Accounting Standards Update

decrease of sales graphic

Evaluating “going concern” concerns 

Under U.S. Generally Accepted Accounting Principles (GAAP), financial statements are normally prepared based on the assumption that the company will continue normal business operations into the future. When liquidation is…

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fair value accounting

What’s “Fair Value” in an Accounting Context?

In recent years, the accounting rules for certain balance sheet items have transitioned from historical cost to “fair value.” Examples of assets that may currently be reported at fair value…

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Updated guidance for impairment testing: When to consider triggering events

Updated Guidance for Impairment Testing: When to Consider Triggering Events

On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP). This simplified…

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gifts-in-kind

FASB Proceeds with Guidance on Gifts-in-Kind

Many nonprofits rely on contributions of nonfinancial assets, such as fixed assets (land, buildings, equipment), services, and materials and supplies, called gifts-in-kind. New rules from the Financial Accounting Standards Board…

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accounting for cloud computing

Accounting for Cloud Computing Arrangements

The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs. Updated guidance on accounting for cloud computing…

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leases hiding in your contracts

New Accounting Standard: Are There Leases Hiding in Your Contracts?

Late last year, the Financial Accounting Standards Board granted a one-year reprieve from new lease accounting rules to private companies that comply with Generally Accepted Accounting Principles (GAAP). This means…

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FASB simplifies merger accounting for nonprofits

FASB Simplifies Merger Accounting for Nonprofits

The Financial Accounting Standards Board (FASB) recently issued guidance that should ease the financial reporting burden on nonprofits that enter “business combinations,” such as mergers and acquisitions. The title of…

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accounting rules delayed

Attention: Accounting Rule Delays in the Works

On July 17, the Financial Accounting Standards Board (FASB) voted to issue a proposal that would delay several landmark accounting rules for certain companies. If finalized, the deferral would apply…

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nonemployee stock compensation

How to Report Stock Compensation Paid to Nonemployees

The accounting rules for reporting stock compensation have been expanded. They now include share-based payments to nonemployees for providing goods and services, under recent guidance issued by the Financial Accounting…

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time to update to the new revenue recognition standard

Private Companies: Have You Implemented the New Revenue Recognition Standard?

Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must comply with the landmark new revenue recognition standard in 2019. Many private company CFOs and controllers report that they…

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