generally accepted accounting principles (GAAP) News

AICPA Issues Guide On New US Revenue Recognition Rules

by Glen Shapiro, Tax-News.com, New York

Friday, January 6, 2017

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

HMRC Consults On Tax Changes For New Lease Accounting

by Robert Lee, Tax-News.com, London

Friday, August 12, 2016

HM Revenue and Customs has pointed out that the new accounting standard – International Financial Reporting Standards 16 Leases – issued by the International Accounting Standards Board in January this year, will necessitate changes to the existing tax rules for the leasing of plant or machinery in the United Kingdom. Read Full Story

US Companies Slow To Implement New Leasing Standard

by Mike Godfrey, Tax-News.com, Washington

Monday, May 16, 2016

A survey by LeaseAccelerator has found a low level of market readiness for the implementation of the new US Generally Accepted Accounting Principles lease accounting standard announced earlier this year by the Financial Accounting Standards Board. Read Full Story

FASB Joins IASB In Lease Accounting Reform

by Mike Godfrey, Tax-News.com, Washington

Tuesday, March 1, 2016

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

IASB To Bring All Leases Onto Corporate Balance Sheets

by Robert Lee, Tax-News.com, London

Friday, January 15, 2016

On January 13, the International Accounting Standards Board issued a new Accounting Standard – IFRS 16 Leases - which will compel companies to report on their balance sheets current lease commitments, which are thought to total USD3.3 trillion. Read Full Story

US Accountants Consider New Revenue Standards

by Mike Godfrey, Tax-News.com, Washington

Friday, November 6, 2015

The Financial Reporting Executive Committee of the American Institute of Certified Public Accountants has released working drafts on issues relating to the new accounting standard on the recognition of revenue from contracts with customers. Read Full Story

FASB Sets Out Accounting Convergence Plans

by Mike Godfrey, Tax-News.com, Washington

Wednesday, August 12, 2015

Russell Golden, the Chairman of the Financial Accounting Standards Board, which is responsible for US Generally Accepted Accounting Principles, has confirmed that it will work towards global accounting standards that are as comparable as possible. Read Full Story

IASB Proposes Clarifications To Revenue Recognition

by Mike Godfrey, Tax-News.com, Washington

Tuesday, August 4, 2015

The International Accounting Standards Board, responsible for International Financial Reporting Standards, has published an exposure draft with proposed clarifications and transition reliefs for its new standard on the recognition of revenue from contracts with customers. Read Full Story

UK FRC Announces Change To FRS 102

by Jason Gorringe, Tax-News.com, London

Friday, February 27, 2015

The Financial Reporting Council in the UK on February 27, 2015, issued amendments to Financial Reporting Standard 102 – Pension obligations to clarify aspects of the accounting for defined benefit pension plans by UK and Irish entities. Read Full Story

UK Accounting Rules Eased For Small Firms

by Robin Pilgrim, LawAndTax-News.com, London

Monday, February 23, 2015

Following the Government's decision to implement the European Union Accounting Directive and maximize the number of companies classified as small businesses, the United Kingdom Financial Reporting Council has issued its proposals to amend accounting rules. Read Full Story

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