Update Gives Credit Unions, Community Banks Until 2022 to Follow New Credit Losses Standard
The FASB published an update to U.S. GAAP to clarify its new accounting standard requiring earlier recognition of credit losses …
Public Companies May Have to Disclose Assistance From Government Grants, Tax Programs
Three years after proposing to require companies to provide details about assistance they receive from governments, the FASB is close …
Kroeker: Banks Need to Implement Credit Loss Standard On Schedule
Banks, lawmakers, and trade groups in recent weeks have pressured the FASB to delay the effective date for the board’s …
Difference Between Revenue, Collaborative Arrangements Is Clarified With Amendment to U.S. GAAP
The FASB published an update to U.S. GAAP to address financial reporting questions about some types of joint ventures. The …
U.S. GAAP Amended to Give Private Companies Relief From VIE Guidance for Common Control Entities
The FASB published an update to U.S. GAAP that will let private companies skip the complex variable interest entity guidance …
Banks Pressure Federal Regulators for Changes to Credit Losses Standard
A trade group representing large U.S. banks called on the Financial Stability Oversight Council (FSOC) to delay the implementation of …
Proposed Changes to U.S. GAAP Taxonomy Reflect Standards for Credit Losses, Debt Classification
The FASB’s research staff has floated two changes to the U.S. GAAP financial reporting taxonomy to reflect the disclosure requirements …
Thomson Reuters Provides Guidance on New Accounting Standard for Nonprofit Organizations
Thomson Reuters has released a Checkpoint report that provides guidance on a new Financial Accounting Standards Board (FASB) accounting standard …
Debt Classification Guidance Moves Closer to Final Status
The FASB plans to settle some of the lingering issues on its upcoming guidance for classifying debt before publishing the …
Lease Accounting Is Amended to Aid Implementation
The FASB granted businesses and other organizations two significant breaks as they implement its lease standard. Companies will be able …