Starting in fiscal year 2022, all entities — except nonprofit organizations in the scope of Topic 958, Not-for-Profit Entities, and employee benefit plans — must provide detailed disclosures about government assistance. […]
Category: Accounting Standards Updates (ASU)
FASB Offers Practical Expedient For Private Companies That Issue Share-Based Awards
On October 25, the Financial Accounting Standards Board (FASB) issued a simpler accounting option that will enable private companies to more easily measure certain types of shares they provide to both […]
Coming Soon: New Accounting Rule On Government Assistance Disclosures
On November 17, the Financial Accounting Standards Board (FASB) issued a new accounting standard on disclosing certain types of government incentives that businesses receive to set up shop in a locality. […]
Private companies: Are you on track to meet the 2022 deadline for the updated lease standard?
Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities […]
Follow The Cutoff Rules For Revenue And Expenses
Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a strict “cutoff” for recognizing revenue and expenses. However, during the […]