FASB financial accounting & reporting

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

FASB and the International Accounting Standards Board (IASB) failed to reach a consensus for new lease accounting guidance Wednesday but vowed to continue working together in pursuit of consistency. During two days of meetings at FASB’s headquarters in Norwalk, Conn., the boards failed to reach common answers on key areas

FASB plans to research concerns about the usefulness of its fair value measurements standard for users of financial statements of employee benefit plans, not-for-profits, and private companies. The concerns arose during a post-implementation review conducted for the board’s parent body, the Financial Accounting Foundation (FAF). The review was completed last

FASB took a step forward Tuesday in its effort to make disclosures in notes to financial statements more useful to investors. The board is building a framework that is intended to reduce unnecessary disclosures and highlight information that investors need most. On Tuesday, FASB issued a proposed concepts statement that

A Financial Accounting Foundation review team’s positive feedback on FASB’s fair value measurements standard was tempered by one finding: Some investors question its usefulness for financial statements of employee benefit plans, not-for-profits, and private companies. According to the review team, FASB Statement No. 157, Fair Value Measurements, generally provides investors

FASB will consider targeted changes rather than a significant overhaul of U.S. GAAP’s financial reporting requirements for insurance contracts. The board voted Wednesday to consider potential targeted improvements to long-duration insurance contracts. For short-duration contracts, the board will consider targeted improvements that will be focused solely on disclosures. Board members

Businesses may one day have specific requirements under GAAP for making disclosures in their financial statements about the government assistance they receive, because of a new project that FASB added Wednesday to its technical agenda. Board members said the lack of guidance on disclosure of government assistance leads to a

Businesses expect difficulties in implementing proposed changes to lease accounting rules, according to a new Deloitte survey. FASB and the International Accounting Standards Board (IASB) have resumed deliberations in the difficult convergence project, which inspired significant opposition after the release of a second exposure draft in May. Final rules could

FASB is trying to make financial statement preparers’ jobs easier without diminishing the useful information they provide to investors, board Chairman Russell Golden said Tuesday. The board is in the final stages of developing an internal policy that would guide the board in considering complexity as it develops and amends

Comment letters to accounting standard setters submitted jointly by an AICPA committee and expert panel urge convergence on at least some critical issues in financial reporting rules for insurance contracts. The AICPA Financial Reporting Executive Committee and Insurance Expert Panel advised FASB and the International Accounting Standards Board (IASB) that

FASB endorsed two GAAP exceptions for private companies Monday, marking a milestone in the work to provide simpler, less costly rules for private companies while producing financial statements that reflect economic reality. The endorsement by FASB of exceptions crafted by the Private Company Council (PCC) means exceptions for private companies