FASB financial accounting & reporting

Although a review found that FASB’s share-based payments standard achieves its purpose, private company stakeholders told a post-implementation review team that the standard is sometimes difficult for them to understand and costly to apply. After analyzing the results of the Financial Accounting Foundation review of Statement 123(R), Share-Based Payment, released

New accounting rules approved by FASB on Wednesday are designed to make financial reporting about consolidation more transparent and consistent. FASB will issue the standard in the coming months, following the drafting of the final Accounting Standards Update (ASU). All public and private companies that apply variable-interest entity (VIE) guidance

FASB published proposals Tuesday that are designed to simplify the measurement of inventory and eliminate the concept of extraordinary items. The proposals are part of FASB’s simplification initiative, which is designed to reduce cost and complexity in financial reporting while improving or maintaining the usefulness of information to users through

FASB has updated accounting standards on stock compensation to resolve diverse accounting treatments of awards linked to performance targets, such as an initial public offering or a specific profitability metric, that could be longer-term than the recipient’s employment. Current U.S. GAAP does not contain explicit guidance on how to account

FASB on Thursday issued a revised standard that addresses investors’ concerns with the financial reporting of repurchase agreements and brings U.S. GAAP accounting for such transactions into closer alignment with IFRS. Under the updated standard, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, these transactions would be

FASB will attempt to simplify measurement of inventory and eliminate extraordinary items from income statement presentation as part of its ongoing initiative to reduce complexity in accounting standards. The board has added two narrow-scope projects to its agenda in hopes of quickly simplifying U.S. GAAP and reducing cost and complexity

FASB on Tuesday issued a new accounting standard that relaxes financial reporting requirements for development-stage entities. A development-stage entity devotes substantially all its efforts to establishing a new business and either: Has not commenced planned principal operations; or Has commenced planned principal operations, but has not produced significant revenue. The

Many companies are going to find that the attention of finance and accounting will not be enough to ensure successful implementation of the new revenue recognition standard.

Global standard setting is taking a new path and U.S. accounting standard setters are preparing to consider foundational projects, according to forward-looking information published Thursday in the annual report of the Financial Accounting Foundation (FAF). Board chairmen Russell Golden of FASB and David Vaudt of GASB, whose organizations are overseen

FASB is preparing to consider foundational changes that could significantly alter financial reporting in the future as well as standards improvements that will reduce complexity, board Chairman Russell Golden said Thursday. Here are five issues that will be studied and debated by FASB in the coming years under active projects,

New guidance issued Thursday by FASB will reduce the number of disposals of assets that should be presented as discontinued operations in organizations’ financial reporting. Only disposals representing a strategic shift in operations that have a major effect on the organization’s operations and financial results will be required to be