Accounting update for private companies

This update provides a summary of some of the more important fourth quarter 2019 accounting and financial reporting activities for private companies. The content is not meant to be all-inclusive.

Topics include:

• Accounting guidance issued in fourth quarter 2019
  • Simplifying accounting for income taxes
  • Codification improvements to financial instruments – credit losses
  • Deferral of effective dates
  • Codification improvements – share-based consideration payable to a customer
• New revenue recognition rules – effective calendar year 2019
• New lease standard – effective calendar year 2021
• Measurement of credit losses on financial instruments
• Accounting for digital assets, including cryptocurrencies
• Standards effective calendar year 2019
• Accounting guidance eligible for early adoption in calendar year 2019
• Standards issued in 2019
• Standards issued in prior years effective 2019 or after