Bridging The Accounting Gap For Lessors And Lessees

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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.

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.

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SEC OKs Nasdaq Proposal To Allow IPO Alternative

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GAAP or International Financial Reporting Standards as issued by the International Accounting Standards Board.”.

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Corporate Investors Irked By Lease Accounting Changes

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Chief financial officers are changing their views on how they assess corporate performance in light of changes to lease accounting rules coming into play. The publication reported Thursday (May 2) that the International Financial Reporting Standards will apply to organizations across 140 countries, shifting the way businesses account for their leases in financial statements.

Banks Will Have To Report Loan Losses Faster

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The Wall Street Journal reported on Thursday (June 16) that accounting rules are taking effect that would ensure that banks would have to report loans going south much earlier than had been done before, which may push reserves higher, eating into profits. The new rules have been issued by the Financial Accounting Standards Board. In addition, noted WSJ , the International Accounting Standards Board has similar rules in place, with non-U.S.

Govt Eyes BEC, Govt Slammed By BEC

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Amid reports this week that changes to accounting standards are coming over the next few weeks, the Securities and Exchange Commission (SEC) has said that financial professionals, including accountants, must be mindful of cybersecurity risks. The idea , as detailed in the SEC’s Report of Investigation, is that firms should consider cybersecurity as they develop their own internal accounting standards.

Small Businesses’ Biggest Lease Accounting Pitfalls

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New lease accounting standards are in effect for publicly traded companies in the U.S. after the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) introduced changes to the way businesses account for their outstanding leases. Compliance is, of course, the most imperative goal for businesses of all sizes and types when gearing up for these accounting shifts.

An Exclusive Interview with FASB Chairman Richard Jones

ThomsonReuters

He shared his thoughts about whether technology will impact the way the board sets standards and provided the most current view of the board’s work on segment reporting, goodwill, government assistance, debt, and a slew of other topics. GAAP by developing high-quality accounting standards.