023-09) and increase transparency of a filer’s global taxes.

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Financial Accounting Foundation Seeks Nominations for the Financial Accounting Standards Advisory Council

CPA Practice

MAY 1, 2024

The Board of Trustees of the Financial Accounting Foundation ( FAF ) is seeking nominations for new members to join the Financial Accounting Standards Advisory Council ( FASAC ) for an initial one-year term beginning January 1, 2025. The FASAC is the primary advisory body to the Financial Accounting Standards Board ( FASB ).

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FASB Seeks Comments on Proposal to Clarify Guidance on Identifying the Accounting Acquirer in Business Combinations

CPA Practice

OCTOBER 31, 2024

The Financial Accounting Standards Board (FASB) has published a proposed Accounting Standards Update (ASU) intended to improve the requirements for identifying the accounting acquirer in FASB Accounting Standards Codification Topic 805, Business Combinations.

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RSM announces $1B agentic AI investment

Accounting Today

JUNE 10, 2025

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FASB Looks to Add New Rules on Accounting For Government Grants by Businesses

CPA Practice

NOVEMBER 19, 2024

A new proposal that would establish authoritative guidance on the accounting for government grants received by businesses was issued by the Financial Accounting Standards Board (FASB) on Nov.

Government

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Accounting is changing, and the world can't wait until 2026

Accounting Today

JUNE 6, 2025

Account

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Optimism declines among accountants

Accounting Today

JUNE 11, 2025

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FASB Issues Post-Implementation Review Report for Its Revenue Recognition Standard

CPA Practice

NOVEMBER 25, 2024

The Financial Accounting Standards Board (FASB) has issued the report on Post-Implementation Review: Revenue from Contracts with Customers (Topic 606).

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GASB Issues Guidance on Disclosure of Certain Capital Assets

CPA Practice

OCTOBER 17, 2024

The Governmental Accounting Standards Board ( GASB ) has issued guidance that establishes requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures. GASB Statement No.

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Measuring Fair Value for Financial Reporting Purposes

RogerRossmeisl

APRIL 10, 2023

Generally Accepted Accounting Principles (GAAP), fair value is “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” This definition is found in Accounting Standards Codification (ASC) Topic 820, Fair Value Measurement.

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

MarkFriedlich

MARCH 30, 2020

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.

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Changes to Lease Accounting Rules (ASC 842)

SMBAccountant

JANUARY 4, 2023

Sources: Lease Query: Five Tips for Small Business Lease Accounting CPA Hall Talk: How to Understand the New Lease Accounting Standard HWA Alliance of CPA Firms, Inc.:

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

SMBAccountant

DECEMBER 2, 2020

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. What exactly is GAAP?

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FASB Adds Standard on Income Statement Expenses

CPA Practice

NOVEMBER 4, 2024

A new standard requiring public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements was finalized by the Financial Accounting Standards Board (FASB) on Nov.

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CAS accounting and the next generation of accountants

Accounting Today

JUNE 5, 2025

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GASB Proposes Guidance on Subsequent Events

CPA Practice

NOVEMBER 25, 2024

The Governmental Accounting Standards Board (GASB) issued two exposure drafts on Monday: one on a proposed standard on subsequent events and the other a proposed update to an implementation guide in the form of questions and answers intended to clarify, explain, or elaborate on certain GASB pronouncements. 21, 2025.

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FP&A Reports Every Organization Needs to Succeed

Acterys

OCTOBER 20, 2024

It focuses on presenting financial data clearly and in accordance with accounting standards. While financial reporting involves a detailed understanding of accounting standards, software, and tools, FP&A demands strong analytical skills, financial modeling, forecasting capabilities, and a deep understanding of industry dynamics.

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Baldwin Appointed to Governmental Accounting Standards Advisory Council

CPA Practice

MARCH 18, 2025

Baldwin currently serves as the executive director of the Council of Internal Auditing for the State Budget and Management Office of the state of North Carolina.

North Carolina

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FASB proposes changes in scope of derivatives and shared-based payment rules

Accounting Today

JULY 24, 2024

The Financial Accounting Standards Board issued a proposed accounting standards update to request public comments on possible changes to two of its standards.

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FASB proposes update on accounting for software development

Accounting Today

OCTOBER 29, 2024

The Financial Accounting Standards Board issued a proposed accounting standards update to update the guidance on accounting for software, specifically when it comes to developing software for internal use.

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FASB issues cryptoasset standard

Accounting Today

DECEMBER 13, 2023

The Financial Accounting Standards Board released its long-awaited accounting standards update to improve the accounting for and disclosure of certain cryptoassets.

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FASB proposes to improve interim reporting

Accounting Today

NOVEMBER 13, 2024

The Financial Accounting Standards Board issued a proposed accounting standards update that aims to improve the navigability of the disclosures that need to be provided for interim reporting periods.

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Using Caseware and Wagepoint to streamline your EOFY

Xero

DECEMBER 4, 2024

Try Wagepoint The Xero App Store features hundreds of connected apps, which are all certified by Xero to make sure the way they bring data into Xero is accurate and aligns to accounting standards. Our AI-powered recommendation engine makes it easy to find the right apps for your practice, and try or buy the app in a few clicks.

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FASB releases income tax disclosure standard

Accounting Today

DECEMBER 14, 2023

The Financial Accounting Standards Board issued an accounting standards update Thursday aimed at improving income tax disclosures from companies.

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FASB updates disclosure requirements in response to SEC

Accounting Today

OCTOBER 10, 2023

The Financial Accounting Standards Board is incorporating some of the Securities and Exchange Commission's disclosure requirements into its Accounting Standards Codification.

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FASB approves crypto asset standard

Accounting Today

SEPTEMBER 6, 2023

The Financial Accounting Standards Board voted to adopt its eagerly awaited standard for cryptocurrency like Bitcoin held by companies.

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IASB updates IFRS for SMEs Accounting Standard

Accounting Today

FEBRUARY 27, 2025

The update aims to balance the needs of users of SMEs' financial statements with resources available to SMEs.

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FASB issues standard on acquirers in business combinations

Accounting Today

MAY 12, 2025

The Financial Accounting Standards Board released an update to improve the requirements for identifying the accounting acquirer in business combinations.

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Understanding Cash vs. Accrual Accounting

Withum

DECEMBER 2, 2024

Moreover, cash basis accounting is not compliant with Generally Accepted Accounting Principles (GAAP), as established by the Financial Accounting Standards Board (FASB). GAAP mandates the use of accrual accounting, meaning businesses relying solely on cash basis accounting may face compliance issues.

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FASB completes conceptual framework

Accounting Today

JULY 12, 2024

The Financial Accounting Standards Board released a new chapter of its Conceptual Framework on the measurement of items recognized in financial statements, while also drawing that project to a close.

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FASB plans updates on contract assets and liabilities, credit losses

Accounting Today

OCTOBER 21, 2024

The Financial Accounting Standards Board has decided to tweak some of its standards related to contract assets and liabilities for construction contractors.

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