FASB proposes series of changes to accounting standards

FASB is seeking feedback on a proposed Accounting Standards Update (ASU) that addresses 34 issues in its codification.

The “targeted improvements” to the FASB Accounting Standards Codification are a part of an evergreen project focused on making incremental changes to GAAP. Public comments on the ASU, published Wednesday, will be accepted through April 22.

In a news release, FASB encouraged stakeholders to review the entire proposed ASU but highlighted a few of the issues addressed, including:

• Removing the Master Glossary term “amortized cost” (Issue 1 in the ASU);
• Clarifying the calculation of earnings per share when a loss from continuing operations exists (Issue 4);
• Clarifying calculation of the reference amount for beneficial interests (Issue 6);
• Clarifying guidance for the transfer of receivables from contracts with customers (Issue 20); and
• Clarifying accounting for certain receivables by not-for-profit entities (Issue 25).

Earlier this month, FASB asked stakeholders for input on its standard-setting priorities, including a request for suggestions on areas to consider for future changes to GAAP.

FASB Chair Rich Jones to join the AICPA A&A Focus webcast Feb. 5 at 1 p.m. ET. Jones will discuss the recent FASB agenda consultation and how to provide feedback and will provide an overview of the current activities of the board (free for AICPA members).

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.