Second Quarter Accounting and Financial Reporting Developments

7/16/2018
During the second quarter of 2018, the Financial Accounting Standards Board (FASB) proposed guidance on collaboration arrangements affecting primarily biotech companies and on the definition of collections for not-for-profit entities. Also, it issued final standards to remove obsolete guidance affecting mainly banks, to clarify guidance on contributions for not-for-profit entities, and to improve nonemployee share-based payment accounting. In addition to these highlights from the quarter, this article covers Securities and Exchange Commission (SEC) focus on the financial reporting process, new accounting standards, non-GAAP measures, tax reform, and auditor independence; Public Company Accounting Oversight Board (PCAOB) evaluation of its 2019 strategic plan; updates from the Center for Audit Quality (CAQ) and the American Institute of CPAs (AICPA); and more.