FASB financial accounting & reporting

FASB issued a proposal that is designed to clarify when a not-for-profit entity that is a general partner should consolidate a for-profit limited partnership or similar entity.

Gathering data to fill gaps and taking advantage of previous work will be two key actions as companies begin to implement the Financial Accounting Standards Board’s new expected credit loss standard.

FASB would amend consolidation guidance under a proposal issued with the intent of providing more useful information to users of financial statements.

Credit losses on loans and other financial instruments will be required to be reported in a more timely fashion under a standard the Financial Accounting Standards Board issued.

FASB wants to clarify the scope of its nonfinancial asset derecognition guidance and address accounting for partial sales of nonfinancial assets.

Companies are encountering challenges with new lease accounting standards in a process few expect to be easy, according to a recent Deloitte survey.

Clarifications on guidance for contract costs, and preproduction costs related to long-term supply arrangements are included in the proposal.

FASB issued a proposal that would simplify goodwill impairment testing. The board proposed removing Step 2 from the goodwill impairment test.