The CPA Desk

A Thought Leader Production by PKFTexas

Tag Archives: FASB

The FASB Changes Public Companies Need to Know

PKF Texas
By PKF Texas on Posted in PKF Texas - The Entrepreneur's Playbook®, Tax and Accounting Desk

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here today with Ryan Istre, an audit director and a member of the PKF Texas SEC team. Ryan, welcome back to the Playbook. Ryan: Thanks, Jen. Appreciate it. Jen: So, I’ve heard FASB is making some changes to share-based payment accounting. What… Continue Reading

SEC Amends Rules to Eliminate Redundant, Overlapping and Outdated Disclosures

Chip Schweiger
By Chip Schweiger on Posted in Tax and Accounting Desk

As part of its Disclosure Effectiveness Initiative of the Division of Corporation Finance, the SEC, in Final Rulemaking Release No. 33-10532, Disclosure Update and Simplification, has adopted amendments to certain of its disclosure requirements that are redundant or outdated or that overlap with, or have been superseded by, other SEC disclosure requirements — disclosures required… Continue Reading

FASB Issues Targeted Improvements to New Lease Accounting Standard

Chip Schweiger
By Chip Schweiger on Posted in Tax and Accounting Desk

The Financial Accounting Standards Board (“FASB”) recently issued Accounting Standards Update (“ASU”) No. 2018-11 with targeted improvements to ASC Topic 842, Leases, to (1) add an optional transition method that would permit entities to apply the new requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the year of adoption,… Continue Reading

ASU No. 2018-08 Clarifies Guidance for Not-For-Profit Entities: Contributions Received and Contributions Made

Nicole Riley
By Nicole Riley on Posted in Tax and Accounting Desk

The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. ASU No. 2018-08 provides clarifying and amended guidance concerning: the determination of whether a transaction should be accounted for as an exchange or as… Continue Reading

Accounting Update on Employee Benefit Plans

Shelly Hayes
By Shelly Hayes on Posted in Tax and Accounting Desk

In February 2017, the Financial Accounting Standards Board issued Accounting Standards Update No. 2017-06. The new standard clarifies the presentation requirement for master trust and requires more detailed disclosures of the Plan’s interest in the master trust. The update is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted and is… Continue Reading

FASB Clarifies the Definition of a Business

Chip Schweiger
By Chip Schweiger on Posted in Tax and Accounting Desk

The Financial Accounting Standards Board (“FASB”) recently issued Accounting Standards Update (“ASU 2017-1”) that clarifies the definition of a business under Accounting Standards Codification Topic 805, Business Combinations, and affects all companies and other reporting organizations that must determine whether they have acquired or sold a business. The definition of a business affects many areas… Continue Reading

Valuing Intangible Assets

J. Del Walker
By J. Del Walker on Posted in Tax and Accounting Desk

Companies are placing increasingly high values on intangible assets such as brands and customer data. These are strong points of value for companies that can help them create the right products, but what does it mean for accountants? An article in the Wall Street Journal, Accounting’s 21st Century Challenge – How to Value Intangible Assets, cited that… Continue Reading