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Accounting

  • FASB Proposes Two-Year Extension of Date to Transition Benchmark Interest Rate from LIBOR to SOFR

    By:
    Ruth Singleton
    |
    Apr 21, 2022
    The Financial Accounting Standards Board (FASB) has issued a proposed accounting standards update (ASU) recommending that the date to transition from the London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR) be moved back, from Dec. 31 of this year to Dec. 31, 2024. The proposed ASU would also amend the definition of the SOFR.  
  • GASB Proposes New Implementation Guidance for Lease Standard

    By:
    Chris Gaetano
    |
    Mar 1, 2019
    The Governmental Accounting Standards Board (GASB) has released proposed guidance meant to guide entities through implementing the new lease standard.
  • FASB Chair Says No to Delaying Lease Standard Implementation

    By:
    Chris Gaetano
    |
    Dec 14, 2018
    Russell Golden, the chair of the Financial Accounting Standards Board (FASB), said that  there are no plans to delay the effective date of the new lease standards, despite the struggles companies have faced in preparing for implementation. 
  • FASB Introduces New Hedge Accounting Interest Rate

    By:
    Ruth Singleton
    |
    Oct 26, 2018
    The Financial Accounting Standards Board (FASB) has added an “Overnight Index Swap” rate, based on “a broad Treasury repurchase agreement financing rate referred to as the Secured Overnight Financing Rate (SOFR),” to the list of benchmark interest rates allowed for hedge accounting.
  • NYC Housing Agency Makes Changes to CPA’s Report at Society’s Urging

    By:
    Chris Gaetano
    |
    Nov 27, 2017

    After three years of negotiations, the New York City Department of Housing Preservation and Development (HPD) has agreed to implement changes suggested by the NYSSCPA’s Real Estate Committee that bring a CPA’s report used in a tax exemption and abatement program known as J-51 into compliance with professional standards.

  • FASB Makes Long-Awaited Nonprofit Proposal

    By:
    Chris Gaetano
    |
    Oct 10, 2017

    The question of whether a transaction should count as an exchange or a contribution—and whether a contribution is conditional or unconditional—is one that has long challenged not-for-profit accountants, with no real consensus as to the proper treatment. A new proposed accounting standards update, issued on Aug. 3 by the Financial Accounting Standards Board (FASB), aims to end this ambiguity by providing a consistent methodology. While it’s relevant mainly for nonprofits, if approved, it would apply to every entity that receives or makes contributions of cash and other assets. 

  • Sustainability Conference Takes Practical Bent to Responsible Business

    By:
    Chris Gaetano
    |
    May 12, 2017

    Now in its second year, the Foundation for Accounting Education’s (FAE) upcoming Sustainability Investment Leadership Conference is focused on turning theory into practice when it comes to sustainable business practices. Scheduled for May 17 at the New York Bar Association, the conference will feature a number of talks on how CPAs can apply processes like integrated reporting, supply chain management and other topics in corporate sustainability to their own practices. 

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