The CPA Desk

A Thought Leader Production by PKFTexas

Tag Archives: Public company

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

The SEC Expands the Scope of Smaller Reporting Companies that Qualify for Scaled Disclosures

The U.S. Securities and Exchange Commission (“SEC”) voted last week to adopt amendments to the “smaller reporting companies” (“SRCs”) definition to expand the number of companies that qualify for the scaled-down disclosure requirements. The Commission established the smaller reporting company category of companies in 2008 in an effort to provide general regulatory relief for smaller… Continue Reading

Update for Private Companies from FASB

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