FASB financial accounting & reporting

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.

FASB intends to improve the guidance on collectibility, noncash consideration, and completed contracts at transition in the new revenue recognition standard.

FASB issued new rules that are intended to simplify accounting for adjustments made to provisional amounts recognized in a business combination.

FASB issued two exposure drafts that address the use of materiality—an attempt to help organizations eliminate unnecessary disclosures in financial statements.

The proposed taxonomy contains updates for accounting standards and other recommended improvements to the official taxonomy, which is used by public issuers registered with the SEC.