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FASB Issues New Rules For Credit Loss Reporting

The Financial Accounting Standards Board (FASB) has released a long-awaited accounting standard that responds to some of the concerns prompted by the global financial crisis about financial institutions’ credit loss reporting. In addition to its effect on current-period earnings, the … Continue reading

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New Accounting Standard Brings Big Changes to Lease Reporting on Financial Statements

The Financial Accounting Standards Board (FASB) has issued its long-awaited update revising the proper treatment of leases under U.S. Generally Accepted Accounting Principles (GAAP). Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), will affect companies that lease real estate, … Continue reading

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New Standard Tackles Disclosures About Business Continuity

Tabitha Marrlett, CPA, Supervisor The Financial Accounting Standards Board (FASB) has updated U.S. Generally Accepted Accounting Principles (GAAP) to eliminate a critical gap in existing standards. The new guidance, found in Accounting Standards Update (ASU) 2014-15, Presentation of Financial Statements … Continue reading

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