Keeping You Informed: 

Fourth Quarter Accounting and Financial Reporting Developments


During the fourth quarter of 2019, the Financial Accounting Standards Board issued new standards on simplifying accounting for income taxes, narrow-scope improvements to the credit losses standard, effective date deferral of major standards for certain entities, and improvements to share-based consideration payable to a customer. It also proposed guidance to address codification improvements, transition guidance on reference rate reform, and improvements to hedge accounting.

In addition to these highlights from the quarter, this article covers Securities and Exchange Commission guidance on estimates of current expected credit losses, the Public Company Accounting Oversight Board report on critical audit matters, the American Institute of Certified Public Accountants practice aid on accounting for and auditing of digital assets, updates from the Governmental Accounting Standards Board, and more.

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Fourth Quarter Accounting and Financial Reporting Developments
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