Wolters Kluwer Tax & Accounting Experts Help 2019 AICPA Engage Conference Participants Prepare Their Firms for Imminent Change Speakers to address the impact of exponential technology change on the accounting profession (NEW YORK, NY, June 11, 2019) — Jim McGinnis, Executive Vice President and General Manager of Medium and Large Firm Segment at Wolters Kluwer […]
A Closer Look: SEC Proposal to Re-invent Quarterly Reporting
The SEC issued a Concept Release in December 2018 focused on interim reporting by US companies (the “Concept Release”.) Concept releases are issued to obtain input regarding the need for future rulemaking. Some concept releases lead to new or amended rules. Others do not. The SEC has raised questions about interim reporting at least twice in […]
Credit Losses on Financial Instruments: Changes Issued and Changes Proposed
The FASB is making a number of targeted changes to its new standard related to accounting for credit losses on financial instruments known as the Current Expected Credit Loss (CECL) model. CCH Accounting Research Manager has published a new edition of A Closer Look that discusses the recently issued changes, two exposure drafts proposing additional […]
Private Companies Should Begin to Focus on Lease Accounting Changes
Private companies can ease the pain of implementing the new lease accounting standards by leveraging the lessons learned by public entities as they implemented the changes. The new FASB lease accounting standards are effective for private companies, including not-for-profit entities, for fiscal years beginning after December 15, 2019 (i.e., January 1, 2020, for a calendar year […]
AICPA SEC and PCAOB Conference Highlights
Representatives from CCH Accounting Research Manager are attending the annual “AICPA Conference on Current SEC and PCAOB Developments.” This conference is being held Monday-Wednesday, December 10-12, 2018, in Washington, D.C. The following are some highlights from conference speeches or presentations. PCAOB Standard Setting Barbara Vanich, Acting Director of the Office of the Chief Auditor, provided an update […]
FASB Improves the Accounting for Collaborative Arrangements
Accounting for Collaborative Arrangements The FASB has issued Accounting Standards Update (ASU) No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606, that clarifies the interaction between the guidance for certain collaborative arrangements and the Revenue Recognition financial accounting and reporting standard. A collaborative arrangement is a contractual arrangement under […]
FASB Issues Hedge Accounting Guidance
FASB Issues Guidance on Interest Rates for Hedge Accounting The FASB has issued Accounting Standards Update (ASU) No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting. ASU 2018-16 expands the list of U.S. benchmark interest rates permitted […]
FASB Issues Standard on Cloud Computing Arrangements.
Cloud Computing Arrangements The FASB has issued Accounting Standards Update (ASU) 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The new ASU is designed to reduce complexity for accounting for costs of implementing a cloud computing service arrangement. This standard aligns […]
Racing to Meet the April 17th Tax Filing Deadline?
Wolters Kluwer Outlines Top Tips for Last-Minute Filers (NEW YORK, NY, April 5, 2018) – Every year, millions of taxpayers scramble to beat the clock at tax time. With the April 17th income tax filing deadline approaching, Wolters Kluwer Tax & Accounting provides some last-minute tips for taxpayers still looking to file. “Taxpayers have a […]
Re-inventing An Old Industry.
I can confidently say that in my history of working in different jobs, under different bosses, and within different organizations; every one of those organizations talked a good game about the desire to change for the better. Now, I am talking about “talk” here, and not “walk”. Walking the talk is an entirely different dynamic. […]