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.
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.
Aug 31, 2018
At its August 29, 2018, meeting, the FASB discussed whether certain targeted improvements to ASU 2016-13 should be made to reflect implementation issues discussed and recommendations that the Board’s credit losses transition resource group (TRG) made at its June 11, 2018, public meeting. Specifically, the FASB addressed the following topics at this week’s meeting:
Aug 30, 2018
On August 28, 2018, the FASB issued Chapter 8, Notes to Financial Statements (“Chapter 8”), and amendments to Chapter 3, Qualitative Characteristics of Useful Financial Information (“Chapter 3”), of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting
Aug 24, 2018
At its August 22, 2018, meeting, the FASB addressed certain sweep issues raised by stakeholders during the external review process related to (1) unused long-term financing arrangements, (2) grace periods, and (3) effective date.
Aug 16, 2018
On August 13, 2018, the FASB issued proposed ASU,"Leases (Topic 842): Narrow-Scope Improvements for Lessors," which would provide lessors with additional narrow-scope improvements under ASC 842 related to: (1) sales taxes and other similar taxes collected from lessees, (2) certain lessor costs paid directly by lessees, and (3) recognition of variable payments for contracts with lease and nonlease components.
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.
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
Jun 07, 2018
At its June 6, 2018, meeting, the FASB concluded its redeliberations on its proposed Accounting Standards Update (ASU) that would make targeted improvements to the accounting and disclosure model for certain long-duration insurance contracts and voted to proceed with finalizing the new standard.
May 22, 2018
On Wednesday, May 16, 2018, the Center for Audit Quality (CAQ) posted to its Web site the highlights of the March 13, 2018, CAQ SEC Regulations Committee joint meeting with the SEC staff.
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