Big Changes to Lease Accounting Coming Soon

The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) 2016-02 Leases, intended to improve financial reporting about leasing transactions. The ASU will affect all companies and other organizations that lease assets such as real estate, airplanes, and equipment. If you need more help than this article provides,

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FASB Updates Going Concern

The Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update (ASU) for presentation of financial statements – going concern which is ASU 2014-15.  Under generally accepted accounting principles (GAAP) continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless

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New Revenue Recognition Standard

On May 28, 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued their final standard on revenue from contracts with customers.  FASB released this standard as Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers.  The ASU creates FASB Accounting Standards Codification

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Private Company GAAP Variable Interest Entity Alternative Finalized

The variable interest entity (VIE) GAAP alternative created by the Private Company Council (PCC) was released on Thursday, giving private companies a new option for possible cost savings in their financial reporting. FASB released Accounting Standards Update 2014-07 describing the alternative. An alternative that allows a private company to elect

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