As a result of implementation challenges faced by companies adopting certain major new accounting standards, the FASB issued two Accounting Standards Updates (ASUs) to defer the effective dates of four ASU’s: 2019-09, Financial Services—Insurance: Effective Date 2019-10, Financial Instruments —

LIBOR, the long-standing interest rate benchmark used in many commercial contracts is expected to be discontinued after year-end 2021. LIBOR is based on the cost of short-term unsecured loans between leading international banks. Its discontinuance is due to the unreliability

More than two years after it began its project, the AICPA Auditing Standards Board (ASB) issued Proposed Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. In January 2015,

Although it intended to simplify and clarify investment disclosures and create more consistent application across entities, the FASB caused some unintended confusion when it issued the following Accounting Standards Updates (ASU): ASU 2015-07 Disclosures for Investments in Certain Entities That

After several months of review, the FASB unanimously voted to delay the implementation deadline for the following Accounting Standards Updates (ASUs), which allows additional time for necessary education before undertaking the significant changes that will be required.      

Financial preparers caught a break on Wednesday, July 17, when FASB voted to have staff recommend new effective dates of four accounting standards: leases, credit losses, hedging, and long-duration insurance contracts. This is welcomed news after many recent challenging updates,