Month: February 2019

Go to Source Author: The FASB issued an Invitation to Comment on measuring contract liabilities and other topics related to the accounting for revenue contracts with customers acquired in a business combination, along with a proposal that would clarify when those contract liabilities should be recognized in a business combination. Comments on both documents are due by 30 April...

Go to Source Author: We support the FASB’s proposal to allow not-for-profit (NFP) entities to elect the accounting alternatives that are currently available only to private companies to simplify their subsequent accounting for goodwill and their accounting for certain acquired identifiable intangible assets. We believe the proposal would reduce the cost and complexity of performing impairment tests for goodwill and accounting for certain intangible assets for NFPs without affecting the information users of their financial statements are most interested...

Go to Source Author: The FASB issued a proposed ASU that would ease transition to the credit losses standard by providing the option to measure certain types of assets at fair value. Comments are due by 8 March...

Go to Source Author: Our US GAAP versus IFRS – The basics publication, which provides an overview, by accounting area, of the similarities and differences between US GAAP and IFRS, has been updated. This release generally reflects guidance effective in 2018 and guidance finalized by the FASB and the IASB as of 31 May 2018. It also discusses standard-setting activities at the FASB and the IASB and has been updated for the following significant new standards and related consequential amendments: Accounting Standards Update (ASU) 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, ASC 842 and IFRS 16, Leases, and ASC 606 and IFRS 15, Revenue from Contracts with Customers. We have not included differences before the adoption of ASU 2017-12, ASC 842, IFRS 16, ASC 606 and IFRS 15. Please refer to the February 2018 edition of the tool below for differences before the adoption of ASU 2017-12, ASC 842 and IFRS 16 and the October 2016 edition of the tool below for differences before the adoption of ASC 606 and IFRS...

Go to Source Author: Our US GAAP/IFRS accounting differences identifier tool, which helps entities identify some of the more common accounting differences between US GAAP and IFRS that may affect an entity’s financial statements when converting from US GAAP to IFRS (or vice versa), has been updated. This release generally reflects guidance effective in 2018 and guidance finalized by the FASB and the IASB as of 31 May 2018. It also discusses standard-setting activities at the FASB and the IASB and reflects the following significant new standards and related consequential amendments: ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, ASC 842 and IFRS 16, Leases, ASC 606 and IFRS 15, Revenue from Contracts with Customers. We have not included differences before the adoption of ASU 2017-12, ASC 842, IFRS 16, ASC 606 and IFRS 15. Please refer to the February 2018 edition of the tool for differences before the adoption of ASU 2017-12, ASC 842 and IFRS 16 and the October 2016 edition of the tool for differences before the adoption of ASC 606 and IFRS...