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The Internal Revenue Service has published a proposed revenue procedure in Notice 2017-17 for taxpayers seeking to change a method of accounting for recognizing income after the adoption of the new financial accounting standards for recognizing revenue (IFRS 15). Read Full Story
The American Institute of Certified Public Accountants has issued the first online edition of its Audit & Accounting Guide on Revenue Recognition in response to the new standards from the Financial Accounting Standards Board. Read Full Story
The Financial Accounting Standards Board, which is responsible for US Generally Accepted Accounting Principles, has issued an Accounting Standards Update to require all lessees to report their current lease commitments on their balance sheets. Read Full Story
As part of its simplification initiative in United States financial accounting and reporting, the Financial Accounting Standards Board has issued a proposed Accounting Standards Update intended to improve the accounting for a customer's fees paid in a cloud computing arrangement. Read Full Story
Full adoption by the United States of International Financial Reporting Standards appears unlikely to occur in the intermediate term as the major accounting standard setters continue to move away from full convergence of their standards, according to a Fitch Ratings report. Read Full Story
The Financial Accounting Foundation has announced the publication of the updated print edition of the Financial Accounting Standard Board's Accounting Standards Codification, the single reference source for US Generally-Accepted Accounting Principles. Read Full Story
Andrew Haldane, the Executive Director for Financial Stability at the Bank of England, has called for a rethink of reporting requirements for the banking industry, due to inconsistencies in how banking assets are quantified when the market value is unknown. Read Full Story
Fitch credit ratings agency has said a new accounting rule change, requiring banks to book losses on loans sooner, will have a gradual positive affect on US bank income statements with the effect of insulating investors from risk. Read Full Story
The United States accounting standards setter, the Financial Accounting Standards Board has announced an update that will defer the specific requirements on the separate presentation of items which have been reclassified from accumulated other comprehensive income to net income. A previous update proposed to make mandatory the separate reporting of the respective components of net income and comprehensive income in relation to these items. Read Full Story
The Equipment Leasing and Finance Foundation has warned against proposed amendments to financial reporting requirements for leasing transactions, which it says could cost the US economy USD10bn in lost GDP and 60,000 less jobs by 2016. Read Full Story
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