FASB financial accounting & reporting

FASB has made tentative decisions on certain disclosures it plans to require related to income taxes, with a focus on undistributed foreign earnings. The board is attempting to simplify financial reporting by streamlining disclosures.

FASB’s staff expects to report results of research on two key revenue recognition issues to the board in February—and plans to present feedback to the board early in the second quarter of 2015 on a possible delay in the standard’s effective date.

A new standard issued by FASB is designed to save time and reduce costs for preparers by eliminating the concept of extraordinary items from GAAP.

The 2015 U.S. GAAP Financial Reporting Taxonomy is available, pending SEC approval, FASB announced.

Companies should continue their work to implement the new revenue recognition standard despite the potential that FASB may defer its effective date, experts said at the AICPA Conference on Current SEC and PCAOB Developments.

The Financial Accounting Standards Board is researching revenue recognition accounting issues that may challenge companies—and may lead to a delay in the effective date of the new standard.

Financial statement preparers have questions about the new revenue recognition standard that may make a delay in the implementation date appropriate, SEC Chief Accountant James Schnurr said.

New accounting rules published Tuesday by FASB establish whether and at what threshold an acquired business or not-for-profit organization can apply pushdown accounting. Pushdown accounting occurs in an acquisition when an acquired organization uses the acquirer’s basis of accounting to prepare its financial statements. A lack of guidance in GAAP

FASB issued a new financial reporting standard Wednesday defining management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The standard provides new guidance, as current GAAP does not describe management’s responsibility to evaluate whether

FASB on Tuesday issued a proposal designed to simplify the accounting for fees that public and private companies pay as customers in cloud-computing arrangements with third-party service providers. Rules exist under current GAAP addressing the accounting for cloud service providers. But there is no explicit accounting guidance under GAAP about