The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842, that clarifies the application of the new leases guidance to land easements. Lease amendments (ASU 2016-02 and 2018-01) are effective for public entities with annual periods beginning after December 15, […]
The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The provisions of the new ASU are effective for fiscal years beginning after December 15, 2018. The content becomes testable on the CPA Exam January 1, 2019. ASU No. 2017-12 […]
The FASB issued Accounting Standards Update No. 2017-11, which simplifies accounting for certain financial instruments and will be testable on the CPA Exam in April 2019. Taking FAR in Q2 2019 or later? You’ll want to know this material!
The FASB recently issued ASU No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. This content will become testable on the CPA exam in January 2018.
Consolidation for Not-for-Profit Entities Will be Testable on the CPA Exam Beginning in October 2017
The amendments in this update from the FASB are effective for NFPs for fiscal years beginning after December 15, 2016. The standard will become testable on the CPA exam October 2017.
On January 5, the Financial Accounting Standards Board (FASB) issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The definition of a business impacts many areas of accounting, such as acquisitions, disposals, consolidations, and goodwill. This ASU affects all reporting organizations that must determine whether they have acquired or sold […]
The FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. This will be eligible for testing on the CPA exam in July 2018.
The FASB issued Accounting Standard Update 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. The update was designed to improve existing standards, and is eligible to be tested on the CPA Exam in January 2018.
On April 14, 2016, the Financial Accounting Standards Board (FASB) released Accounting Standards Update No. 2016-10, Revenue from Contracts with Customers Topic 606.
On March 17, 2016, the FASB (Financial Accounting Standards Board) issued Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606).