Month: August 2017

To the Point – FASB proposes clarifying the guidance for contributions received and contributions made

Go to Source Author: The FASB proposed clarifying the guidance on how entities determine whether a transfer of assets is a contribution or an exchange transaction and on how they distinguish between conditional and unconditional contributions. Although the accounting for contributions primarily affects not-for-profit entities, the proposal would apply to all entities (including business entities) that receive or make contributions. Comments are due by 1 November...

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To the Point – Update on accounting for pre production and tooling activities and costs under ASC 606

Go to Source Author: Manufacturing and production companies in various industries have raised questions about how they should account for activities and costs incurred prior to the production of goods under a supply arrangement after they adopt the new revenue recognition standard. As public companies finalize their ASC 606 accounting policies and prepare to adopt the new standard, a consensus has emerged that a number of views related to the accounting for pre-production and tooling activities could be...

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To the Point – AICPA issues new attestation guide as interest in sustainability reporting continues growing

Go to Source Author: To address the growing interest in sustainability reporting, the AICPA issued a new attestation guide to assist accountants in performing and reporting on companies’ sustainability information. Investors and other stakeholders are more often taking into account sustainability issues in their decision making, and many believe it is important for this information to be subject to independent...

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