Tag Archives: accounting standards

FASB limits delay of revenue recognition and leasing standards for private companies and nonprofits

June 3, 2020

On June 3, 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that grants a one-year effective date delay for certain companies and organizations applying the revenue recognition and leases guidance. The ASU permits private companies and nonprofit organizations that have not yet issued financial statements adopting the revenue recognition standard

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LIBOR rate transition underway for 2021 – LIBOR-exit?

February 24, 2020

Many businesses have term loans, lines of credit, or other debt instruments that have variable interest provisions tied to the London Interbank Offered Rate (LIBOR). This is a benchmark interest rate at which major global banks lend to one another in the international interbank market for short-term loans.  The financial institutions industry and financial accounting

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