News & Analysis as of

Accounting Standards

Survey Released on Active Investors and Reliance on Non-GAAP Reporting

On October 16, 2017, Clermont Partners released a survey on the reliance of active investors on non-GAAP versus GAAP reporting, intangible assets and non-financial metrics. Unlike passive investors who invest in index funds,...more

PCAOB Issues Alert on New Revenue Recognition Standard

The PCAOB has issued an alert to discuss certain significant matters relating to the application of PCAOB standards relevant to auditing the implementation of the new accounting standard for revenue from contracts with...more

Are You Ready for "New GAAP" Revenue Recognition? SEC Disclosure Considerations

by Jones Day on

"NEW GAAP" REVENUE RECOGNITION - In 2014, the U.S. Financial Accounting Standards Board ("FASB") issued new revenue standards under Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers...more

Whatever Happened to the FCPA’s Foreign Conduct Requirement - How the FCPA is Being Used to Police Domestic Conduct and Internal...

As its name implies, the U.S. Foreign Corrupt Practices Act (“FCPA”) was designed to prevent U.S. companies from engaging in foreign bribery. The Department of Justice (“DOJ”) and the Securities Exchange Commission (“SEC”),...more

PCAOB Staff Inspection Brief Highlights Areas of Focus During 2017 Inspections

by WilmerHale on

The staff of the Public Company Accounting Oversight Board recently published a Staff Inspection Brief regarding its 2017 inspections of registered audit firms. As described in the corresponding news release, the goal of the...more

OTA & Travel Distribution Update - Sep. 22nd, 2017

by Garvey Schubert Barer on

This week’s OTA & Travel Distribution Update for the week ending September 22, 2017 is below. This week’s Update features a wide variety of stories on distribution, short-term rentals and loyalty programs....more

Numbers, Numbers, Numbers and FCPA Enforcement

by Thomas Fox on

If I told you that the last seven batting titles were won by baseball players who were originally from Venezuela, would you immediately run down to ICE and claim that our national pastime had been overrun by Venezuelan...more

Nutter Bank Report, September 2017

Federal Banking Agencies Propose Simplifications to Regulatory Capital Rules - The federal banking agencies have proposed amendments to their regulatory capital rules intended to simplify the capital treatment for mortgage...more

SEC Comments Begin for Early Adopters of Revenue Recognition

Some people don’t believe in blazing trails and adopting public reporting standards before you have to. They think you’re sticking your neck out, and will become a Guinea pig for SEC comments or fodder for plaintiff’s lawyers...more

What Effect Will the New Revenue Recognition Standard Have on M&A?

by Stinson Leonard Street on

The Financial Accounting Standards Board's new revenue recognition standard is expected to have wide-ranging effects on M&A transactions. The new revenue recognition standard under GAAP will be applicable to public companies...more

The Financial Report, Vol. 6, No. 17

by DLA Piper on

The juxtaposition of items in the financial news is always fascinating. Earlier this week, an article appearing in the Wall Street Journal stated that state legislatures are moving to bolster investor protections due to...more

Effect of the New Revenue Recognition Standard on M&A

FASB’s new revenue recognition standard is expected to have wide ranging effects on M&A transactions. The new revenue recognition standard under GAAP (Accounting Standards Update 2014-09; Topic 606) will be applicable to...more

Office of the Investor Advocate Addresses FASB’s Proposal to Remove Definition of Materiality

On August 22, 2017, Stephen Deane, CFA, Investor Engagement Advisor, Office of the Investor Advocate, gave a speech addressing two proposed updates issued by FASB in 2015 (one that would apply to GAAP and the other that would...more

SEC Updates Revenue Recognition Guidance for Bill-and-Hold Arrangements

Last Friday, the SEC issued two releases regarding guidance on revenue recognition, along with a related Staff Accounting Bulletin. These releases are notable for all SEC registrants, as they update prior revenue recognition...more

SEC Staff Updates Revenue Recognition Guidance for New Standard

The SEC’s Office of the Chief Accountant and Division of Corporation Finance released Staff Accounting Bulletin (SAB) No. 116 that brings existing SEC staff guidance into conformity with the Financial Accounting Standard...more

New Revenue Recognition Standard – Part VI: What Does Mean?

by Thomas Fox on

Over several blog posts, I have explored in detail the new Financial Accounting Standards Board (FASB) Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), which set forth a new Revenue...more

New Revenue Recognition Standard – Part V: Allocation and Revenue Recognition

by Thomas Fox on

I continue to explore the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), for public business entities, certain not-for-profit...more

New Revenue Recognition Standard – Part IV: Determining the Transaction Price

by Thomas Fox on

This week I am exploring the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), for public business entities, certain not-for-profit...more

New Revenue Recognition Standard – Part III: Performance Obligations

by Thomas Fox on

This week I am exploring the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), for public business entities, certain not-for-profit...more

New Revenue Recognition Standard – Part II: Contracts

by Thomas Fox on

This week I am exploring the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), for public business entities, certain not-for-profit...more

New Revenue Recognition Standard – Part I: Introduction

by Thomas Fox on

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) for public business entities, certain not-for-profit entities, and...more

Marijuana Accounting and Legal Compliance

by Moskowitz LLP on

Since marijuana is still illegal at the federal level and subject to continually evolving regulations at the state level, cannabis producers, distributors, and retailers need to develop compliance programs and procedures as...more

New Revenue Recognition Standards Reinforce Need for Precise Accounting Definitions in Transaction Documents

by Pepper Hamilton LLP on

Revenue recognition standards adopted by the Financial Accounting Standards Board (FASB) will become effective over the next two years. In light of the changes, it is a good time to remind ourselves that accounting terms in...more

Franchisors: New Accounting Rules Will Significantly Impact Revenue Recognition

by Lewitt Hackman on

An updated rule issued by the Financial Accounting Standards Board (FASB) will change when most franchisors may recognize revenue on their balance sheets from the collection of initial franchise fees....more

FASB Clarifies Accounting for Modifications of Equity Awards

The Financial Accounting Standards Board has issued an Accounting Standards Update (ASU 2017-09; Topic 718) to clarify the accounting for modifications to outstanding share-based payment awards such as stock options and...more

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