First Quarter — 2019
Welcome to Quarterly Accounting Roundup: First Quarter — 2019. In the first quarter of 2019, the
FASB issued the following final and proposed guidance:
- Final Accounting Standards Updates (ASUs) that (1) enhance the accounting for costs associated with episodic television series, (2) make Codification improvements to the new leasing standard, and (3) update the definition of “collections.”
- Proposed ASUs that would (1) provide guidance on recognizing and measuring deferred revenue in a business combination, (2) ease transition to the Board’s new credit losses standard, (3) address the accounting for share-based payments issued as sales incentives to customers, and (4) improve the income tax disclosure requirements in U.S. GAAP.
In other notable news, the SEC issued a final rule in response to recommendations in the
SEC staff’s Report on Modernization and Simplification of Regulation S-K. The final rule makes
specific revisions to a limited group of items in Regulation S-K and is intended to streamline
and improve disclosures. In addition, the PCAOB released a new standard on auditing
accounting estimates as well as amendments to its auditing standards on the auditor’s use of
the work of specialists.
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