The CPA Desk

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Tag Archives: FASB

SEC Amends Rules to Eliminate Redundant, Overlapping and Outdated Disclosures

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Update and Simplification, has adopted amendments to certain of its disclosure requirements that are redundant or outdated or that overlap with, or have been superseded by, other SEC disclosure requirements — disclosures required… Continue Reading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

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

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

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

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

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