FASB proposed clarifications and changes to its recently issued accounting standards on credit losses, hedging, and recognition and measurement.
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
Proposed guidance published on inventory valuation
The AICPA Financial Reporting Executive Committee (FinREC) published a working draft on inventory valuation and is seeking comments on the draft.
FASB alters transition requirements, scope of credit losses standard
FASB changed the transition requirements and clarified the scope of its standard on accounting for credit losses, which was issued in 2016.
FASB staff paper assists with franchise fee recognition
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.
Revenue recognition tilts toward modified transition approach
A majority of S&P 500 companies chose the simplicity of the modified retrospective transition for their revenue recognition standard implementation, a new white paper shows.
FASB proposal addresses accounting for TV series
FASB issued a proposal that would align the accounting for production costs of an episodic TV series with the accounting for films.
FASB clarifies collaborative arrangement accounting rules
In a new standard, FASB clarified the interaction between the guidance for certain collaborative arrangements and the revenue recognition standard.
FASB takes big steps on disclosure effectiveness
The board also addressed concerns about its standard on credit losses.
FASB expands private company consolidation relief
FASB expanded an accounting alternative for private companies and changed the rules for all entities for deciding whether a decision-making fee is a variable interest.
FASB permits new benchmark rate for hedge accounting
FASB expanded the list of benchmark interest rates that are permissible in the application of hedge accounting.
FinREC issues working drafts on credit loss accounting issues
A new guide focuses on lenders and insurance companies.
Lease accounting rules get additional tweaks
FASB issued minor amendments, targeted changes, and a proposal addressing lessors’ implementation challenges.
FASB changes insurance accounting
A new standard creates targeted changes for long-duration contracts.
FinREC issues working draft on multiemployer benefit plans
The AICPA Financial Reporting Executive Committee (FinREC) issued a working draft of a proposed chapter on multiemployer benefit plans and illustrative financial statements, which will be added to the AICPA Audit and Accounting Guide Employee Benefit Plans.
FASB clarifies accounting for grants and contributions
The board also proposed a new definition of collections and issued clarifications on lease accounting and other issues.
FASB simplifies accounting for cloud computing service costs
FASB issued new rules that are designed to reduce complexity for the accounting for costs of implementing a cloud computing service arrangement.
FASB takes big steps on disclosure effectiveness
FASB’s ongoing efforts to improve the effectiveness of disclosures in the notes to financial statements led to multiple changes announced by the board.
Technology issues to consider in lease accounting
Preparers may want to consider technological tools that can help with the accounting and the administration of leases.
Proposal would withdraw inter-entity cost guidance
A new Federal Accounting Standards Advisory Board proposal is designed to eliminate inconsistencies in the board’s guidance for federal entities’ accounting for inter-entity costs.
FASB addresses credit loss standard concerns
A proposal issued by FASB would amend the transition requirements and scope of the board’s new standard for accounting for credit losses.
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