article thumbnail

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


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.

article thumbnail

Friday Footnotes: New Managers Share Wisdom; KPMG Praised??; PwC Creeps Leave | 7.22.22

Going Concern

Global Rulemakers Say It’s Time to Fix Goodwill Accounting [ Bloomberg Tax ] The International Accounting Standards Board said Thursday that it would decide whether to change the rules covering acquisition accounting at its next meeting.


Sign Up for our Newsletter

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

article thumbnail

What Is ASC 606, and How Will It Impact My Company?

inDinero Tax Tips

However, you should make an exception for “Accounting Standards Codification Topic 606: Revenue from Contracts with Customer” often referred to as ‘ASC 606’ or ‘FASB ASC 606’ What Is ASC 606? The new standard significantly changes how companies recognize and report their revenue.

account 98
article thumbnail

Bridging The Accounting Gap For Lessors And Lessees


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.

account 52
article thumbnail

Why Should Skagit County Businesses Care About FASB and GAAP?


Today, FASB is part of a structure that also contains the Financial Accounting Foundation, the Financial Accounting Standards Advisory Council, the Governmental Accounting Standards Advisory Council and the Governmental Accounting Standards Board (that last sets rules for state and local governments).

article thumbnail

Corporate Investors Irked By Lease Accounting Changes


The International Accounting Standards Board established the new lease accounting rules because previous lease accounting practices limited investor and analyst visibility into company finances without leases included on the balance sheet, reports explained.

account 49
article thumbnail



When preparing a set of financial statements in the UK there is a choice of accounting standard to apply in order to comply with UK Companies Act 2006. Broadly the choice is between UK GAAP accounting standards and International Accounting standards (IFRS).