- The FASB’s new accounting standard for not-for-profit organizations — the first major change to not-for-profit accounting in more than 20 years — goes into effect in 2018. The accounting board plans to hold a live webcast to explain implementation of the standard and its main provisions.
- Public companies must comply with the FASB’s revenue recognition standard in five weeks. The companies that have delayed implementing it until the last minute are at risk of missing the effective date of a standard that has few precedents in scope and complexity.
- The FASB updated U.S. GAAP to reflect the SEC’s changes to its interpretive guidance for the accounting board’s revenue recognition standard. The update gets rid of some of the SEC’s specialized revenue guidance that will no longer be relevant under the new accounting.
- The FASB's newest member is making use of her experience as corporate controller for a large manufacturer to contribute to the FASB’s standard-setting activities. In Marsha Hunt’s view, the board’s work will benefit from a clearer focus on the internal control requirements for the transition to new accounting models.
- Board and audit committees gain a greater understanding of SOC reporting and the value to their organizations in this concise tip sheet.