The quarterly Financial Reporting and Regulatory Update, prepared by the Financial Executives Research Foundation (FERF) in collaboration with Crowe Horwath LLP, includes developments on key financial reporting topics such as revenue recognition, non-GAAP measures and other issues.
During the fourth quarter, the Financial Accounting Standards Board (FASB) issued five standards addressing technical corrections and improvements to the new revenue standard and the FASB Accounting Standards Codification, guidance on presentation of restricted cash in the statement of cash flows, revisions to the evaluation of a primary beneficiary when certain related parties are involved under the variable interest entity (VIE) model, and income tax accounting for intra-entity asset transfers other than inventory.
The FASB also issued proposals on instruments with down-round features, share-based payment awards, and service concession arrangements that involve public sector entities
In a Q&A discussion, FERF spoke with David Wentzel, a senior manager in the Crowe assurance professional practice, about the new leasing standard and how companies are preparing their implementation efforts.