Accounting Journal Entries
Deloitte Accounting Journal Entries briefly summarize the newest developments in U.S. accounting standard setting, usually on the same day they occur.
Dec 07, 2018
At its December 4, 2018, meeting, the FASB added a project to its technical agenda on Codification improvements to ASC 842 for the following two issues: (1) fair value of the underlying asset by lessors that are not manufacturers or dealers; and (2) statement of cash flows presentation for sales-type and direct financing leases.
Dec 04, 2018
On November 30, 2018, the Center for Audit Quality (CAQ) posted to its Web site the highlights of the September 12, 2018, CAQ SEC Regulations Committee joint meeting with the SEC staff.
Nov 20, 2018
At its meeting on November 14, 2018, the FASB discussed comments received on the proposed ASU and reached several tentative decisions related to many of the proposed ASU’s disclosure requirements. The Board also discussed whether additional disclosures should be considered as a result of the Act.
Nov 15, 2018
At its meeting on November 14, 2018, the FASB discussed the measurement and classification of share-based payments issued as sales incentives to customers under ASC 606.
Nov 15, 2018
At its meeting on November 14, 2018, the FASB voted to amend ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments that were previously recorded at amortized cost that are within the scope of ASC 326-20 if the instruments are eligible for the fair value option under ASC 825-10.
Nov 07, 2018
The FASB recently issued ASU 2018-16, which amends certain provisions of ASC 815.
Nov 01, 2018
At its meeting on October 31, 2018, the FASB concluded deliberations on its proposed Accounting Standards Update (ASU) related to the narrow-scope improvements for lessors under ASC 842.
Oct 25, 2018
At its August 22, 2018, meeting, the FASB reversed its decision that if a long-term financing arrangement is in place as of the balance sheet date (e.g., an unused line of credit with the same or a different lender), the amount of current maturities for any other debt arrangements would be (1) reduced by the unused amount of the long-term financing arrangement up to the amount of the current maturities and (2) classified as a noncurrent liability. The reversal applied to all entities. In response to this decision, constituents provided feedback that this reversal could have a significant impact on the health care industry. This issue was discussed in further detail at the FASB’s October 24, 2018, board meeting.
Oct 04, 2018
The SEC’s EDGAR system and the EDGAR Filer Manual (EFM) contain rules and requirements for preparing and submitting electronic filings to the SEC. The SEC periodically updates EDGAR and the EFM to implement new electronic filing requirements or enhance the processing of existing requirements. On October 1, 2018, the SEC made changes to the EFM as part of EDGAR Release 18.3, which includes changes in how the SEC validates XBRL documents upon submission. The new rules related to XBRL filings are outlined in this publication.
Sep 18, 2018
On September 17, 2018, the Center for Audit Quality (CAQ) posted to its Web site the highlights of the July 12, 2018, CAQ SEC Regulations Committee joint meeting with the SEC staff.
Sep 12, 2018
At the FASB’s September 5, 2018, board meeting, the FASB staff shared its responses to certain technical inquiries it received related to the implementation of ASU 2017-12, "Targeted Improvements to Accounting for Hedging Activities." In addition, the Board tentatively agreed to amend certain aspects of ASU 2017-12.
Aug 31, 2018
At its August 29, 2018, meeting, the FASB concluded deliberations on its proposed Accounting Standards Update (ASU) related to the addition of the Overnight Index Swap (OIS) rate based on the Secured Overnight Financing Rate (SOFR) as a U.S. benchmark interest rate for hedge accounting.
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