Technical Accounting Advisory Services Blog

The Financial Accounting Standards Board (FASB) issued ASC Topic 842, a new lease accounting standard that fundamentally changes the accounting guidance governing substantially all leases, including equipment and real estate leases.

FASB recently issued ASU 2017-09, Scope of Modification Accounting, to clarify which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting under ASC 718.

The FASB recently issued ASU 2017-04 to simplify how an entity is required to test goodwill for impairment and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value.

In response to feedback that the definition of a business in ASC 805 is applied too broadly, the FASB recently clarified the definition of a business by adding guidance to assist entities with evaluating transactions.