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Latest accounting and regulatory developments
Periodic newsletters that analyze important accounting developments, such as new FASB and IASB pronouncements or exposure drafts. Concise examples and answers to frequently asked questions assist readers in understanding and implementing the critical guidance.
Hindsight is 2020 — Reminders about ASC 842 Disclosure Requirements and a Look at Related SEC Feedback in Year 1
January 7, 2020
This issue outlines the ASC 842 disclosure requirements, elaborates on some of those requirements, and provides examples of related SEC comments issued to registrants in 2019.
Keep It Simple: FASB Issues ASU on Income Taxes
December 19, 2019
This issue summarizes the FASB’s recently issued Accounting Standards Update (ASU) No. 2019-12, Simplifying the Accounting for Income Taxes. The ASU enhances and simplifies various aspects of the income tax accounting guidance in ASC 740, including requirements related to the following:
- Hybrid tax regimes.
- The tax basis step-up in goodwill obtained in a transaction that is not a business combination.
- Separate financial statements of entities not subject to tax.
- The intraperiod tax allocation exception to the incremental approach.
- Ownership changes in investments — changes from a subsidiary to an equity method investment (and vice versa).
- Interim-period accounting for enacted changes in tax law.
- The year-to-date loss limitation in interim-period tax accounting.
Highlights of the 2019 AICPA Conference on Current SEC and PCAOB Developments
December 16, 2019
This issue discusses key insights from this year’s three-day AICPA Conference on Current SEC and PCAOB Developments. The conference featured speeches and panel discussions by members of the SEC, PCAOB, FASB, and other professional groups on current accounting, reporting, and auditing practice issues.
FASB improves guidance on credit losses
December 2, 2019
This issue discusses FASB Accounting Standards Update (ASU) No. 2019-11, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, which amends certain aspects of the Board’s new standard on credit losses (ASU 2016-13, Measurement of Credit Losses on Financial Instruments).
FASB proposes improvements to hedge accounting guidance
November 26, 2019
This issue discusses the FASB’s proposed Accounting Standards Update (ASU) Codification Improvements to Hedge Accounting, which would clarify certain amendments made by ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, to the guidance in ASC 815 on hedging activities. The FASB issued the proposal in response to feedback and questions received from stakeholders related to their implementation of ASU 2017-12. Comments on the proposed ASU are due by January 13, 2020.