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News

The Trusted Professional | NYSSCPA

 
 

Accounting

  • IASB Proposes Illustrative Examples to Guide Climate-Related Reporting

    By:
    NYSSCPA Staff
    |
    Aug 1, 2024
    The International Accounting Standards Board (IASB) has proposed eight examples to illustrate how companies can apply International Financial Reporting Standards (IFRS) when reporting the effects of climate-related and other uncertainties in their financial statements.

  • FASB Proposes Derivatives Scope Refinements and Scope Clarification to Share-Based Payment

    By:
    NYSSCPA Staff
    |
    Jul 25, 2024
    The Financial Accounting Standards Board (FASB) has proposed an accounting standards update (ASU) focusing on two matters. One is "the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract," and the other on "diversity in accounting for a share-based payment from a customer that is consideration for the transfer of goods or services."

  • FASB Approves Rule Requiring Disclosure of Employee Compensation, and More, in Financial Statements

    By:
    S.J. Steinhardt
    |
    Jun 27, 2024
    The Financial Accounting Standards Board (FASB) voted unanimously to mandate quarterly disclosure of more details in the footnotes of public company financial statements, with the intention of giving investors more insight into companies’ operations. Those details would include breaking out employee compensation, depreciation of property and equipment, amortization of intangible assets such as trademarks, and inventory purchases in the footnotes of income statements.

  • FASAB: Seized and Forfeited Digital Assets Don’t Count as Money

    By:
    S.J. Steinhardt
    |
    Jun 24, 2024

    Seized and forfeited digital assets do not, in most cases, count as real money for the purposes of federal government accounting, according to the Federal Accounting Standards Advisory Board (FASAB).

  • At Conference, SEC and FASB Officials Discuss Need to Prioritize Integrity

    By:
    S.J. Steinhardt
    |
    Jun 10, 2024
    Audit firms need to be viewed as prioritizing high-quality audits and staff and partner integrity, top officials at the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB) told a conference last week.

  • FASB Proposes Rule on Recognizing Government Grants

    By:
    S.J. Steinhardt
    |
    Jun 5, 2024

    The Financial Accounting Standards Board (FASB) has proposed a rule on how companies account for government grants in their financial reports, The Wall Street Journal reported.

  • GASB Chair Highlights Upcoming Changes

    By:
    S.J. Steinhardt
    |
    May 22, 2024
    Joel Black, chair of the Governmental Accounting Standards Board (GASB), discussed some of the Board’s upcoming changes in an interview.
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