Month: June 2019

EITF Update – June 2019

Go to Source Author: The EITF reached a consensus-for-exposure on clarifying the interactions between Topic 321 and Topic 323. The Task Force also discussed but did not reach a final consensus on recognition under Topic 805 for an assumed liability in a revenue contract. The FASB staff led an educational discussion for the Task Force on revenue recognition – contract modifications of licenses of intellectual property. No decisions were...

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Financial Reporting Developments – Share-based payment (after the adoption of ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting)

Go to Source Author: Our new FRD on share-based payment discusses the application of ASC 718 after an entity adopts the new nonemployee accounting guidance in ASU 2018-07. Appendix F and Appendix G provide a summary of other updates to our interpretive guidance and the reorganization of the content from our previous edition, respectively. Entities that have not adopted ASU 2018-07 should refer to our updated FRD, Share-based payment (before the adoption of ASU 2018-07, Improvements to Nonemployee Share-Based Payment...

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To the Point – AICPA issues final standard that changes the form and content of the auditor’s report

Go to Source Author: The AICPA issued a final standard that changes the form and content of the auditor’s report. The standard requires auditors to present the “Opinion” section first in their reports, followed by the “Basis for Opinion” section, and to more clearly articulate management’s responsibilities for the financial statements and the auditor’s responsibilities for the audit. It requires the auditor to make certain new communications to those charged with governance. It also establishes new guidance for auditors engaged to communicate on key audit matters, but it does not require communication of these...

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EITF Update – June 2019

Go to Source Author: The EITF reached a consensus-for-exposure on clarifying the interactions between Topic 321 and Topic 323. The Task Force also discussed but did not reach a final consensus on recognition under Topic 805 for an assumed liability in a revenue contract. The FASB staff led an educational discussion for the Task Force on revenue recognition – contract modifications of licenses of intellectual property. No decisions were...

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