Category: Global accounting standards
Get ready: FASB is dumping some big items on your to-do list
The Financial Accounting Standards Board has a bunch of resolutions that affect many companies. The board is offloading some of their weightier projects that have taken up a lot of time (several years!) on their docket. Fo…
See MorePutting the E in “revenue”: A big challenge of the new rev rec standard
Accounting professionals who have been involved with revenue for many years can recite the four criteria for revenue recognition as quickly as they can their children’s names—it just becomes second nature. For people l…
See MoreComing up with a game plan for revenue recognition
Consider taking the new revenue recognition rules out for a spin. It could be a short test drive, with just a sample of current contracts sitting in the passenger seat so you can see how the changes feel and how drastic th…
See MoreIt was high time the FASB eliminated ‘extraordinary items,’ and they finally did
Companies will no longer have to call out extraordinary items on the income statement following the Financial Accounting Standards Board’s recent issuance of an accounting standards update. This change, which affects tra…
See MoreHot topics for finance departments in 2015
There’s a tension for finance organizations that go public. Throughout the year, they are faced with new rules from accounting standard-setters, new guidance from accounting firms and new direction by regulators that cou…
See MoreNew discontinued operations guidance de-clutters reporting
While large valuation acquisitions of entire companies (for example, Facebook acquiring WhatsApp for $19 billion) grab the headlines, the majority of the acquisitions are for just a division or segment of a business, and t…
See MoreRevenue recognition: Are you in denial?
After more than a decade in the making, the FASB and the IASB finally issued new revenue recognition rules. Now if the boards needed that kind of a runway, how hard will it be for companies to implement? This is what manag…
See MoreThe new rev rec rules: Making estimates that minimize the likelihood of restatements
Get ready for scrutiny. One of the many challenges presented by the new revenue recognition rules is the need for companies to come up with an estimate of revenue for variable consideration instead of waiting until amounts…
See MoreDoes the FASB need to step back and simplify?
Having been involved in accounting for over 30 years, I have seen quite a few changes in accounting requirements, all enthusiastically introduced to “help the reader understand the financial status of a company better.�…
See MoreHow the new revenue recognition standard may affect your company
We’ve been hearing about it for years. Finally, the result of the joint project between the FASB and the IASB to update and consolidate accounting standards for revenue recognition into one global standard is just about …
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