Don’t get too excited, there’s no word yet. But, on May 13, 2019, an AICPA committee asked FASB to delay the private company implementation date of its new lease accounting standard, citing overload for private company financial statement preparers. In the meantime, we are continuing to research this topic, its implementation and canvas third-party software...

In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update ASU 2015-11 – Simplifying the Measurement of Inventory as part of the Board’s Simplification Initiative. Under previous guidance, an entity subsequently measures inventory at the lower of cost or market; market being defined as replacement cost. Under ASU 2015-11, inventory is measured...

In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, as part of its accounting standards simplification initiative. The scope of the standard applies to all entities that present a classified balance sheet. Under current GAAP, you are required to separate deferred income tax liabilities and assets...

Last year in this quarterly newsletter we had an article “Leases – Will we ever see a standard?” due to the questions that we were getting from clients on the proposed changes in lease accounting. Well, that question has finally been answered. On February 25, 2016, the FASB issued the much talked about revision to...

A couple key accounting updates that were identified in our Spring 2015 Newsletter as “Updates in the Works” were finalized by the FASB in the second half of 2015: Presentation of Deferred Income Tax Accounts In the past, deferred income taxes were allowed to be classified as either current or non-current and presented as such...

On April 7th, 2015, the Financial Accounting Standards Board (FASB) unveiled new accounting standards updates. One notable update is the modification to debt issuance costs. This new accounting treatment, as part of the Board’s Simplification Initiative, is aimed at reducing costs and complexities and improving the usefulness of information provided to financial statement users. This...