#FASB standard setting slowed in the second quarter of 2024 but is expected to pick up in the third. This article offers an overview of 2Q activity, along with updates on outstanding exposure drafts and ongoing projects. Learn more here: https://bit.ly/3W7reYI
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Get recent #FASB updates including final standards issued, outstanding exposure drafts, and ongoing projects. Read more from FORVIS here.
Quarterly Perspectives: FASB 2Q 2023
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For all those companies uncertain about CECL’s impact, take a look at our post below!
Entities that have not yet adopted should be preparing to implement the current expected credit loss (CECL) model for measuring credit losses, which is effective for fiscal years beginning after Dec. 15, 2022 (e.g., calendar year 2023). Read our overview of CECL and observations to consider during implementation.
Current Expected Credit Loss Model: Implementation Roadmap
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This free on-demand program provides a roadmap for ensuring event investigations are effective, help gather adequate information, and result in lessons learned. Earn #CME or #CNE credit! https://ow.ly/oqqZ50QFzvH #RootCauseAnalysis #RCA #RiskManagement
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Assurance Service Line Leader at Barnes Dennig & Technical Director at AICPA Center for Plain English Accounting
In view of discussion about post-implementation review of #asc606 #revrec, a "bump" for 2018 TIC/CPEA letter to FASB on private company recommendations on FASB ASC 606
https://buff.ly/3uUld6K
fasb.org
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Determination Of Expected Credit Loss For Contract Assets Under CECL Model : Simplified With Example
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Adopting the current expected credit loss model, or CECL, has been a critical effort at financial institutions over the last few years. Keep reading to learn best practices regarding CECL ongoing management: https://lnkd.in/g_C4bNa5
CECL best practices: Ongoing management of the allowance model - Abrigo
https://www.abrigo.com
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Get recent #FASB updates including final standards issued, outstanding exposure drafts, and ongoing projects. Read more from FORVIS here.
Quarterly Perspectives: FASB 2Q 2023
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Partner at Forvis Mazars US, IPO, SPAC & de-SPAC, reverse merger, M&A, technical accounting, CFO business advisory
Get recent #FASB updates including final standards issued, outstanding exposure drafts, and ongoing projects. Read more from FORVIS here.
Quarterly Perspectives: FASB 2Q 2023
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In June 2016, Financial Accounting Standards Board (FASB) issued ASC 326, a new accounting standard that introduces the Current Expected Credit Losses methodology for estimating credit losses. 📊 This standard will impact financial institutions significantly & require all private companies to evaluate its effects. The implementation experience will vary based on factors such as entity size, credit information, asset nature, and available resources. 💡 #CECL #FASB #ASC326
New Credit Loss Standard for Private Companies
https://cld.bz/
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#FASBupdate is Out. Fair Value Accounting for #DigitalAssets is here. Early adoption is permitted, but all entities with fiscal years beginning after Dec 15th, 2024 will need to adopt Fair Value accounting for #cryptoassets
🚨 🚨 🚨 #FASB moves to Fair Value for Certain #CryptoAssets 🚨 🚨 🚨 See the attached document. Summary of FASB updates to come. As for reporting at Fair Value adoption: "All entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued (or made available for issuance). If amendments are adopted in an interim period, they must be adopted as of the beginning of the fiscal year that includes that interim period" - FASB
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