FASB financial accounting & reporting

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.

FASB issued a proposal that would change accounting rules for insurance companies that issue long-duration contracts such as life insurance, disability income, long-term care, and annuities.

The FASB issued a proposal that would shorten the amortization period for callable debt securities purchased at a premium.

FASB’s efforts to clarify its new revenue recognition standard continued when the board proposed technical corrections and changes to the standard.

FASB issued proposed hedge accounting rules that are designed to enable a faithful representation of how an organization manages risk.