Financial Accounting Foundation executive director to retire
Accounting Today
DECEMBER 2, 2024
John Auchincloss will retire in September 2025 from the FAF. The search for his successor will begin immediately.
Financial Accounting Related Topics 
Financial Accounting Foundation looks for new trustees
Accounting Today
JANUARY 3, 2024
The FAF, which oversees FASB and GASB, is asking for nominations for at-large trustees.
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Hillary Salo named as FASB vice chair
Accounting Today
MAY 28, 2024
The Financial Accounting Foundation announced Hillary Salo as the next vice chair of the Financial Accounting Standards Board.
Webinars
Breaking Ground on Better Payment Processes: Strategies for Construction Pros
The Growth Architect: How Financial Leaders are Unlocking Potential
Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors
From Start to Scale: Driving Growth Through Seamless Payments Implementation
Financial accounting basics
Accounting Tools
JULY 24, 2023
Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What are the Basics of Financial Accounting? This article gives an overview of financial accounting basics for the non-accountant. Its orientation is toward recording financial information about a business.
FASB approves crypto asset standard
Accounting Today
SEPTEMBER 6, 2023
The Financial Accounting Standards Board voted to adopt its eagerly awaited standard for cryptocurrency like Bitcoin held by companies.
FASB approves income tax reporting standard
Accounting Today
AUGUST 30, 2023
The Financial Accounting Standards Board voted to require companies to tell the public more about the taxes they pay, starting as early as 2025.
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FASB nixes potential projects on future agenda
Accounting Today
DECEMBER 28, 2023
The Financial Accounting Standards Board has decided not to add several projects to its technical agenda, including one on commodities, despite requests.
FASB completes conceptual framework
Accounting Today
JULY 12, 2024
The Financial Accounting Standards Board released a new chapter of its Conceptual Framework on the measurement of items recognized in financial statements, while also drawing that project to a close.
Byju's faces new probe over financial, accounting practices
Accounting Today
NOVEMBER 26, 2024
Byju's, once India's most valued startup, is fighting for its life in courts in India and the U.S.
FASB plans updates on contract assets and liabilities, credit losses
Accounting Today
OCTOBER 21, 2024
The Financial Accounting Standards Board has decided to tweak some of its standards related to contract assets and liabilities for construction contractors.
FASB proposes changes in scope of derivatives and shared-based payment rules
Accounting Today
JULY 24, 2024
The Financial Accounting Standards Board issued a proposed accounting standards update to request public comments on possible changes to two of its standards.
FASB proposes update on accounting for software development
Accounting Today
OCTOBER 29, 2024
The Financial Accounting Standards Board issued a proposed accounting standards update to update the guidance on accounting for software, specifically when it comes to developing software for internal use.
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FASB issues cryptoasset standard
Accounting Today
DECEMBER 13, 2023
The Financial Accounting Standards Board released its long-awaited accounting standards update to improve the accounting for and disclosure of certain cryptoassets.
FASB releases income tax disclosure standard
Accounting Today
DECEMBER 14, 2023
The Financial Accounting Standards Board issued an accounting standards update Thursday aimed at improving income tax disclosures from companies.
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FASB updates disclosure requirements in response to SEC
Accounting Today
OCTOBER 10, 2023
The Financial Accounting Standards Board is incorporating some of the Securities and Exchange Commission's disclosure requirements into its Accounting Standards Codification.
FASB supplements conceptual framework with recognition and derecognition info
Accounting Today
AUGUST 30, 2023
The Financial Accounting Standards Board released another chapter of its conceptual framework related to the recognition and derecognition of an item in financial statements.
FASB proposes to improve interim reporting
Accounting Today
NOVEMBER 13, 2024
The Financial Accounting Standards Board issued a proposed accounting standards update that aims to improve the navigability of the disclosures that need to be provided for interim reporting periods.
FASB limits project on accounting for software costs
Accounting Today
MARCH 22, 2024
The Financial Accounting Standards Board decided to pursue targeted improvements to its rules for accounting for and disclosing software costs, instead of a single overarching model.
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The difference between cost accounting and financial accounting
Accounting Tools
OCTOBER 27, 2023
Related Courses Accountants’ Guidebook Cost Accounting Fundamentals There are a number of differences between cost accounting and financial accounting , which are noted below. Cost accounting involves the preparation of a broad range of reports that management needs to run a business.
FAF revamps FASB website
Accounting Today
JANUARY 23, 2024
The Financial Accounting Foundation has overhauled the website for the Financial Accounting Standards Board, with new websites in the works for the Governmental Accounting Standards Board and the FAF itself in the weeks ahead.
FAF marks GASB and FASB anniversaries
Accounting Today
MAY 29, 2024
The Financial Accounting Foundation commemorated the 40th anniversary of the creation of the Governmental Accounting Standards Board in its annual report and also referenced the 50th anniversary last year of the Financial Accounting Standards Board.
FAF reevaluates role of PCC
Accounting Today
FEBRUARY 29, 2024
The Financial Accounting Council is reviewing the effectiveness of the Private Company Council, the group that advises the Financial Accounting Standards Board about the perspective of privately held companies.
Financial accounting definition
Accounting Tools
JULY 11, 2023
Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is Financial Accounting? Financial accounting is the practice of recording and aggregating financial transactions into financial statements.
