The Financial Accounting Standards Board (FASB) release the proposed 2017 GAAP Financial Reporting Taxonomy for public review and comment. The deadline to submit written comments is October 31, 2016. The proposed 2017 Taxanomy contains updates for accounting standards and other recommended improvements. The Taxonomy is used by public issuers registered with the U.S. Securities and… Read More

Generally Accepted Accounting Principles are a common set of accounting rules and standards that dictates how all of our financial statements are prepared. Public companies, nonprofit organizations, and government entities are all required to prepare financial statements in accordance with GAAP. These guidelines were developed over time by the Financial Accounting Standards Board (FASB), and… Read More

The Financial Accounting Standards Board issued its long-awaited lease accounting standard today, one of the major convergence projects on which it has collaborated for a decade with the International Accounting Standards Board. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12… Read More