• Review of leases standard to take place as implementation questions mount

    The FASB in the past month has received letters from four groups asking the board to scale back or clarify aspects of its much-watched lease accounting standard. The board plans to debate these questions by early December and consider whether to amend the standard, which goes into effect for public companies in 2019.
  • Update allows later adoption of revenue, leases standards for some businesses

    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.
  • Cloud computing accounting question is closer to an answer

    The FASB’s Emerging Issues Task Force took an important step toward answering a question about the accounting for the costs of purchasing business software applications that are managed as a cloud computing service. Before the task force submits a formal recommendation the FASB, it wants more research about how the costs would be capitalized.
  • Financial statement terminology may get updated definitions

    The FASB is considering whether to update the definitions for some primary financial reporting terms such as revenues and expenses. The debate is part of the accounting board’s effort to revise its Conceptual Framework, the guide the board uses to help it write consistent accounting standards.
  • Auditing Standards Board plans to propose expansion of audit report in October

    The AICPA’s Auditing Standards Board is planning to issue a proposal in October to expand the auditor’s report as part of its effort to align its standards with the guidance from the International Auditing and Assurance Standards Board. The proposal is expected to incorporate proposed amendments from another project that addresses an auditor’s examination of financial statement disclosures.