- The FASB has stepped up its efforts to answer the inquiries businesses and not-for-profits have had about the major standards it has published in recent years. Now the board is trying to ensure that financial reporting professionals are able to access this informal guidance in a consistent way.
- The International Auditing and Assurance Standards Board (IAASB) said Martin Baumann, the PCAOB’s chief auditor from 2009 to 2018, will become its chairman for a three-year term. The International Federal of Accountants (IFAC), the IAASB’s parent organization, said Baumann was joining the IAASB at a time of rapid change for financial reporting and auditing.
- Banking regulators said they plan to finalize a rule to ease the effect on capital of the FASB’s credit loss standard by the first quarter of 2019. The rule change offers banks the option to phase in, over a period of three years, the “adverse effects” on regulatory capital they expect when they adopt the FASB’s credit loss standard.
- The FASB plans to formally vote in October on adding a project to its agenda to let public companies amortize goodwill. But the accounting board’s research staff is hearing mixed views about whether public companies should be free to adopt an optional accounting method that private companies are already using.
- ASU 2016-14 has brought the most significant changes to not-for-profit reporting standards since 1993. Is your organization aware of the changes? All not-for-profits should reference Baker Tilly's guide to assist with implementation of the new standard.