- Our latest not-for-profit webinar provides a meaningful overview of the new accounting standard.
- The FASB plans to hear input from its Investor Advisory Committee (IAC) on two early-stage projects that could usher in major changes to GAAP. The IAC plans to discuss the FASB’s examination of segment reporting and its project to more clearly distinguish between liabilities and equity. The panel also plans to discuss the SEC’s disclosure simplification initiative.
- The AICPA’s Financial Reporting Executive Committee (FinREC) issued proposed guidance for estimating the fair value of raw materials and finished goods acquired when one business buys another. If finalized, the guidance will be included in an audit and valuation guide for business combinations.
- The FASB released for public comment a slew of minor updates to three of its most important accounting standards in recent years: credit losses, hedge accounting and the classification and measurement of financial instruments. The proposal covers questions the FASB has received in recent months on how banks and businesses should apply the accounting standards.
- The FASB published an update to U.S. GAAP to clarify its new accounting standard requiring earlier recognition of credit losses to ensure that community banks and credit unions have enough time to comply with it. The update states that these types of institutions do not have to follow the standard until 2022.