FASB financial accounting & reporting

FASB is updating an accounting standard to help preparers identify performance obligations and implement licensing guidance in accordance with the new revenue recognition standard.

The standard includes changes that apply to all organizations, plus some simplifications that apply just to private companies.

Through its simplification initiative, FASB is identifying areas of GAAP where complexity can be reduced without sacrificing the usefulness of information provided in financial statements.

The Financial Accounting Standards Board clarified accounting for embedded derivatives in an accounting standard.

FASB issued financial reporting standards that address recognition of breakage for prepaid stored-value products and the effects of derivative contract novations on existing hedge accounting relationships.

FASB issued its long-awaited guidance on accounting for leases. Here are some things companies may want to consider as they work to comply with the standard.

FASB issued a new standard on financial reporting for leases that is designed to bring transparency and comparability to lessee balance sheets.

A FASB standard issued in 1997 meets its objectives of simplifying computations of earnings per share and improving comparability with international standards, a review team reported.

The AICPA issued a new interpretation to clarify a permissible reporting convention when a review is performed in accordance with the SSARSs and with another set of review standards.

FASB affirmed narrow-scope changes and practical expedients to its revenue recognition standard this week on issues including collectibility, contract modifications, and completed contracts at transition.

FASB decided to perform research on six topics for consideration of possible accounting standard setting.