Essential insights into Generally Accepted Accounting Principles (GAAP), financial statement preparation, and professional bookkeeping. Discover guides for maintaining financial transparency and business health.
What are the key FERC GAAP accounting differences for power and utility companies? FERC uses equity-method accounting for all subsidiaries regardless of ownership, classifies certain non-utility activities “below the line,” includes accumulated cost of removal in accumulated depreciation, and lacks the current/long-term distinction common in US GAAP — creating systematic reconciliation work for every regulated…
What changed for internal use software capitalization under ASU 2025-06? The FASB eliminated the old project-stage gating and replaced it with a single “probable-to-complete” threshold — finally aligning US GAAP with how agile software development actually works in 2026. If you’ve ever tried to apply the 1998 internal-use software rules to a modern agile sprint,…
Do securities laws apply to blockchain tokens? The SEC tokenized securities statement of January 28, 2026 confirms existing federal securities laws apply to blockchain-based tokens. No new rules, no safe harbor — just a clear reaffirmation that tokenization is a technical change, not a legal one. On January 28, 2026, three SEC divisions made something…
What are the most important ASC 740 developments in Q1 2026? The ASC 740 quarterly update 2026 covers five major areas: Rev. Proc. 2026-17 election relief for bonus depreciation, new CAMT AFSI guidance, tariff accounting under IEEPA, section 987 FX final regulations, and significant multistate legislative activity across 28 states. The first quarter of 2026…
What did the IFRIC decide in Q1 2026 regarding IFRS 18? The IFRIC finalized five binding IFRS 18 agenda decisions in its March 2026 update, addressing FX differences on intragroup loans, classification of non-income taxes, expense-by-nature disaggregation scope, parent entity main business activity, and FX derivative classification — all critical for entities preparing to adopt…
What are the key IFRS 2026 updates? The most important IFRS 2026 updates include IFRS 9 amendments for financial instrument classification and nature-dependent electricity contracts effective January 1, 2026, the upcoming IFRS 18 replacing IAS 1 effective January 2027, and the March 2026 IASB decisions on IFRS 10 Consolidated Financial Statements — changes that require…
What are the new FASB hedge accounting changes for 2026? The FASB approved targeted improvements in February 2026 that allow hedging of interest rate risk for held-to-maturity (HTM) debt securities, remove the OIS parameter from the SOFR benchmark rate, and expand net investment hedging for float-to-float cross-currency swaps. These changes apply to all entities and…
What is IFRS 18 and when does it take effect? IFRS 18, the new standard that replaces IAS 1, fundamentally redesigns how companies present financial statements. It is mandatory for annual periods beginning on or after January 1, 2027 — but with the 2026 comparative period already underway, companies using IFRS must begin planning their…
What is GASB 103 and how does it change government financial reporting? GASB 103 is a major update to the government financial reporting model, effective for fiscal years beginning after June 15, 2025, that redefines operating vs. nonoperating revenues, introduces subsidy reporting, and strengthens MD&A requirements for state and local governments. If you work in…
Demystifying the Q1 2026 Accounting Roundup! Ready to catch up on the latest accounting and regulatory changes without the headache? Let’s break down the essential updates from Q1 2026, from crypto rules to climate disclosures, so you can stay ahead of the curve. Hey everyone! Welcome back to another update where we translate complex…
