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Accounting Standards Updates

Trucking Carriers: Start Planning for the New Lease Accounting Standard

Posted 1:12 PM by
In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (the Update). The Update represents the first comprehensive overhaul in lease accounting in approximately 40 years.
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New Accounting Guidance for Credit Losses Is Coming, Should I Panic?

Posted 12:00 PM by
Well…maybe. The allowance for credit losses is the most significant estimate on any set of BHPH financial statements. Since June 2016, when the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) amending the accounting guidance for measuring and recognizing credit losses, many industry accounting practitioners remain conflicted as to the impact this ASU will have on financial reporting practices and some dealers are wondering what this new ASU means for them.
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Standards Update: 2/10/17

Posted 5:00 AM by
The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which applies to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows.
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Standards Update: 11/28/16

Posted 3:41 PM by
The Financial Accounting Standards Board (FASB) hopes to improve financial reporting related to credit losses on loans and other financial instruments by requiring the losses to be recorded more timely with the issuance of Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. 
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Standards Update: 8/22/16

Posted 12:33 PM by
In November 2011, the Financial Accounting Standards Board (FASB) added a project to its agenda focusing on the financial reporting of not-for-profit (NFP) entities. The objectives of this project focused on improving net asset classification requirements and the information provided in the financial statements and notes about liquidity, financial performance and cash flows.
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Standards Update: 6/17/16

Posted 4:00 AM by
In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-03, Intangibles – Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance (a consensus of the Private Company Council) (ASU No. 2016-03).
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FASB Releases ASU No. 2016-02, Leases (Topic 842)

Posted 3:43 PM by
On Feb. 25, 2016, the Financial Accounting Standards Board (FASB) released Accounting Standards Update No. 2016-02, Leases (Topic 842) (the Update). Previous lease accounting guidance has long been criticized for not addressing the needs of financial statement users and FASB has spent several years on this project to address the concerns of users.
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