Under ASC 842, which takes effect for publicly traded companies in 2019 and for private companies in 2020, businesses will be required to include operating lease commitments and the related right-of-use assets as part of their reported debts and assets.
FASAC members observed that the enactment of the Tax Cuts and Jobs Act on December 22, 2017, resulted in many challenges in companies’ financial reporting, particularly (1) in areas where further clarifications to the tax law were needed and (2) in deploying the internal and external resources to account for, and provide disclosure about, their current and deferred income taxes.
Revenue Recognition of Grants and Contracts by Not-for-Profits (NFPs)—FASB staff provided a brief overview of the main provisions in the proposed Accounting Standards Update, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, and discussed feedback received from comment letter respondents.
The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) that would expand the list of U.S. benchmark interest rates permitted in the application of hedge accounting. Stakeholders are encouraged to review and provide comment on the proposal by March 30, 2018.
The FASB Chairman provided highlights on FASB activities that were not otherwise on the agenda for the Council meeting. SEC and PCAOB staff members also commented on current issues and activities. FASAC members asked about potential FASB and SEC responses to recent legislation involving a potential bill on tax reform.
Norwalk, CT, January 5, 2018—The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) intended to reduce costs and ease implementation of the Leases standard for financial statement preparers. Stakeholders are encouraged to review and provide comment on the proposed improvements by February 5, 2018.
Norwalk, CT, January 22, 2018—The Financial Accounting Standards Board (FASB) staff today issued four Staff Q&A documents that address various financial accounting and reporting implementation issues related to the Tax Cuts and Jobs Act.
The Emerging Issues Task Force (EITF) met on January 18, 2018 to discuss a customer’s accounting for implementation, setup, and other upfront costs (collectively referred to as implementation costs) incurred in a cloud computing arrangement that is a service contract.