Accounting & reporting

Under the proposal, FASB would clarify the minimum requirements for the reconciliation that a not-for-profit entity is required to disclose if it has endowment funds.

FASB issued a financial reporting standard that changes financial reporting rules for consolidating variable-interest entities.

The standard is designed to simplify the financial reporting for the income tax consequences of intra-entity transfers other than inventory.

FASB issued a proposal that would change accounting rules for insurance companies that issue long-duration contracts such as life insurance, disability income, long-term care, and annuities.

The FASB issued a proposal that would shorten the amortization period for callable debt securities purchased at a premium.

FASB’s efforts to clarify its new revenue recognition standard continued when the board proposed technical corrections and changes to the standard.