Category Archives: Accounting Alerts

Effective Date Delayed for Leases, Credit Losses, Hedging & Insurance

The FASB issued two Accounting Standards Updates (ASUs) earlier this month that finalize various effective date delays for standards on leases, current expected credit losses (CECL), hedging, and long-duration insurance contracts: ASU 2019-09, Financial Services—Insurance (Topic 944): Effective Date, ASU … Continue reading

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FASB Delays Landmark Revenue Recognition Standard

On July 9, 2015, the Financial Accounting Standards Board (FASB) officially deferred implementation of the landmark global revenue recognition accounting standard by one year. The International Accounting Standards Board (IASB) is expected to follow suit, despite fewer complaints about the new guidance from companies that follow International Financial Reporting Standards (IFRS).

Many years in the making

Revenue is considered one of the most important measures of a company’s financial health, and proper implementation of the standards is high on the FASB’s list of priorities. In May 2014, the FASB published Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The standard was largely converged with IFRS 15, Revenue from Contracts with Customers, and is considered one of the most important standards the FASB has released in recent years. Continue reading

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