Accounting Standards

December 29, 2014 

The Financial Accounting Standards Board (FASB) today issued guidance intended to improve private company financial reporting regarding accounting for identifiable intangible assets in a business combination. FASB Accounting Standards Update No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination, is based on a consensus reached by the Private Company...…

November 26, 2014 

The Governmental Accounting Standards Board (GASB) has issued for public comment a Preliminary Views, Leases, which includes proposals to improve the accounting and financial reporting for leases for state and local governments from both a lessee ...

November 25, 2014 

The Governmental Accounting Standards Board (GASB) has issued for public comment a Preliminary Views, Financial Reporting for Fiduciary Responsibilities.

October 21, 2014 

AICPA to introduce Statement on Standards for Accounting and Review Services No. 21 (SSARS No. 21), which is one of the most significant revisions in non-audit standards in the last 35 years.

October 8, 2014 

A new initiative to examine climate risk stress testing for banking and securities regulation and accounting practices was recently unveiled at the UN Climate Summit in New York by public and private sector organizations working together in response to th

September 3, 2014 

The Financial Accounting Standards Board (FASB) has released the proposed 2015 GAAP Financial Reporting Taxonomy for public review and comment. The deadline to submit written comments is October 31, 2014.

August 21, 2014 

New standards issued by the Government Accounting Standards Board mean that next summer local governments could see some impact in credit ratings or some influence on pension payments.

August 20, 2014 

An accounting standard for state and local governments that addresses the impairment of capital assets and insurance recoveries provides important information to users of financial statements and resolves some but not all of the issues underlying its purpose.

Isaac M. O'Bannon

August 20, 2014 

As part of its simplification initiative, the Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update intended to simplify the accounting for a customer’s fees paid in a cloud computing arrangement.

Isaac M. O'Bannon

August 8, 2014 

Building on CPAs’ long-standing commitment to provide high-quality services that protect the public, the American Institute of CPAs (AICPA) has issued a discussion paper for all stakeholders in the audit process of private entities. The discussion paper summarizes the Institute’s multi-faceted effort that is designed to help auditors excel in a fast changing and complex…

Isaac M. O'Bannon

July 21, 2014 

The Financial Accounting Standards Board (FASB) today relaunched its technical agenda web page to provide a more user-friendly graphic overview of each Board project and enable visitors to better understand how individual projects relate to the Board’s overall activities. The new plan is found at fasb.org/technicalagenda.

July 21, 2014 

The American Institute of CPAs has voiced its support for expanding the availability of the cash method of accounting to small businesses.

Isaac M. O'Bannon