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…

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…

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…

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…

U.S. companies should pay attention to a narrow section of the Tax Cuts and Jobs Act that could have a big effect on certain industries. The tax code change requires businesses to recognize revenue for tax purposes no later than when…

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…

The AICPA’s auditing standards require auditors to identify and assess the risks of material misstatement due to fraud and to determine overall and specific responses to those risks. This article explains what auditors look for during fraud-risk…

Because of major changes initiated by the Tax Cuts and Jobs Act (TCJA), cost segregation studies (CSSs) are likely an important part of your tax strategy. If you’re a property owner, commercial developer or investor…