Accounting &amp; Audit Alerts

FASB Seeks Public Comment On Clarification To Interim Effective Date For New Disaggregation Of Incom

The FASB has issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosure (Subtopic 220-40), to enhance the transparency and decision-usefulness of a public business entity’s expense disclosures.

GASB Issues Exposure Draft On Subsequent Events

The GASB has issued an Exposure Draft to provide additional guidance and modify the definitions of certain terms related to subsequent event reporting.

GASB Issues Exposure Draft On Updated Implementation Guidance

The GASB has issued an Exposure Draft to provide additional guidance and improve financial reporting.

FASB Issues Exposure Draft On Financial Accounting For And Disclosure Of Environmental Credits And E

The FASB has issued an Exposure Draft on Topic 818, Environmental Credits and Environmental Credit Obligations, to improve the financial accounting and disclosure of environmental credits (ECs) and environmental credit obligations (ECOs), including clarification related to recognition, measurement, presentation, and disclosure requirements for all entities that purchase or hold environment credits or have a regulatory compliance obligation that may be settled with ECs.

FASB Proposes Guidance On Accounting For Government Grants By Business

The FASB has issued an Exposure Draft to establish authoritative guidance for the accounting of government grants. The Exposure Draft would require a business entity to recognize a government grant when it is probable that the entity will both comply with the conditions attached to the government grant and probable that the government grant will be received.

FASB Issues Proposal To Simplify Measurement Of Credit Losses For Private Companies And Certain Not-

The FASB, in conjunction with the Private Company Council, issued an Exposure Draft for public comment that is intended to address concerns around the cost and complexity of estimating expected credit losses for accounts receivable and contract assets.

FASB Issues Accounting Guidance For Induced Conversions Of Convertible Debt Instruments

The FASB has issued ASU 2024-04, Induced Conversions of Convertible Debt Instruments. The objective is to improve the consistency of application and relevance of accounting guidance and provide clarity on whether settlements of these instruments should be treated as induced conversions or debt extinguishments.

FASB Issues Proposal On Interim Reporting Guidance

The FASB has issued an Exposure Draft to improve the guidance in Topic 270, Interim Reporting, which is intended to improve navigating required interim disclosures and clarifying when that guidance is applicable.

FASB Seeks Public Comment On Targeted Improvements To Internal-Use Software Guidance

The FASB issued has an Exposure Draft that aims to modernize the accounting requirements for the capitalization of internal-use software costs.

FASB Proposes Improvements To Clarify Guidance For Identifying the Acquirer In A Business Combinatio

The FASB has issued an Exposure Draft that is intended to improve comparability between identifying the acquirer in transactions that includes a variable interest entity (VIE) and those not involving VIEs by amending the guidance under ASC 805, Business Combinations.

GASB Issues Guidance On Disclosure Of Certain Capital Assets

The GASB has issued GASB Statement No. 104, Disclosure of Certain Capital Assets. Statement No. 104 requires certain types of capital assets to be separately disclosed in a government’s capital asset footnote disclosures.

Accounting & Auditing Alert | November 1, 2024

FASB Issues Guidance On The Disaggregation Of Income Statement Expenses For Public Business Entities

The FASB has issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures that is intended to enhance the transparency and decision usefulness of an entity’s expense disclosures.

FASB Issues Proposal To Improve Hedge Accounting

The FASB has issued an Exposure Draft for public comment that is intended to better align the standards with ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities as well as address concerns resulting from the implementation of other guidance related to reference rate reform.

Accounting & Auditing Alert | November 1, 2024

FASB Proposes Improvements To Share-Based Consideration Payable To A Customer

The FASB has issued an Exposure Draft for public comment that is intended to reduce diversity in practice related to share-based consideration payable to a customer in conjunction with selling goods or services.