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FASB Issues Alternative Accounting Standard on Intangible Assests
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 […]
GASB Issues Standards for Lease Accounting by Governmental Entities
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 ...
GASB Issues Preliminary Views on Reporting Government Fiduciary Responsibilities
The Governmental Accounting Standards Board (GASB) has issued for public comment a Preliminary Views, Financial Reporting for Fiduciary Responsibilities.
AICPA Modernizes Non-Audit Standards for Accountants in Public Practice
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.
UN Coalition Considers Financial Reporting Rules on Disaster Resilience
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
FASB Releases Proposed 2015 GAAP Financial Reporting Taxonomy
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.
New GASB Pension Rules are Challenging Many Cities
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.
Review Assesses Implementation of GASB Capital Asset Impairment Standard
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.