FASB financial accounting & reporting

FASB addressed balance sheet classification of debt and the disclosure requirements for inventory under the board’s Disclosure Framework.

The definition was clarified because of concerns that many transactions that should be considered asset acquisitions were being recorded as business acquisitions for accounting purposes.

The latest drafts address issues in the aerospace and defense, telecommunications, and time-share industries.

Financial statement preparers and auditors face important challenges as they implement FASB’s new revenue recognition standard.

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.