FASB financial accounting & reporting

FASB’s chair said that the Accounting Standards Update features guidance “that previously did not exist” related to environmental credits and environmental credit obligations.

Available documents include the 2026 GAAP Financial Reporting Taxonomy and the 2026 SEC Reporting Taxonomy.

The Accounting Standard Update aims to clarify existing reporting requirements, in part by creating a comprehensive list of interim disclosures that are required in interim financial statements.

A new Accounting Standards Update establishes previously missing GAAP guidance related to the recognition, measurement, and presentation of government grants received by a business entity.

A pair of recently published Accounting Standards Updates recommend five areas for applying economic hedges and address stakeholder concerns related to accounting for acquired financial assets.

In response to “the broad and evolving application of the definition of a derivative,” FASB issued an Accounting Standards Update that aims to address stakeholder concerns about the application of derivative accounting.

The optional guidance aims to address concerns shared by private company shareholders related to the cost and complexity of measuring credit losses for accounts receivable and contract assets.

FASB published an Accounting Standards Update that is intended to improve the requirements for identifying the accounting acquirer in FASB ASC Topic 805, Business Combinations.

FASB published a proposed Accounting Standards Update on debt exchange transactions involving multiple creditors.

The SEC approved three taxonomies, including the 2025 GAAP Financial Reporting Taxonomy, and FASB finalized two others.

The council, which advocates for private companies during FASB’s standard-setting process, shares recent accomplishments and its vision for the future.