FASB financial accounting & reporting

Step 2 was eliminated from the goodwill impairment test as the FASB sought to simplify accounting in a new standard issued Thursday.

Deloitte offers five strategies to help find efficiencies and avoid unnecessary disturbances.

A new federal government accounting standard is designed to provide concise and meaningful information about insurance costs and liabilities.

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.