FASB has expanded the election not to consolidate for private companies with variable-interest entities. Users of private company financial statements told FASB that consolidation does not help them analyze financial statements.
Advertisement
TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
FASB proposes clarifying interaction between 2 standards
The change addresses the measurement alternative and the equity method.
AICPA seeks guidance on adjustments for conversions from S corp. to C corp.
In comments submitted to the IRS, the AICPA requested expeditious guidance concerning adjustments attributable to conversions from an S corporation to a C corporation.
Hidden in plain sight: Accounting for embedded leases
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 makes a second effort to improve balance sheet debt classification
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.
FASB proposes guidance to ease transition to new benchmark rates
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 proposes delays for certain preparers
Effective dates of 4 major standards would be affected.
How to make the most of FASB’s effective date delays
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.
FASAB clarifies cleanup cost liabilities guidance
A new interpretation of Federal Financial Accounting Standards is designed to clarify the application of cleanup cost liability standards when multiple component reporting entities are involved.
FASB proposes delay in long-term insurance standard effective date
The effective date of a new accounting standard for long-term insurance contracts would be delayed under a proposal issued FASB.
FASB proposes delays in 3 key effective dates
Private companies and certain other preparers would see delays in effective dates for accounting standards for leases, hedging, and credit losses under a proposal issued by FASB.
FinREC issues credit loss standard working drafts
Working drafts of accounting issues related to the Financial Accounting Standards Board’s new credit losses standard were issued by the AICPA Financial Reporting Executive Committee.
Lessee accounting for governments: An in-depth look
These practical illustrations give state and local governments insight into the new requirements of GASB Statement No. 87.
FASB tackles difficult liabilities and equity topic
FASB addressed one of the most challenging areas of financial reporting with a proposal intended to help distinguish liabilities from equity.
FASB proposes clarifying interaction between 2 standards
FASB issued a proposal that would clarify the interaction between its standard on recognition and measurement of financial instruments and its standard on equity method investments.
FASB to propose delaying effective dates for 4 major standards
Effective dates for certain entities for key standards on accounting for leases, credit losses, hedging, and long-duration insurance contracts would change under a proposal FASB voted to direct its staff to draft.
Implementation insight from FASB’s vice chair
FASB vice chairman Jim Kroeker shares advice for successful implementation of accounting standards, as well as what’s on the horizon for FASB.
FASB considering goodwill accounting changes
FASB issued an Invitation to Comment on whether the board should make changes to the accounting for certain identifiable intangible assets acquired in a business combination and subsequent accounting for goodwill.
Polley steps down as head of FAF
High-profile standards were completed during the CEO’s tenure.
Q&A discusses ‘direct care’ expenses for collections
A Technical Question and Answer issued by the AICPA discusses the characteristics of expenses that would be considered “direct care of existing collections” under a new FASB standard that updates the definition of “collections.”
Features
FROM THIS MONTH'S ISSUE
How to set up an effective internship program
Learn how firms can recruit stronger interns and build robust on-ramps for talent by following five recommendations.
From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
