FASB financial accounting & reporting

The pace of standard setting may slow in the coming months, but one key new project is on the horizon.

Accounting obstacles that prevented some organizations from using hedging to manage risks may be eliminated by a standard that received preliminary approval from FASB.

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.