EITF Guidance on Collaborative Arrangements
In December 2007, the FASB ratified [approved] a previously-finalized Consensus of the Emerging Issues Task Force [EITF] that addresses accounting and reporting issues associated with collaborative arrangements.
Published on January 23, 2008
FASB ASC 952 Addressing Some Franchisor Accounting Issues
In accounting for franchise arrangements, franchisors prepare financial statements using accounting principles generally utilized by other types of for-profit reporting entities, but some of the unique features of franchisor and franchisee relationships need to be addressed by applying some specific accounting guidance.
Published on September 11, 2013
The CPEA Revenue Recognition Series- Part II Fortune Favors the Prepared
This report is the second in our series on adoption of ASU 2014-09, Revenue from Contracts with Customers
Published on November 19, 2014
Accounting and Financial Reporting Accounting at Formation of Joint Ventures
A question often arises as to how a joint venture should recognize and measure noncash assets received from the venturers at formation of the joint venture. Currently no authoritative guidance exists that provides a direct answer on this issue.
Published on November 20, 2013
Revenue Recognition - General Guidance
Although the FASB and IASB are nearing completion of their joint project on revenue recognition, the effective date of that guidance will likely not be before 2016. Since we will continue to apply the current authoritative literature related to revenue for several more years, we will provide a review of
Published on October 09, 2013
Revisions to the Code of Professional Conduct
On October 7, 2011, the AICPA Professional Ethics Executive Committee [PEEC] released some revisions to the AICPA Code of Professional Conduct.
Published on December 07, 2011
Disaster Losses Focusing on Accounting & Reporting Matters
Businesses operating in locations where disasters occur commonly need to address negative ramifications associated with disastrous events, where those ramifications can be significant both in the short-term and in the long-term.
Published on January 16, 2013
Service Organization Control (SOC) Reporting Focusing On Some Engagement Issues
In 2011, to provide the framework for practitioners to examine controls and to help management understand the related risks, the AICPA established three Service Organization Control® [SOC] reporting options [SOC 1, SOC 2 and SOC 3 reports].
Published on January 15, 2014
Special Issues Related to Property, Plant, and Equipment
Property, plant, and equipment includes tangible assets acquired for long-term use in the normal operations of a business. If an outlay will provide a service benefit beyond the current period, it is a capital expenditure and is recorded as an asset
Published on November 09, 2011
Code of Professional Conduct Big Changes on the Horizon
In June, the AICPA released the revised Code of Professional Conduct [AICPA Code]. PEEC has restructured the AICPA Code so that members and other users can apply the rules and reach correct conclusions more easily and intuitively.
Published on June 18, 2014