FASB financial accounting & reporting

FASB took a step forward in resolving challenges in its rules for recognizing and measuring deferred revenue in business combinations.

The challenges associated with FASB’s new revenue recognition standard have been substantial for many companies, but at least they’re gaining valuable data and process improvements as a result of the implementation.

FASB proposed providing an option to measure certain types of assets at fair value, a change aimed at making the transition to its new credit losses standard easier.

Under a proposal issued by FASB, not-for-profits would be able to take advantage of the private company GAAP alternatives for accounting for goodwill and accounting for intangible assets in a business combination.

FASB proposed an accounting standard that would clarify how lessors should handle certain scenarios under the board’s new lease accounting standard.

FASB will not delay the effective date of its new lease accounting standard, board Chairman Russell Golden said at the AICPA Conference on Current SEC and PCAOB Developments.

FASB proposed clarifications and changes to its recently issued accounting standards on credit losses, hedging, and recognition and measurement.

FASB changed the transition requirements and clarified the scope of its standard on accounting for credit losses, which was issued in 2016.

A new FASB staff paper provides information to private company franchisors as they decide how to recognize certain franchise fees under the new revenue recognition standard.