During the first quarter of 2019, the Financial Accounting Standards Board issued new standards on topics including clarifications to lease accounting, guidance for the film and TV industry, and updates to the definition of “collections.”
It also proposed guidance to clarify the accounting for share-based payments issued as sales incentives to customers, ease the transition to the credit losses standard, clarify accounting recognition of contract liabilities assumed in a business combination, and improve income tax disclosures.
In addition to these highlights from the quarter, this article covers:
- Securities and Exchange Commission final rule to modernize and simplify disclosures
- Public Company Accounting Oversight Board staff guidance on the implementation of critical audit matters requirements and the staff inspection outlook for audit committees for 2019
- Center for Audit Quality audit quality framework
- Updates from the Governmental Accounting Standards Board
