SEC Staff Experiences Uptick in Revenue Standard Implementation Questions
As public companies prepare to implement Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (ASC 606), they are increasingly turning to Securities and Exchange Commission (“SEC”) staff members for implementation guidance. It is being reported that submitted questions concerning the Financial Accounting Standards Board’s (“FASB”) revenue recognition standard increased by one-third last year, largely due to public companies needing assistance with financial reporting. One question submitted to the SEC involves revenue from credit cards. A company asked for guidance on its decision to record revenue from interchange fees that a merchant’s bank pays to the cardholder’s bank. Speaking. Read More.
Topics: Accounting Standards Update "ASU", AICPA, AICPA National Conference on Banks & Savings Institutions, American Institute of Certified Public Accountants "AICPA", FASB, Financial Accounting Standards Board "FASB", Implementation, Revenue from Contracts with Customers (Topic 606), Revenue Recognition, Securities and Exchange Commission "SEC"
Banks Express Concerns over FASB Credit Loss Standard
Banking institutions of all sizes are preparing to implement the Financial Accounting Standards Board’s (“FASB”) new standard that requires the calculation of future losses on bad loans versus disclosing losses that have already occurred. While the largest accounting update in years for banks requires an additional workload, some lenders are uncertain about how to sift through their data for estimating future losses and setting aside cash reserves. At the American Institute of Certified Public Accountants’ National Conference on Banks & Savings Institutions last week, Federal Savings Bank executive vice president and CFO James Brannen touched on the difficulties a small. Read More.
Topics: Accounting Standards Update "ASU", AICPA National Conference on Banks & Savings Institutions, Banks, FASB credit loss standard, Financial Instruments - Credit Losses (Topic 326), Securities and Exchange Commission "SEC"