Have You Started Implementing the New Lease Standard?

Many companies are running behind schedule in terms of implementing the updated accounting standard on leases. It goes into effect in 2019 for public companies and 2020 for private ones. This article explains why many companies are feeling flustered by 1) the unexpected volume of information needed to comply with the changes, 2) the lack of automated software options, and 3) ongoing revisions by the FASB…

Reporting for Business Segments

The FASB is looking for public companies to participate in its study about the prospects of improving the guidance for aggregating business segments and the reportable segments process. This article explains investors’ concerns about the existing guidance and highlights two possible alternatives the FASB is considering to address these concerns…

Loan Losses: It’s Time to Sync the FASB and SEC Guidance

SEC officials plan to update the interpretive guidance for estimating loan loss allowances to reflect the FASB’s updated credit loss standard, which goes into effect in 2020. The credit loss standard overhauls how banks and other financial businesses estimate the losses they expect to feel on souring loans and other financial products. This article explains what’s changing…

5 Criteria for Revenue Recognition

A contract with a customer has several elements, but the most overlooked element may be that the contract does not have to be in writing. It does need to have…

Conceptual Framework: Clarifying the Disclosure Rules

The FASB recently updated its Conceptual Framework to facilitate more consistent, effective footnote disclosure requirements in new accounting standards. This article explains the need for change and the scope of the changes to the framework…

Billing for Time: How QuickBooks Does It

Are you still using paper timecards to create paychecks and paper invoices to bill customers for time-based services? If so, you’re doing unnecessary data entry and risking the loss of billable time…


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