FASB financial accounting & reporting

FASB decided Wednesday to move forward with a re-proposal on financial reporting for leases that will be converged with that of the International Accounting Standards Board (IASB). FASB Chairman Leslie Seidman cast the deciding vote in a 4–3 decision. Board members Tom Linsmeier, Marc Siegel, and R. Harold Schroeder dissented.

Investors told FASB that current GAAP calls too often for disposals of assets to be presented as discontinued operations. FASB has responded to those concerns by issuing a proposal that would redefine “discontinued operation” in such a way that discontinued operations disclosures would be required only for disposals that are

FASB is providing additional explanation of a proposal in one of its most challenging projects. A 16-page FAQ document posted on FASB’s website Monday is designed to educate those interested in the standard the board is developing on expected credit losses in its financial instruments project. The Proposed Accounting Standards

FASB amended financial reporting standards to resolve diversity in practice related to financial reporting involving the narrow issue of a parent entity’s accounting for the cumulative translation adjustment of foreign currency into net income upon derecognition of foreign subsidiaries or assets. The amendments are contained in Accounting Standards Update (ASU)

Although a post-implementation review of FASB’s standard on business segment reporting was mostly favorable, FASB announced Wednesday that it will consider whether additional review is needed and will meet with stakeholders and SEC staff to discuss concerns raised during the review. The Financial Accounting Foundation (FAF) post-implementation review released in

A more collaborative agenda-setting process for FASB and GASB was approved Tuesday by the Financial Accounting Foundation (FAF) board of trustees. Decisions regarding project plans, agenda setting, and priority of projects at FASB and GASB now will be approved by a majority vote of the respective boards instead of by

FASB on Thursday issued a revised proposal that would provide a comprehensive framework for classifying and measuring financial instruments. The Proposed Accounting Standards Update (ASU), Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, would require financial assets to be classified and measured based on the

Private companies and nonpublic not-for-profits are exempted from a particular fair value disclosure as a result of a FASB amendment that underwent a speedy review process and was released Thursday. The amendment clarifies that the requirement to disclose the level of the fair value hierarchy within which the fair value

FASB changed the format for reporting amounts reclassified out of other comprehensive income (OCI) in a move designed to increase transparency at minimal cost. Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, does not change current requirements for

An Accounting Standards Update (ASU) issued Thursday by FASB makes it clear that a 2011 standard on offsetting disclosures does not apply to ordinary trade receivables and receivables. ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures About Offsetting Assets and Liabilities, excludes trade receivables and receivables

FASB issued proposed revisions Tuesday to financial reporting standards for repurchase agreements, in part to address investors’ concerns that some current practices do not adequately reflect the transferor’s obligations and risks. The Proposed Accounting Standards Update, Transfers and Servicing (Topic 860)—Effective Control for Transfers With Forward Agreements to Repurchase Assets