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Six Accounting Updates You Don’t Want to Forget for Year-End
Posted by Joyce Masse Troy on Wed, Dec 6, 2017 @ 04:51 PM

Now is the time to get your financial reporting in order for year-end. Several major accounting standards took effect in 2017, and you will want to make sure you're prepared for them. Some of the changes may require updates to processes and controls as well as internal and external year-end reporting.

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Topics: Joyce Masse Troy, financial reporting, accounting standards update, accounting standards, Accounting Updates, Joyce Troy

Narrow Scope Improvements Proposed to Revenue Recognition Guidance
Posted by Chrissy Hammond on Tue, Nov 17, 2015 @ 01:00 PM

Six proposed, small-scale changes have been added to the list of updates to ASU 2014-09, Revenue from Contract with Customers (Topic 606). The exposure draft of the changes, released by the Financial Accounting Standards Board (FASB), does not materially change the five-step process for revenue recognition put in place by ASU 2014-09. The changes are designed to address six areas of implementation concern raised by the Transition Resource Group (TRG).

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Topics: FASB, Revenue recognition, accounting standards update

Simplifying the Accounting for Hosting Arrangements
Posted by Chrissy Hammond on Fri, Nov 13, 2015 @ 08:45 AM

Most entities utilize software to manage their operations, or provide services to customers. Some entities purchase software licenses that are accounted for as a capitalized asset, while others access software through a hosting arrangement which is accounted for as an expense. The Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) to simplify how an entity distinguishes between the purchase of software that should be capitalized and obtaining software as a service through a hosting arrangement.

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Topics: internal computer software, accounting standards update

Presentation of Debt Issuance Cost Simplified
Posted by Chrissy Hammond on Wed, Nov 11, 2015 @ 08:55 AM

Entities have new guidance about how to account for debt issuance cost in their financial statements. The Financial Accounting Standards Board (FASB) released an accounting standards update (ASU) that requires debt issuance be presented as a direct deduction from the carrying amount of the debt instead of as a noncurrent asset.

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Topics: debt issuance cost, accounting standards update

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