FASB financial accounting & reporting

FASB made the first of several scheduled maintenance updates to its Accounting Standards Codification as part of an effort to simplify the codification’s structure.

FASB intends to provide clarity to help financial statement preparers determine the customer of the operation services for transactions.

Working drafts for the airlines, gaming, hospitality and time-share industries were included in the latest group of issues exposed for the AICPA’s guide to implementing FASB’s revenue recognition standard.

FASB issued a new standard that makes targeted changes designed to prevent the recognition of too much interest income before a borrower calls the debt security, and prevent the recognition of a loss on the call date.

FASB’s new credit loss standard will challenge banks to find the right data for forecasting expected losses in their portfolios.

Current presentation requirements for defined benefit costs lacked transparency and limited the usefulness of financial information, according to stakeholders.

Accounting for share-based payments to nonemployees in exchange for goods and services would become similar to the accounting for share-based payments to employees under a proposal FASB issued.

Working drafts exposed by the AICPA Financial Reporting Executive Committee address five new revenue recognition issues.