Ex-Americanas CEO says he's scapegoat
Accounting Today
SEPTEMBER 5, 2023
Miguel Gutierrez argues he had nothing to do with the attempt to manipulate the retailer's financial accounts that led to a massive accounting scandal.
Statements of Financial Accounting Standards
Accounting Tools
OCTOBER 9, 2023
Related Courses GAAP Guidebook International Accounting What is a Statement of Financial Accounting Standards? A statement of financial accounting standards (SFAS) gives detailed guidance on how to deal with a specific accounting issue.
Financial Accounting Standards Board definition
Accounting Tools
AUGUST 26, 2023
Related Courses GAAP Guidebook International Accounting What is the Financial Accounting Standards Board? The Financial Accounting Standards Board (FASB) creates accounting standards for use within the Generally Accepted Accounting Principles ( GAAP ) framework.
Statements of Financial Accounting Concepts definition
Accounting Tools
OCTOBER 13, 2023
Related Courses GAAP Guidebook International Accounting What are the Statements of Financial Accounting Concepts? Concepts statements set the objectives and qualitative characteristics used to to determine which business transactions and events shall be recognized and measured in financial reports.
FASB proposes ASU on credit losses, contract assets
Accounting Today
DECEMBER 3, 2024
The Financial Accounting Standards Board is seeking comments on a practical expedient and an accounting policy election for stakeholders.
FASB reviews impact of revenue recognition standard
Accounting Today
NOVEMBER 25, 2024
The Financial Accounting Standards Board released a post-implementation review of its rev rec standard a decade after its implementation.
FASB proposes guidance on accounting for government grants
Accounting Today
NOVEMBER 19, 2024
The Financial Accounting Standards Board issued a proposed accounting standards update to establish authoritative guidance on the accounting for government grants received by business entities.
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New members sought for FASAC
Accounting Today
JULY 28, 2023
The Financial Accounting Foundation is looking for candidates to join the council that advises FASB.
How apps can make it simple to take climate action in your business
Xero
APRIL 16, 2023
Available in Australia and New Zealand, NetNada automates carbon accounting and reporting tasks, provides accurate measurements of your carbon footprint, and creates detailed sustainability reports with advice on what to do next. Evalue8 Sustainability. CarbonInvoice.
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Report finds Private Company Council effective
Accounting Today
DECEMBER 19, 2024
The Financial Accounting Foundation report found the Private Company Council has been performing its duties effectively and should continue to operate.
FASB asks for input on accounting for intangibles
Accounting Today
DECEMBER 19, 2024
The Financial Accounting Standards Board issued an invitation to comment on whether to pursue a project on accounting for intangible assets.
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Financial reporting issues and more engulf Byju's founder
Accounting Today
JULY 26, 2023
Apart from a raid by India's financial crime-fighting agency, the tutoring startup failed to file its financial accounts on time, and U.S. investors accuse it of hiding half a billion dollars.
The Guide to ASC 606/IFRS 15 Compliance for SaaS and Software Companies - A 2022 Refresher
Sage Intacct
MAY 24, 2022
ASC 606/IFRS 15, Revenue from Contracts with Customers, was the new revenue recognition standard issued by The Financial Accounting Standards Board (FASB). This standard affects all businesses, including public, private, and nonprofit entities, which use contracts with customers to transfer goods or services.
The difference between financial and managerial accounting
Accounting Tools
SEPTEMBER 8, 2023
Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook Most accounting tasks can be divided into financial accounting and managerial accounting. There are a number of differences between financial and managerial accounting, which are noted below.
Five tech trends for small businesses in 2024
Xero
DECEMBER 13, 2023
The integration of carbon accounting software into existing accounting platforms will see carbon accounting become an extension of financial accounting and reporting practices for small businesses.
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Cost accounting definition
Accounting Tools
MARCH 27, 2023
None of these tools are used by financial accountants, who are more concerned with the production of financial statements. Cost Accounting vs. Financial Accounting Cost accounting is a source of information for the financial statements, especially in regard to the valuation of inventory.
Types of accounting
Accounting Tools
JUNE 20, 2023
Accountants tend to specialize in one of these fields, which leads to the different career tracks noted below. Financial Accounting Those in the financial accounting field are concerned with the aggregation of financial information into external reports.
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Redefining FinOps and Building a Stronger Framework
FinOps Foundation
JANUARY 24, 2024
The TAC has now approved a new definition, reflective of that feedback from the community: “FinOps is an operational framework and cultural practice which maximizes the business value of cloud, enables timely data-driven decision making, and creates financial accountability through collaboration between engineering, finance, and business teams.”
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Redefining FinOps and Building a Stronger Framework
FinOps Foundation
JANUARY 24, 2024
The TAC has now approved a new definition, reflective of that feedback from the community: “FinOps is an operational framework and cultural practice which maximizes the business value of cloud, enables timely data-driven decision making, and creates financial accountability through collaboration between engineering, finance, and business teams.”
FinOps 130
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Types of accounting functions
Accounting Tools
AUGUST 4, 2023
Related Courses Bookkeeping Guidebook CFO Guidebook New Controller Guidebook There are several types of functions fulfilled by the accounting department within a business. These accounting functions are noted below.
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The functions of managerial accounting
Accounting Tools
APRIL 4, 2023
The other type of accounting is financial accounting , which is concerned with the proper recordation and reporting of accounting transactions to be in compliance with the applicable accounting framework (such as Generally Accepted Accounting Principles or International Financial Reporting Standards ).
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