- FASB has released a new accounting standard that provides much-needed guidance on management’s responsibility in evaluating and disclosing adverse conditions or events that raise substantial doubt about a company’s ability to continue as a “going concern.” The guidance, published in ASU 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, applies to all companies that prepare their financial statements in accordance with US Generally Accepted Accounting Principles (GAAP). This article details the new guidance.
- A SOC 2 report is an independent examination of a service organization’s controls over its system’s security, availability, processing integrity, confidentiality, and privacy.
- Recently, project sponsors have combined New Markets Tax Credits with EB-5 financing in order to strengthen the overall financing structure of the projects. While significant benefits can be achieved, several structuring challenges need to be overcome.
- After many years of discussion, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued the long awaited and converged revenue recognition standard on May 28. This standard has the potential to be one of the biggest changes ever in financial reporting because it impacts virtually every financial statement issued in the world.
- The bodies that establish US and international accounting standards have released new guidance on the timing of companies’ revenue recognition. The new guidance from FASB and the IASB have been in development for more than a decade and are intended to enhance comparability of revenue recognition practices across companies, industries, jurisdictions, and capital markets. FASB’s version of the guidance was published in ASU No. 2014-09, Revenue from Contracts with Customers. This article provides an overview of the converged guidance, along with a brief look at the potential impact on certain industries.
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