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.
Apr 10, 2018
At its March 28, 2018, meeting, the FASB discussed a number of implementation issues related to ASU 2017-12 that arose from technical inquiries received by the FASB staff from various constituents. The staff shared with the Board its responses to those inquiries and questioned whether the Board agreed with the conclusions.
Apr 03, 2018
At its meeting on March 28, 2018, the FASB discussed five potential projects and voted to add three of them to the technical agenda, to be addressed by the FASB or the Emerging Issues Task Force (EITF).
Mar 30, 2018
At its meeting on March 28, 2018, the FASB discussed comments received on its proposed Accounting Standards Update (ASU) related to a practical expedient for lessors to elect not to separate lease and nonlease components when certain conditions are met. The amendments in the proposed ASU are consistent with the tentative decisions made by the Board at its November 29, 2017, meeting. At this week’s meeting, the Board voted to move forward with drafting a final ASU related to the proposed practical expedient for lessors, subject to certain adjustments explained in further detail below. In addition, the FASB discussed other implementation requests received from stakeholders related to the presentation of sales taxes and property taxes and insurance included in lease contracts under the new leasing standard.
Mar 16, 2018
At its meeting on March 14, 2018, the FASB completed its redeliberations of certain issues in the amendments on its proposed Accounting Standards Update (ASU) that was issued in January 2016 as part of the Board’s disclosure framework project.
Mar 08, 2018
At its March 7, 2018, meeting, the FASB discussed feedback on one of the two amendments in its proposed Accounting Standards Update (ASU) on targeted improvements to ASU 2016-02, "Leases." The meeting specifically addressed the proposed additional optional transition method in the new leasing standard.
Mar 02, 2018
On February 28, 2018, the FASB issued Accounting Standards Update (ASU) 2018-03, "Technical Corrections and Improvements to Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which clarifies certain aspects of ASU 2016-01, "Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities."
Feb 22, 2018
At its meeting on February 14, 2018, the FASB discussed and made tentative decisions on its proposed Accounting Standards Update, "Changes to the Disclosure Requirements for Defined Benefit Plans," that was issued in January 2016 as part of the disclosure framework project.
Feb 20, 2018
At its February 14, 2018, meeting, the FASB discussed a number of implementation issues related to ASU 2017-12, "Targeted Improvements to Accounting for Hedging Activities," which arose from technical inquiries received by the FASB staff from various constituents. The staff shared with the Board its technical inquiry responses and asked whether the Board agreed with the conclusions.
Jan 23, 2018
At its January 18, 2018, meeting, the FASB discussed comments received from stakeholders on its proposed Accounting Standards Update (ASU) that clarifies certain aspects of ASU 2016-01. The proposed ASU was issued on September 27, 2017, and comments were due by November 13, 2017.
Dec 20, 2017
On December 20, 2017, in response to concerns about the sustainability of U.S. Dollar LIBOR, the FASB voted to add a project related to the addition of the overnight index swap (OIS) rate based on the rate identified by the Alternative Reference Rate Committee (ARRC) (the Secured Overnight Financing Rate (SOFR) or the “SOFR OIS rate”) as an eligible benchmark interest rate for hedge accounting purposes under ASC 815, Derivatives and Hedging.
Dec 14, 2017
At its meeting on December 13, 2017, the FASB discussed feedback on its proposed Accounting Standards Update (ASU) on improving the accounting for share-based payment arrangements with nonemployees.
Dec 13, 2017
On Friday, December 8, the Center for Audit Quality (CAQ) posted to its Web site the highlights of the September 26, 2017, CAQ SEC Regulations Committee joint meeting with the SEC staff.
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