FASB financial accounting & reporting

The Federal Accounting Standards Advisory Board issued an exposure draft focused on seized and forfeited digital assets, the latest regulatory body to add guidance related to digital assets.

The Federal Accounting Standards Advisory Board published the latest version of accounting standards for the U.S. government.

The comment deadline on the proposed Accounting Standards Update is March 18, 2024.

The 2024 GAAP Financial Reporting Taxonomy and the 2024 SEC Reporting Taxonomy are now available, along with a taxonomy related to XBRL data.

In response to investors, a new Accounting Standards Update will require an increased level of disaggregation of income tax disclosures on an annual basis.

The Accounting Standards Update requires entities to report on certain fungible assets at fair value, with changes in fair value recognized in net income.

The final Accounting Standards Update, required for annual periods beginning after Dec. 15, 2023, is designed to “improve financial reporting by providing additional information about a public company’s significant segment expenses” in a timely manner.

The board voted to issue a standard that defines the financial reporting requirements for certain crypto holdings and how the value of those assets should be measured.

The Accounting Standards Update aims to bring consistency to the financial statements of joint ventures when they are formed.

FASB engaged in more than 435 investor interactions in the last year, and the feedback collected is helping fuel several high-priority projects.