Accounting & reporting

Following a pandemic-related delay, the new standard takes effect for entities within the “all other entities” category for fiscal years starting after Dec. 15, 2021, and for interim periods within fiscal years beginning after Dec. 15, 2022.

FASB engaged in more than 430 investor interactions in the year ended June 30, 2021, according to a new report.

After the pandemic-related delay provided some relief, private companies are implementing major accounting standards that take a great deal of effort to adopt.

FASB issued guidance that’s designed to help lessors more faithfully account for the underlying economics of leases that would have been classified as a sales-type lease or a direct financing lease and would have recognized a day-one loss.

FASB is seeking comment on what the board’s future standard-setting priorities should be. Stakeholders are asked to provide feedback by Sept. 22 to help FASB identify areas where there’s a pervasive need to improve generally accepted accounting principles (GAAP).

FASB proposed guidance that would permit nonpublic lessees to use a risk-free rate as the discount rate for leases by class of underlying asset rather than at the entitywide level.

FASB issued a proposal that would expand the current single-layer hedging model and is intended to better align hedge accounting with an organization’s risk management strategy.