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The Financial Accounting Standards Board published an accounting standards update Wednesday with optional guidance on the measurement of credit losses for accounts receivable and contract assets.The optional guidance deals with some of the challenges confronted by FASB’s stakeholders when applying FASB’s credit losses standard, Topic 326, Financial Instruments—Credit Losses, to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers, also known as the revenue recognition standard. Members of the Private Company Council, which advises FASB, began doing standard-setting activity in response to feedback from private company stakeholders.The challenges included…

The pace of growth in small business jobs and wages across the country stayed on an even keel in July, according to payroll provider Paychex.The company reported that job growth increased 0.17 percentage points to 99.82 in July on the Small Business Jobs Index component of its monthly Small Business Employment Watch, which tracks 35,000 small businesses with fewer than 50 employees. Hourly earnings growth for small business employees also maintained a consistent trend, staying below 3% (2.74%) for the ninth month in a row.”There was a little bit of a trend change,” said Frank Fiorille, vice president of risk…

Ford Motor reported second-quarter revenue that beat expectations Wednesday, and reinstated its full-year guidance, which includes an estimated net $2 billion hit from tariffs.The automaker suspended its full-year guidance in May due to President Donald Trump’s auto tariffs. At that time, Ford predicted a $2.5 billion impact from tariffs this year but said it would be able to offset $1 billion of that total through mitigation efforts.Its new estimate reflects a total $3 billion hit from tariffs, but the company still estimates it can offset $1 billion of that.The company’s stock dropped more than 3% during after-hours trading.Chief Financial Officer…

A sign on the side of a building in Hell’s Kitchen, New York City, advertising an apartment is available for rent through a real estate broker. Deb Cohn-Orbach | UCG | Universal Images Group | Getty ImagesThe massive surge of new apartment supply in the last few years is still being absorbed, and that has vacancies rising and rents weakening.The national multifamily vacancy rate rose to 7.1% in July, setting a record on Apartment List’s monthly index, which goes back to 2017. The report notes that while the market has passed the peak of this latest construction boom, it is still…

Andy Wiederhorn, former Fatburger CEO.CNBCThe Justice Department is dropping its case against Fat Brands and its chair Andy Wiederhorn.In May 2024, the company and Wiederhorn were indicted by a federal grand jury in Los Angeles on charges of wire fraud, tax evasion and other counts related to what prosecutors alleged was a “sham” loan scheme that netted Wiederhorn $47 million.On Tuesday, federal prosecutors filed to dismiss all charges against Wiederhorn, two other people and the restaurant company that owns Fatburger, Johnny Rockets and Great American Cookies.Wiederhorn has maintained his innocence since he was indicted. He was previously convicted about two decades ago…