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    EITF Guidance on Collaborative Arrangements

    Report 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 July 28, 2014

    FASB ASC 952 Addressing Some Franchisor Accounting Issues

    Article 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 May 28, 2014

    Accounting and Financial Reporting Accounting at Formation of Joint Ventures

    Article 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 May 28, 2014

    Revenue Recognition - General Guidance

    Article 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 May 28, 2014

    Special Issues Related to Risks & Uncertainties

    Article Volatility and uncertainty in the business and economic environment result in the need to disclose information about the risks and uncertainties confronted by reporting entities. FASB ASC 275 requires disclosures that focus primarily on risks and uncertainties that could significantly affect the amounts reported in the financial statements in the
    Published on May 28, 2014

    Code of Professional Conduct Big Changes on the Horizon

    Article 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

    Revenue Recognition Special Issues

    Article Revenue usually is the largest single item in financial statements, and issues involving revenue recognition are among the most important and difficult issues that accountants face.
    Published on May 28, 2014

    Service Organization Control (SOC) Reporting Focusing On Some Engagement Issues

    Article 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 May 29, 2014

    Revisions to the Code of Professional Conduct

    Article On October 7, 2011, the AICPA Professional Ethics Executive Committee [PEEC] released some revisions to the AICPA Code of Professional Conduct.
    Published on May 28, 2014

    Revenue Recognition Convergence is Achieved What is Next

    Article On May 28, 2014, the FASB and IASB issued a final, substantially converged revenue recognition standard.  The revenue recognition standard, Accounting Standards Update [ASU] 2014-09, Revenue from Contracts with Customers, will substantially replace the numerous industry based accounting and audit guides, which have been codified in the FASB Accounting Standard
    Published on June 18, 2014

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