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

CPA Practice

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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IASB Seeks Input for Review of Accounting Standard on Revenue

CPA Practice

The accounting standard was developed jointly with the U.S. Financial Accounting Standards Board and came into effect in 2018. A PIR of an Accounting Standard does not automatically lead to standard-setting.

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How to keep up to date with accounting standards

ThomsonReuters

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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FASB Votes to Move Ahead with Proposed Crypto Asset Accounting Standard

CPA Practice

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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IASB Seeks Input for Review of Accounting Standard on Revenue

CPA Practice

The accounting standard was developed jointly with the U.S. Financial Accounting Standards Board and came into effect in 2018. A PIR of an Accounting Standard does not automatically lead to standard-setting.

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U.S. and Japan Accounting Standard Setters Hold Biannual Meeting

CPA Practice

Representatives of the Financial Accounting Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) held a meeting on April 17 in Norwalk, CT. The FASB and the ASBJ plan to continue to exchange views. The next meeting is planned in the second half of 2023 in Tokyo.

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FAF Opens Up Unfettered Online Access to FASB, GASB Accounting Standards

CPA Practice

The Financial Accounting Foundation (FAF) has launched its free, enhanced online access to the Accounting Standards Codification and the Governmental Accounting Research System (GARS), implementing a change announced last month. governmental entities.