FASB financial accounting & reporting

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.

FASB proposed changes to the new revenue recognition standard that are meant to clarify how to determine whether an entity is a principal or an agent in a contract.

A key AICPA committee has expressed concern that FASB’s proposed changes to not-for-profit accounting standards would lead to a further divergence between the financial reporting models of not-for-profits and for-profit businesses.

FASB published an accounting standards update that formalizes a one-year deferral in the effective date of its new revenue recognition standard.

FASB issued guidance designed to clarify when a scope exception to derivatives and hedging guidance can be applied to certain electricity contracts within nodal energy markets.

FASB is seeking comments on two Proposed Accounting Standards Updates related to derivatives and hedging.

The Financial Accounting Standards Board issued a three-part standards update designed to make accounting for employee benefit plans less complex.

The Financial Accounting Standards Board has issued amendments designed to make the subsequent measurement of inventory less complex.

Citing challenges for financial statement preparers, FASB voted to delay the effective date of the new revenue recognition standard by one year, with early adoption permitted as of the original effective date.