- The AICPA issued the 2018 edition of the Audit and Accounting Guide (AAG) for state and local governments. The updated state and local government guide includes material related to several standards the GASB has published recently.
- The FASB plans to hold what Chairman Russell Golden believes will be the last public debate on its much-watched insurance accounting project in June. Golden said the board does not plan to reopen the debate on the method by which life insurers must update their cash flow assumptions, a central part of the plan that has been criticized by insurers.
- As companies prepare to implement some of the biggest accounting changes in decades, the FASB is focusing on making sure companies and organizations follow the new standards properly. The FASB plans to hold a webcast for private companies and not-for-profit groups tailored at implementing the revenue, leases and credit loss standards, as well as an overview of the FASB’s standard-setting activity.
- The FASB published an update to U.S. GAAP that erases a reference in its financial services standard to a 1985 Office of the Comptroller circular that has since been rescinded. The update was part of the FASB’s regular effort to comb through the Codification of U.S. GAAP to eliminate errors and make improvements.
- Businesses that meet the definition of a public business entity because their financial statements have to include, or be included, with the financial statements or financial information of other public companies can have more time to adopt the FASB's revenue recognition and lease accounting standards. The organizations can adopt the new standards at the same time as private companies, the FASB said in an update to U.S. GAAP.