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
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
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
Last week, the Financial Accounting Standards Board (FASB) issued a GAAP alternative which allows private companies to elect not to consolidate variable interest entities (VIEs) in common control leasing agreements. Who is affected by this update? This applies to all entities other than a public business entity, a not-for-profit entity, or an employee benefit plan… Continue Reading
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