FASB financial accounting & reporting

Changes and proposed changes to FASB’s new lease accounting standard that were announced last week addressed financial statement preparers’ most pressing implementation concerns.

Working drafts for a total of five revenue recognition implementation issues in four industries were exposed by the AICPA Financial Reporting Executive Committee.

FASB decided to simplify implementation of its new lease accounting standard in an effort to reduce costs and decrease challenges for financial statement preparers.

Here are some things financial statement preparers should keep in mind when implementing FASB’s lease accounting standard

In an effort to simplify its Accounting Standards Codification, FASB has combined its guidance for income statements and comprehensive income into one topic.

Three issue analyses from the AICPA Health Care Expert Panel could help with implementation of FASB’s new standard.

FinREC has been seeking public comment on working drafts that provide industry-specific guidance for entities implementing FASB’s new revenue recognition standard.

Nine potential amendments are contained in the proposal, which would affect a wide variety of topics in the codification.

The AICPA Financial Reporting Executive Committee issued 20 working drafts on issues related to implementation of the new revenue recognition standard.

FASB proposed clarifications to separate standards issued in 2016 on accounting for financial instruments and lease accounting.

FASB issued a proposal that would clarify how its new leases standard should be applied to land easements.

FASB voted to work on developing accounting rules to address areas of distinguishing liabilities and equity, financial performance reporting, and segment reporting.

Amid concerns that financial reporting guidance for consolidation is difficult to understand and navigate, FASB proposed a reorganization of the rules.

The proposed 2018 GAAP Financial Reporting Taxonomy and the proposed 2018 Shared Reporting Taxonomy were released for public comment by FASB.

Accounting rules for hedging are designed to be better aligned with a company’s risk management activities under a new standard issued by FASB.