FASB financial accounting & reporting

In technical improvements issued Wednesday, the FASB addressed 13 narrow issues related to its new revenue recognition standard.

Before finalizing its proposed targeted improvements to accounting for long-duration insurance contracts, FASB should field-test them, two AICPA groups recommended in a joint comment letter.

FASB issued numerous technical corrections and clarifications to GAAP that are designed to remove inconsistencies in the board’s accounting guidance.

Audit committees can use a new tool to exercise their oversight role during implementation.

A proposal issued by FASB addresses the complexity involved in accounting for certain financial instruments associated with liability and equity.

Some companies and accounting firms have told FASB that their resources are stretched as they implement the board’s numerous recently issued standards.

Companies are obligated to provide investors with disclosures on the impact FASB’s new revenue recognition standard will have on them, SEC Chief Accountant Wes Bricker said.

A FASB proposal on targeted improvements to accounting for hedging activities would make hedge accounting simpler, according to the AICPA Financial Reporting Executive Committee.

FASB has proposed guidance that would describe when changes to the terms of share-based payments require financial statement preparers to apply modification accounting.

FASB issued Accounting Standards Update No. 2016-18, addressing the classification and presentation of restricted cash and restricted cash equivalents.

Marsha Hunt and Harold Monk will join the Financial Accounting Standards Board for five-year terms.

Under the proposal, FASB would clarify the minimum requirements for the reconciliation that a not-for-profit entity is required to disclose if it has endowment funds.

FASB issued a financial reporting standard that changes financial reporting rules for consolidating variable-interest entities.

The standard is designed to simplify the financial reporting for the income tax consequences of intra-entity transfers other than inventory.