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.
Sep 13, 2019
Zimbabwe has used bond notes pegged to the U.S. dollar (USD) as its local currency since 2009. Over the last year, the consumer price index (CPI) inflation in Zimbabwe began to rise. In February 2019, Zimbabwe reinstated a local currency, the Real Time Gross Settlement (RTGS) dollar, and allowed the value to float against the USD thus causing an acceleration of the increase in CPI inflation. As a result of the rising CPI, the cumulative three-year inflation rate for the period ended June 30, 2019, now exceeds 100 percent.
Aug 05, 2019
At its July 31, 2019, meeting, the FASB reached tentative decisions related to proposed Codification improvements to the hedge accounting guidance.
Aug 01, 2019
At its meeting on July 31, 2019, the FASB discussed feedback on its proposed Accounting Standards Update (ASU) on the accounting for share-based consideration payable to a customer.
Jul 22, 2019
At its July 17, 2019, meeting, the FASB continued to discuss its reference rate reform project.
Jul 18, 2019
On July 17, 2019, the FASB discussed, in a non-decision-making meeting, accounting for impairment of operating lease receivables.
Jun 26, 2019
At its June 19, 2019, meeting, the FASB discussed (1) reference rate reform, (2) distinguishing liabilities from equity, and (3) conceptual framework.
Jun 05, 2019
At its meeting today, the FASB decided to issue a proposed ASU on improvements to measurement of credit losses.
May 16, 2019
At its May 8, 2019, meeting, the FASB reached tentative decisions related to certain implementation issues of ASU 2017-12, "Targeted Improvements to Accounting for Hedging Activities."
May 10, 2019
At its May 8, 2019, meeting, the FASB decided to add the following two projects to the Emerging Issues Task Force’s (EITF’s) technical agenda: (1) Financial Instruments — Clarifying the Interactions Between Topic 321 and Topic 323; and (2) Revenue Recognition — Contract Modifications of Licenses of Intellectual Property.
May 02, 2019
At its meeting on April 10, 2019, the FASB decided to add a project to its agenda regarding simplifications to accounting for income taxes. The Board tentatively decided on the scope of the project, which is part of its Simplification Initiative. In its initial discussion of this topic, the FASB noted that “accounting for income taxes has consistently been among the top areas of restatements over the last several years,” and is, therefore, worth considering further for simplification.
Mar 07, 2019
On March 5, 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements, which amends certain aspects of the Board’s new leasing standard, ASU 2016-02.
Feb 15, 2019
At its meeting on February 13, 2019, the FASB made several important decisions as part of its project on distinguishing liabilities from equity (including convertible debt).
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