Trying to find an update on recent FASB standard setting? Stop looking and start listening. In this episode, we highlight the key accounting and financial reporting developments that took place during the second quarter of 2018. Among topics covered, we examine recently finalized accounting standards—including clarifying guidance on accounting for grants and contributions, as well as the new rules for share-based payment awards granted to nonemployees. We also discuss recently issued exposure drafts—including targeted improvements to the collaborative arrangements guidance—and give an update on accounting for implementation costs incurred in a cloud computing arrangement based on recent developments and the discussions at the June EITF meeting.
| Duration 19:30
The FASB issued three new accounting standard updates this quarter:
The FASB also issued one exposure draft during the quarter.
Finally, we provide a brief update on the June EITF meeting relating to Accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. The EITF met in early June and reached a final consensus that implementation costs should be capitalized using the same model as if the cloud computing arrangement included a software license. The final consensus is in line, for the most part, with the March exposure draft.