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  • PCAOB (US Public Company Accounting Oversight Board) Image
  • PCAOB publishes draft strategic plan for 2018–2022

    Aug 13, 2018

    The PCAOB has published its draft strategic plan for 2018–2022, which details the progress the Board has made since the previous plan update and outlines new objectives and strategies for the upcoming five-year period.

  • AICPA (American Institute of CPAs) Image
  • AICPA issues two working drafts related to credit losses

    Aug 10, 2018

    The AICPA’s Financial Reporting Executive Committee (FinREC) has released for public comment two working drafts on accounting issues associated with the implementation of FASB Accounting Standards Update No. 2016-13, "Financial Instruments — Credit Losses" (issued in June 2016), which “provides a new current expected credit loss (CECL) model to measure impairment for financial assets (and instruments) measured at amortized cost.”

  • FASB (US Financial Accounting Standards Board) Image
  • FASB and ASBJ hold biannual meeting

    Aug 03, 2018

    On August 1–2, 2018, the FASB met with the Accounting Standards Board of Japan (ASBJ) in Norwalk, Connecticut. The meeting is the 24th in a series of biannual meetings the two standard setters hold to further their “cooperative efforts to develop high-quality global accounting standards.”

  • FASB meeting Image
  • Highlights of the FASB’s July 25 meeting

    Jul 26, 2018

    At its July 25, 2018, meeting, the FASB discussed its projects on (1) narrow-scope improvements to the lessor accounting guidance; (2) implementation of the guidance on credit losses, and (3) targeted improvements to the guidance on collaborative arrangements.

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  • IFRS on Point — July 2018 Image
  • IFRS on Point — July 2018

    published Aug 13, 2018

    IFRS on Point, published at the beginning of each month, highlights critical IFRS-related financial reporting developments.

  • Heads Up — FASB makes targeted improvements to ASC 842 Image
  • Heads Up — FASB re-leases targeted improvements to ASC 842

    published Aug 07, 2018

    This Heads Up discusses the FASB’s recently issued Accounting Standards Update (ASU) No. 2018-11, "Targeted Improvements to ASC 842, Leases," which provides entities with relief from the costs of implementing certain aspects of the new leasing standard, ASC 842. Specifically, under the amendments in ASU 2018-11, (1) entities may elect not to recast the comparative periods presented when transitioning to ASC 842 and (2) lessors may elect not to separate lease and nonlease components when certain conditions are met.

  • IAS 34 compliance checklist 2018 Image
  • IAS 34 compliance checklist 2018

    published Aug 03, 2018

    The checklist summarizes the requirements of IAS 34, "Interim Financial Reporting," formatted to allow the recording of a review of interim financial statements, with a place to indicate yes, no, or not-applicable for each item. The checklist addresses the requirements of IAS 34 as of April 30, 2018.

  • Financial Reporting Alert 18-10 — Adoption of ASU 2018-07 in an interim period Image
  • Financial Reporting Alert 18-10 — Adoption of ASU 2018-07 in an interim period

    published Aug 01, 2018

    This Financial Reporting Alert addresses the questions that have arisen about how entities that have early adopted ASU 2018-07, "Improvements to Nonemployee Share-Based Payment Accounting," in an interim period can determine the adoption date for the calculation of the transition adjustments. We believe that there is more than one acceptable approach to making such a determination. This alert focuses on two illustrative approaches and includes sample journal entries for each one.

  • Deloitte Accounting Journal Entry default image Image
  • Journal entry — FASB votes to expose additional narrow-scope improvements to the lessor accounting model for public comment

    published Jul 27, 2018

    At its meeting on July 25, 2018, the FASB discussed potential disclosure requirements related to tentative decisions reached at its March 28, 2018, meeting regarding (1) sales (and other similar) taxes collected from a lessee and (2) certain lessor costs that are paid directly by the lessee under the new leasing standard. In addition, the FASB discussed requests from stakeholders to clarify the guidance on the recognition of variable payments for contracts that include both lease and nonlease components.

  • Deloitte Accounting Journal Entry default image Image
  • Journal entry — FASB proposes amendments to current expected credit losses standard

    published Jul 27, 2018

    At its July 25, 2018, meeting, the FASB voted to draft an Accounting Standards Update (ASU) to clarify certain aspects of ASU 2016-13, specifically (1) the transition and effective date for nonpublic business entities (non-PBEs) and (2) the applicability of ASC 326 to operating lease receivables. The proposed amendments are a result of discussions held at the FASB’s credit losses transition resource group (TRG) meeting on June 11, 2018. The proposed ASU will have a 30-day comment period when released

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