FASB officially delays 4 major standards
FASB issued two Accounting Standards Updates that finalize delays to various effective dates for new standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.
Financial reporting
FASB approves guidance to assist in reference rate transition
FASB approved guidance to assist companies in their transition from interbank-offered rates to new reference rates.
FASB proposes clarifying hedge accounting standard
FASB is attempting to enable a better, more consistent application of its new hedge accounting standard with proposed clarifications to certain sections of the guidance.
FASB addresses share-based payments to customers
Share-based payments made to customers will be accounted for under FASB ASC Topic 718 as a result of new rules.
IFAC seeks consistency, accountants’ engagement in corporate reporting
The wide variety of frameworks and standards initiatives prevents consistency in corporate reporting, according to the International Federation of Accountants.
FASB proposes delay in long-term insurance standard effective date
The board put forward a new philosophy on effective dates.
FASB makes a second effort to improve balance sheet debt classification
The reproposal addresses unused long-term financing arrangements.
FASB proposes guidance to ease transition to new benchmark rates
Reference rates are seen as less susceptible to manipulation.
CECL isn’t just for banks anymore
Revised financial instruments standards that impact all industries and apply to a broad range of financial assets have begun to take effect. The effective date for SEC filers is years beginning after Dec. 15, 2019.
FASB debt classification reproposal sparks concerns
FASB’s attempts to simplify the classification of debt in a classified balance sheet may have unintended consequences, according to a comment letter sent by the AICPA Technical Issues Committee.
Lease accounting: Keep pushing ahead
Despite FASB’s delay in the lease accounting effective date for private companies and certain other entities, there’s not a lot of time for companies to handle a complicated implementation.
FASB votes to delay effective dates for 3 major standards
Effective dates will be delayed for private companies and certain other entities for FASB’s standards on accounting for leases, credit losses, and hedging after a unanimous vote by FASB.
Opinion: FASB proposal jeopardizes health care entity financing
A FASB proposal could render obsolete a valuable financing option for health care entities known as variable-rate debt obligations (VRDOs).
A new path for private companies with VIEs
FASB has expanded the election not to consolidate for private companies with variable-interest entities. Users of private company financial statements told FASB that consolidation does not help them analyze financial statements.
FASB tackles difficult liabilities and equity topic
The guidance was described as inconsistent and overly complex.
FASB proposes delay in 3 key effective dates
Accounting for leases, hedging, and credit losses would be affected.
FASB proposes clarifying interaction between 2 standards
The change addresses the measurement alternative and the equity method.
FinREC issues credit loss standard working drafts
The material is being developed for a guide to help preparers.
GASB addresses lease accounting
A new guide contains Q&As to assist in implementation.
FASAB addresses multiple issues in omnibus amendments
A new accounting standard for federal government agencies eliminates the required stewardship information category and updates references to lease accounting.
