FASB Archives - BeachFleischman CPAs

How to report software costs

December 13, 2022 Jennifer Randle Assurance FASB, financial reporting, software cost

Accounting for software costs is one of the gray areas in financial reporting. Fortunately, the FASB’s working on a project to simplify matters.

New accounting rules for supplier finance programs

October 31, 2022 Mikaela Knutson Assurance FASB, GAAP

Newly issued rules on how to report supplier finance programs will provide critical information on the financial health of companies. Here’s what you should know if your company participates in these kinds of arrangements.

FASB proposes last-minute changes to lease accounting rules

October 3, 2022 Mikaela Knutson Assurance FASB, lease accounting, leases

New lease accounting rules go into effect this year for private companies and nonprofits. Related-party leases continue to be a sticking point, but help may be coming soon.

New law puts “book income” in the crosshairs

August 29, 2022 Jennifer Randle Assurance book minimum tax, FAF, FASB

Could the Inflation Reduction Act have unintended financial reporting consequences? Many accounting professionals are concerned that the new law could compromise the perceived objectivity of U.S. accounting rulemakers.

Last call for lease accounting

July 13, 2022 Nicole Maneval Assurance FASB, GAAP, lease accounting, leases

Private companies: Have you implemented the new lease accounting rules? If not, you can’t afford to procrastinate any longer. Here’s what you’ll need to do before year end and how it may impact your financials.

Goodwill in a bad economy

April 18, 2022 Lydia Hunter Assurance FASB, GAAP, Goodwill

Internally generated goodwill isn’t on the balance sheet. But acquired goodwill is another story. Do you know the rules for reporting acquired goodwill and subsequently testing it for impairment? This is a hot button for many organizations today.

FAQs about fair value in accounting

April 11, 2022 Travis Jones Assurance fair value, FASB, GAAP

Got questions about fair value under U.S. GAAP? Here are some answers to help take the guesswork out of reporting these estimates.

Lease Standard Makes Impact on Balance Sheet

October 25, 2021 May 27, 2022 Ana Carolina Fernandez and Travis Jones Assurance FASB, leases

We are fast approaching 2022, so it is time to consider the new leasing standard for calendar-year entities, which becomes effective January 1, 2022.

Private companies: Are you on track to meet the 2022 deadline for the updated lease standard?

August 20, 2021 September 23, 2021 Accounting & Assurance Department Assurance, Nonprofit FASB, GAAP, leases, long-term leases

Coming soon: Private companies and nonprofits that rent equipment, vehicles and real estate will need to update their accounting systems for major changes to the rules for long-term leases under U.S. GAAP.