FASB updates reporting standard for supplier finance programs
The Accounting Standards Update (ASU) enhances transparency required from buyer companies. Most of the ASU is effective for fiscal years beginning after Dec. 15, 2022.
FASB financial accounting & reporting
FASB issues proposal to improve accounting for investments in tax credit structures
The FASB issued a proposed Accounting Standards Update intended to improve the accounting and disclosures for investments in tax credit structures.
FASB proposes changes to transition requirements in insurance guidance
FASB issued a proposed Accounting Standards Update (ASU) that would amend transition guidance in an update from 2018 for long-term insurance contracts that have been derecognized because of a sale or disposal of individual or a group of contracts or legal entities before the effective date.
FASB issues standard to improve fair value guidance for equity securities
FASB issued an Accounting Standards Update that improves financial reporting for investors and other financial statement users.
FASB adds three new projects to technical agenda
FASB announced the addition of three new projects to its technical agenda based on feedback received during its 2021 agenda consultation project.
FASB invites stakeholders to share views on accounting for government grants
FASB is seeking feedback on whether IAS 20 represents a workable solution for improving generally accepted accounting principles for business entities as it relates to the accounting for government grants.
Goodwill triggering event alternative provides relief to some companies
Learn how FASB’s goodwill accounting alternative for evaluating triggering events can make financial reporting easier for private companies and not-for-profit entities beyond the pandemic.
FASB to explore rules on accounting for ESG credits
The FASB said last week that it will explore new rules regarding the accounting for financial instruments with ESG-linked features and regulatory credits.
FASB proposal would extend time for reference rate reform relief
A proposal by the FASB would extend by two years the guidance related to reference rate reform relief and expand the definition of the Secured Overnight Financing Rate (SOFR).
FASB addresses troubled debt, vintage disclosures in CECL standard
FASB changed its credit losses standard, eliminating accounting guidance for troubled debt restructuring by creditors and enhancing disclosure requirements for vintage disclosures.
How to navigate new disclosures for government assistance
After a rush of government programs provided pandemic-related relief, the Financial Accounting Standards Board issued a standard requiring new disclosures for government assistance.
FASB issues expanded hedge accounting standard
The Financial Accounting Standards Board (FASB) has published an Accounting Standards Update designed to better align hedge accounting with an organization’s risk management strategies.
FASB’s position on leases standard is ‘insensitive’
A reader responds to a JofA article on FASB declining to extend nonpublic lease accounting effective date.
FASB issues 2 new financial accounting concept statements
Two new FASB concept statements address financial statement elements and factors FASB should consider in developing accounting guidance.
FASB ASU addresses supplier finance programs
A proposed Accounting Standards Update would help investors and others better consider the effects on a buyer’s working capital, liquidity and cash flows. The comment deadline is March 21.
Digital assets, intangibles among priorities on FASB’s new research agenda
FASB updated its research agenda Wednesday in response to comments received in a consultation earlier this year.
FASB working to balance desires of investors and preparers
Investors want more disaggregated information. Financial statement preparers are concerned about the costs of preparing that information. FASB Chair Richard Jones is seeking to balance those priorities.
Revenue recognition: Tips for challenging circumstances
Certain issues related to revenue recognition are causing enough application problems that the Financial Accounting Standards Board may choose to adjust the standard. But in the meantime, financial statement preparers need to apply the current rules correctly.
Revenue, SPACs, and LIBOR pose year-end accounting challenges
Some new and complex accounting issues are facing financial statement preparers as 2021 draws to a close.
FASB reconsiders accounting for troubled debt restructuring by creditors
FASB’s accounting guidance for troubled debt restructuring by creditors would be eliminated for organizations that have adopted its credit losses standard, under a proposal the board issued Tuesday.
