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1. FASB publishes new rules for pushdown accounting   WebExclusive

BY Ken Tysiac
New accounting rules published Tuesday by FASB establish whether and at what threshold an acquired business or not-for-profit organization can apply pushdown accounting.Pushdown accounting occurs in an acquisition when an acquired organization uses the acquirer’s basis of accounting to prepare its financial statements.A lack of guidance in GAAP on this topic had resulted in lack of comparability in financial statements among public, private, and not-for-profit organizations, according to FASB.Accounting Standards Update No.

2. Reducing unnecessary complexity remains a key focus of FASB   WebExclusive

BY Ken Tysiac
Taking unnecessary cost and complexity out of the U.S. financial reporting system has been a primary objective for Russell Golden since he became FASB’s chairman in July 2013.FASB plans to continue its efforts to reduce complexity—while maintaining usefulness of reporting to financial statement users—in the coming years, Golden said Tuesday during a speech at the AICPA fall Council meeting in Boston.Recent FASB efforts at simplifying financial reporting have included:Expanding the scope of Private Company Council (PCC) issues to include discussion by FASB of public company applicability in areas such as accounting for development stage entities—which resulted in

3. FASB defines management’s going-concern responsibilities   WebExclusive

BY Ken Tysiac
FASB issued a new financial reporting standard Wednesday defining management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures.The standard provides new guidance, as current GAAP does not describe management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern or provide disclosures in the footnotes.Accounting Standards Update No.

4. FASB proposes simpler accounting for fees paid to cloud service providers   WebExclusive

BY Ken Tysiac
FASB on Tuesday issued a proposal designed to simplify the accounting for fees that public and private companies pay as customers in cloud-computing arrangements with third-party service providers.Rules exist under current GAAP addressing the accounting for cloud service providers. But there is no explicit accounting guidance under GAAP about how a customer should account for fees paid to the cloud service provider.This lack of guidance can lead to unnecessary cost and complexity during the evaluation of how to account for those fees, as well as diversity in practice.The proposed Accounting Standards Update, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic

5. FASB share-based payments standard challenges private companies   WebExclusive

BY Ken Tysiac
Although a review found that FASB’s share-based payments standard achieves its purpose, private company stakeholders told a post-implementation review team that the standard is sometimes difficult for them to understand and costly to apply.After analyzing the results of the Financial Accounting Foundation review of Statement 123(R), Share-Based Payment, released Tuesday, FASB does not plan to perform its own comprehensive review of the standard.But the private company concerns are consistent with feedback FASB received through outreach for its Simplification Initiative and for pre-agenda research performed for the Private Company Council.

6. Revenue recognition: No time to wait   CPEDirect

BY Ken Tysiac
It took more than 11 years for FASB and the International Accounting Standards Board (IASB) to develop a converged standard for revenue recognition, which first appeared on the boards’ technical agendas in 2002. At first glance, it seems as though the implementation date provides companies with plenty of time to get their systems ready for the changes associated with the standard, which was approved by both boards in December and was released May 28.

7. Revenue recognition: A new direction   WebExclusive

FASB and the International Accounting Standards Board (IASB) have developed a new, converged standard on revenue recognition that will have at least some effect on virtually all businesses that use U.S. GAAP or IFRS for their financial reporting. Learn more here from the Journal of Accountancy about best practices for implementation as well as the development of this important standard.

8. Seven revenue recognition considerations   CPEDirect

BY Ken Tysiac
The prospect of preparing for a historic, game-changing revenue recognition standard at a huge, global public company is a bit daunting for GE Technical Controller Russell Hodge, CPA.“I’ll admit to it being a little bit overwhelming to us,” Hodge said. “We have $150 billion of revenue and so many diverse, different business models.

9. FASB changes leadership, not direction  

BY Ken Tysiac
Russell Golden, whose technical expertise as a FASB staff member led him to a spot on the standard-setting board in 2010, was scheduled to succeed Leslie Seidman as FASB’s chairman on July 1. Golden said the board’s immediate priorities include completing international convergence projects and ensuring that accounting standards for private companies are relevant.

10. Managing change, people and transparency  

BY Ken Tysiac
Robert Herz, CPA, was FASB chairman from 2002 through 2010. Before joining FASB, he worked 28 years in public accounting with PwC and Coopers & Lybrand. His memoir, Accounting Changes: Chronicles of Convergence, Crisis, and Complexity in Financial Reporting, was published this spring. He also is co-author of The Value Reporting Revolution: Moving Beyond the Earnings Game.
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