Accounting Standards

The 2021 GAAP Taxonomy contains updates for accounting standards, improvements for two SEC final rules, and other recommended improvements.

The proposed Statement would supersede the guidance issued by the GASB in Statement No. 16, Accounting for Compensated Absences, which was issued in 1992. The proposal is in keeping with the Board’s commitment to periodically reexamine its standards to...

They also walk viewers through examples that demonstrate how the standard will impact the income statement, earnings-per-share calculations, and other related areas.

On January 1, 2021 - IFRS 17 - one of the biggest changes to insurance accounting in more than 20 years, goes into effect. According to the International Accounting Standards Board, $13 trillion total assets of 450 listed insurers using International ...

The IFRS Taxonomy facilitates the digital creation and consumption of financial information. It improves investors’ access to financial information by listing and defining specific codes, or elements, that can be used to tag items of data.

FASB’s objective was to address stakeholder concerns that arose during the 2008-2009 financial crisis regarding the delayed recognition of credit losses. The new model removes the current GAAP threshold that delays the recognition of a credit loss ...

The proposed ASU is part of the FASB’s broader disclosure framework project to improve the effectiveness of disclosures in notes to financial statements by clearly communicating the information that is most important to users of a reporting ...

Leasing is an important source of financing for many entities in the United States and around the globe. Many entities enter into leasing arrangements to gain access to assets, obtain financing, or reduce exposure to the risks of ownership of an asset.