The Financial Accounting Standards Board (FASB) updated the effective dates for several major Accounting Standards Update (ASUs), including for leases, credit losses and hedging by issuing ASU 2019-10 recently. Below is an overview: Leases (Topic 842...

New accounting rules related to credit losses (CECL), leases and hedging standards and their adoption requirements have created a considerable burden for private companies and non-profits to comply with the new rules. However, earlier this month the ...

With the new lease accounting standards scheduled to go into effect in January 2020 for private companies, the American Institute of CPAs (AICPA) issued a request to the Financial Accounting Standards Board to delay this implementation date by one ye...

Credit unions and community banks that sponsor either a defined benefit pension and/or other post-retirement benefit plan (“DBP” or “PRBP”) may be impacted by Accounting Standards Update (ASU) Topic 715, Compensation – Retirement Benefits. ...

New revenue recognition standards for privately held companies is just around the corner, with the new model for reporting revenue from contracts going into effect Jan. 1, 2019. ASC 606 – Revenue From Contracts with Customers (ASC 606) virtually el...

Coming on the heels of stakeholder’s concerns, the Financial Accounting Standards Board (FASB) discussed feedback received from the Credit Losses Transition Group, which proposed making a number of amendments to guidance related to credit losses, d...

Are you comfortable communicating electronically with your auditors? If so, a logical next step might be to transition from on-site audit procedures to a more “remote” approach. Remote audits can help reduce the time and cost of preparing audited...

With the new lease accounting standard set to take effect in January 2020 for calendar year-end non-public entities, your business should adopt a centralized process for collecting, analyzing and potentially recording leases on the company’s financ...