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FASB Issues Standards for Recognition and Measurement of Financial Assets and Liabilities

AAFCPAs wants to alert you to this change from the Financial Accounting Standards Board (FASB).  In their effort to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments, on January 5, 2016 the FASB issued a new Accounting Standards Update (ASU) No. 2016-01, Financial Instruments, Overall (Subtopic 825-10): Recognition And Measurement Of Financial Assets And Financial Liabilities. The standard affects... continue reading

FASB Simplifies the Presentation of Deferred Tax Liabilities and Assets

AAFCPAs would like to make you aware that on Nov. 20, 2015 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.  This ASU applies to all organizations that present a classified balance sheet, and requires that all deferred tax liabilities and assets be classified as non-current. This is a significant change for entities which have deferred income... continue reading

Reminder: FASB Defers Revenue Recognition Standard

In response to feedback from stakeholders, preparers, practitioners, and users of financial statements, in August 2015, the FASB approved a one-year deferral of the effective date of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The effective date of Update 2014-09 has been deferred for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update... continue reading

Navigating Charity Evaluators

How nonprofits can positively impact their rating Communication and transparency are paramount for companies looking to win over advocates in the information age, and the nonprofit sector is no exception. Just as Yelp transformed business reviews and TripAdvisor changed the way the world chooses vacation destinations, evaluation tools are impacting donor perception of charities. The space is led by Charity Navigator, but competing tools such as Charity Watch and GiveWell... continue reading

Proposed Nonprofit Financial Statement Format Changes

On April 22, 2015, the FASB issued a proposed Accounting Standards Update (ASU) entitled Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities.  The proposed ASU is intended to improve the financial reporting of not-for-profit entities (NFPs) and to provide more useful information to the donors, creditors, grantors and others that use these financial statements. The proposed ASU is applicable to all... continue reading

FEI-Boston Annual Accounting & Auditing Update Professional Development Session

AAFCPAs Partner, Jeffrey Mead, CPA, will lead Finance Executives International (FEI)-Boston’s Annual Accounting & Auditing Update.  FEI’s Boston Chapter is one of the largest chapters of the premier professional association for senior and mid-level corporate financial managers. This annual professional development session is typically well attended by the elite finance professionals of Boston. Jeff will provide a detailed review for privately-held companies of all relevant pronouncements, exposure drafts, and other... continue reading

FASB Votes to Propose a Deferral to the Effective Date for Revenue Recognition Standard by One Year

AAFCPAs would like to inform you of an update from today’s FASB Board Meeting (April 1, 2015), in which they voted to propose a one-year deferral of the effective date of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“the new revenue standard”). Following a member comment period (30-days), we anticipate that FASB would issue an Accounting Standards Update (ASU), which would modify the new revenue... continue reading

Accounting Alternatives for Private Companies

On March 20, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements (a consensus of the Private Company Council). This update allows private company lessee (the reporting entity) to elect an alternative not to apply Variable Interest Entity (VIE) guidance to a lessor entity if the following conditions are met. The private company lessee and... continue reading

New financial reporting framework draws mixed reaction 

Last year, the American Institute of Certified Public Accountants (AICPA) released a new type of special purpose financial reporting framework: “Financial Reporting Framework for Small- and Medium-Sized Entities” (FRF for SMEs). The organization’s intent was to ease reporting for smaller, privately held, owner-managed companies that aren’t required to follow Generally Accepted Accounting Principles (GAAP). The news got plenty of coverage and was widely discussed in accounting and business circles. But... continue reading

Accounting Alternatives for Private Companies

On January 16, the Financial Accounting Standards Board (FASB) issued Accounting Standards Updates No. 2014-02 and 2014-3. These updates proactively define a private company and set standards for accounting for goodwill and a simplified hedge accounting approach. Definition of a Private Company The FASB decided that it should proactively determine which entities would be within the scope of the Private Company Accounting Alternatives. Their aim was to minimize the inconsistency and... continue reading