Tag: FASB
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FASB issues new guidance on internal-use software development costs
Learn about FASB’s ASU 2025-06 update on internal-use software accounting. Discover key changes, effective dates, and transition options to stay compliant.
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FASB issues new segment expense disclosure rules
Starting in 2024, public companies must comply with new accounting rules requiring them to disclose more details about their business unit costs. This is the most significant change to segment expense reporting in 25 years.
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FASB approves updated rules for disclosing income taxes
Updated rules have been approved that will require more detailed disclosures on income taxes to help stakeholders better understand your company’s tax position. Here’s what you should know.
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Why some small businesses are switching to tax-basis reporting
Are you fed up with all the recent accounting rule changes? For many private companies, the new lease standard that went into effect in 2022 was the last straw. Here’s an alternative reporting framework to consider.
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FASB votes to exempt private companies from disaggregation of income statement project
As costs rise, investors and lenders are eyeing profits closely. Here’s the latest development on the FASB’s project to up the ante on expense disclosures.
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How to report software costs
Accounting for software costs is one of the gray areas in financial reporting. Fortunately, the FASB’s working on a project to simplify matters.
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New accounting rules for supplier finance programs
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.
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FASB proposes last-minute changes to lease accounting rules
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.
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New law puts “book income” in the crosshairs
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.
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Last call for lease accounting
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.
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Goodwill in a bad economy
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.
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FAQs about fair value in accounting
Got questions about fair value under U.S. GAAP? Here are some answers to help take the guesswork out of reporting these estimates.