FASB financial accounting & reporting

FASB issued a standard Tuesday that makes targeted changes to existing GAAP for the recognition and measurement of financial instruments.

FASAB is proposing alternative methods for federal government reporting entities in establishing opening balances for general property, plant and equipment.

The 2016 taxonomy contains updates for accounting standards changes and other improvements to the previous taxonomy.

FASB’s project on impairment of financial instruments will provide a realistic view of expected loan losses, board Chairman Russell Golden said at the AICPA Conference on Current SEC and PCAOB Developments.

The Financial Accounting Foundation trustees elected Charles Noski as their new chairman and announced the naming of five additional new trustees.

FASB issued a proposal that is designed to help financial statement preparers omit immaterial disclosures on fair value measurements.

FASB wants to clarify the definition of a business to help financial statement preparers evaluate whether they should account for transactions as acquisitions or disposals of assets or businesses.

The Financial Accounting Standards Board issued a standard that is intended to simplify the presentation of deferred income taxes on the balance sheet.

The proposal would require disclosures about the type of arrangement and the method of accounting for government assistance.

The standard, which will include substantial changes to lessee accounting, is expected to be issued in early 2016.