FASB

The Financial Accounting Standards Board proposed a GAAP Financial Reporting Taxonomy and, for IFRS filers, a Shared Reporting Taxonomy on Tuesday, asking for public comments on the files.

The revenue recognition standard that takes effect next year could help health care providers and regulators identify instances of Medicare and Medicaid fraud by subjecting their financial statements to new scrutiny, although in some ways the new rules could also spur some forms of fraud.

The Financial Accounting Standards Board released its long-awaited hedge accounting standard this week, but companies may want to be careful about adopting it early, or else they could miss out on some one-time benefits.

The Internal Revenue Service has signed a contract with a company called Chainalysis that offers software for analyzing and tracking bitcoin transactions.

The Securities and Exchange Commission has released a staff accounting bulletin to conform its existing staff guidance to the new revenue recognition standard that takes effect for public companies at the end of the year.

FASB recently proposed new guidance on nonprofit accounting for contributions and grants; in this podcast, AICPA associate director and nonprofit expert Chris Cole walks us through what it means.

Thomson Reuters has issued PPC’s Guide to Revenue Recognition, a new publication providing guidance to accountants and their clients on the Financial Accounting Standards Board’s new revenue recognition standard.

Companies like Facebook and Google parent Alphabet are seeing a significant drop in their GAAP tax rate.

The proposed ASU would apply to more than just nonprofit organizations.

Nearly half of corporate executives are concerned about their ability to implement the lease accounting standards, according to a survey by Deloitte.

Nothing stands in the standard-setters way except itself.

A group of 16 House Democrats has sent a letter to the Financial Accounting Standards Board asking it to require multinational companies to disclose more country-by-country reporting information in their public financial statements about where they pay taxes and book profits.

Extensible Business Reporting Language is starting to become more widely used, thanks to the SEC’s rules requiring the use of XBRL in financial filings in recent years and a new rule requiring XBRL for foreign issuers.

The Financial Accounting Standards Board has released an accounting standard update aimed at simplifying the accounting for financial instruments that have so-called “down round” features.

The Private Company Council discussed the implementation costs of cloud computing during a meeting Tuesday and is asking its associated organization, the Financial Accounting Standards Board, to provide guidance on how to account for those costs.

Organizations are finally starting to prepare for the new lease accounting standard that will be taking effect in 2019, but as they do they’re running into some unexpected complexities.

The American Institute of CPAs’ Financial Reporting Executive Committee has released several more working drafts of industry-specific guidance related to various implementation issues involving the revenue recognition standard and is asking for feedback on them.

The Financial Accounting Standards Board has proposed an accounting standards update to reduce the cost and complexity of financial reporting related to the consolidation of variable interest entities, based on recommendations from FASB’s sister organization, the Private Company Council.

Asian-Americans and the EITC; trusting the IRS; and other highlights from our favorite tax bloggers.

Many businesses are slow-walking to implementing the revenue recognition standard, even as the effective date approaches next year.