FASB financial accounting & reporting

Goodwill impairment testing has been a challenging area for many financial statement preparers since the issuance in 2001 of FASB Accounting Standards Codification (ASC) Subtopic 350-20 (formerly FASB Statement No. 142). A FASB Accounting Standards Update issued in September 2011 was designed to make this topic easier for preparers. The

A new FASB proposal seeks to eliminate the designation of “development stage entity,” as well as related disclosure requirements, from U.S. GAAP. FASB on Thursday issued a Proposed Accounting Standards Update (ASU) that originated with the Private Company Council (PCC) and was expanded in scope to include public and private

A financial reporting standard designed to increase global comparability of one of the most important items in financial statements is nearing completion after an important vote Wednesday. FASB directed the board’s staff to draft a final revenue recognition standard to be submitted to the board in December for final approval.

FASB and the International Accounting Standards Board (IASB) made a significant change in a major project Wednesday by adding a collectibility threshold to the converged financial reporting standard they are developing for revenue recognition. In what’s scheduled to be their last joint meeting on a project that will significantly affect

Going-concern assertions are appropriately made by management, the AICPA’s Financial Reporting Executive Committee (FinREC) and the Center for Audit Quality (CAQ) said in comment letters supporting a FASB proposal. The comment period ended Tuesday for FASB’s proposed Accounting Standards Update, Presentation of Financial Statements (Topic 205), Disclosure of Uncertainties About

The economics of cellphone towers was cited Monday as one of the many challenges FASB and the International Accounting Standards Board are encountering as they attempt to build one, converged, principles-based financial reporting model for leases. The boards proposed a standard that would mandate a dual approach to recognition, measurement,

A FASB advisory committee asked stakeholders what they thought the board’s standard-setting priorities should be. Respondents said they wanted simplicity and better information. The top three reasons improvements are needed to financial reporting standards, according to 105 respondents participating in a Financial Accounting Standards Advisory Council (FASAC) survey, are: Simplification

FASB Chairman Russell Golden on Thursday described plans to increase the efficiency and effectiveness of the board’s operations. Golden provided wide-ranging remarks about FASB’s future as he spoke at a one-day conference in New York City celebrating the board’s 40th anniversary. He said the board needs to evaluate its agenda

FASB voted Wednesday to propose changes designed to improve the relevance and reduce the complexity of development-stage entity financial reporting. The board expects to issue an exposure draft (ED) by the end of October that would apply to public and private entities. During a July 16 meeting, the Private Company

Accounting standards for risk financing and insurance-related activities of state and local governments, including public risk pools, achieve their purpose, according to a Financial Accounting Foundation (FAF) review report released Tuesday. GASB Statements No. 10, Accounting and Financial Reporting for Risk Financing and Related Insurance Issues, and No. 30, Risk

The Financial Accounting Foundation (FAF) on Tuesday issued a revised proposal describing a process that would decide which information GASB could consider for its standard setting for state and local governments. Under the proposal, GASB would consult with the FAF trustees’ Standard-Setting Process Oversight Committee to determine whether particular information