FASB financial accounting & reporting

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.

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.

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.

A FASB proposal could render obsolete a valuable financing option for health care entities known as variable-rate debt obligations (VRDOs).

Locating and reporting on lease arrangements hidden in contracts that are not labeled as leases can be a challenge under FASB’s new rules.

FASB issued a reproposal that is designed to improve guidance used to determine whether debt should be classified as a current or noncurrent liability on a classified balance sheet.

A proposed Accounting Standards Update would establish temporary guidance designed to reduce the accounting burdens associated with the shift from LIBOR and other interbank-offered interest rates to new reference rates.

FASB has proposed delays in effective dates for some major accounting standards for certain financial statement preparers. Here’s how preparers can make the best use of the extra time.