FASB proposes enhancements to income tax disclosures
FASB is seeking comments on a proposed Accounting Standards Update that addresses requests for improved income tax disclosures.
FASB financial accounting & reporting
Managing interest rate risk with FASB’s new hedging flexibility
Find out how to apply FASB’s updated hedge accounting guidance, which more closely aligns a company’s financial reporting with the results of its risk management strategy.
FAF debuts enhanced access to online accounting standards
The Financial Accounting Foundation released its free, enhanced online access to the FASB Accounting Standards Codification and the GASB Governmental Accounting Research System.
FASB provides update on disaggregation project
Tentative board decisions call for entities to disaggregate costs incurred that are expensed as occurred and costs incurred that are capitalized as inventory.
Initial direct cost and deferred rent under FASB ASC 842
Topic 842 requires that initial direct costs be added to the right-of-use asset and included in its subsequent amortization.
FASB defers sunset date of reference rate reform guidance
FASB extended the period of time preparers can use the reference rate reform relief guidance by two years, to 2024.
FASB releases GAAP Taxonomy reports
FASB has released its annual GAAP Taxonomy, which includes the 2023 GAAP Financial Reporting Taxonomy and the 2023 SEC Reporting Taxonomy.
FASB set to draft cryptoasset disclosure standard
The board made several tentative decisions related to the project, which will affect public and private entities, including investment companies and not-for-profits.
FASB issues updated insurance standard
The amended standard provides transition guidance for improving the accounting for long-term duration contracts.
Highlights: AICPA & CIMA Conference on Current SEC and PCAOB Developments
Regulators encourage accounting professionals to continue to tell their clients’ story while providing updates on the standards they’re required to uphold in the process.
FASB proposes update to leases guidance
FASB is seeking comments on a proposed Accounting Standards Update intended to improve accounting guidance on related-party arrangements between entities under common control.
FASB seeks input on proposed new chapter of its Conceptual Framework
FASB is seeking comments on a proposed new chapter of its Conceptual Framework related to recognition and derecognition criteria and guidance for items’ addition to and removal from financial statements.
FAF publishes new strategic plan
The Financial Accounting Foundation released its new strategic plan, which outlines the strategic goals that the organization will address over the next several years.
FASB seeks comment on proposed improvements to GAAP taxonomy
FASB is seeking comments on the Proposed Improvements for the 2023 GAAP Financial Reporting Taxonomy Reference Project.
FASB seeks input on proposed changes to accounting for joint ventures
The proposed Accounting Standards Update intends to provide investors and other allocators of capital (collectively, investors) with more decision-useful information in a joint venture’s separate financial statements and reduce diversity in practice in this area of financial reporting.
IRS annual inflation adjustments, negotiating a job offer, and a quiz
This quick-hitting episode covers recent news of interest, including IRS and Social Security Administration annual announcements, why the AICPA is requesting guidance from the IRS and Treasury, and advice for negotiating after you’ve received a job offer.
FASB moves toward a standard for fair value accounting of cryptoassets
A tentative board decision sets the stage for a new standard allowing the reporting of some cryptoassets at fair market value.
FASB seeks input on proposed new chapter of conceptual framework
FASB issued a proposed new chapter of its Conceptual Framework that describes a reporting entity. The proposed chapter would become Chapter 2 of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting.
FASB proposes improvements to segment reporting
FASB issued a proposed Accounting Standards Update that would improve the disclosures about a public entity’s reportable segments and address requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses.
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.
