FASB financial accounting & reporting

Tentative board decisions call for entities to disaggregate costs incurred that are expensed as occurred and costs incurred that are capitalized as inventory.

FASB extended the period of time preparers can use the reference rate reform relief guidance by two years, to 2024.

The board made several tentative decisions related to the project, which will affect public and private entities, including investment companies and not-for-profits.

The amended standard provides transition guidance for improving the accounting for long-term duration contracts.

The proposed Accounting Standards Update intends to provide investors and other allocators of capital (collectively, investors) with more decision-useful information in a joint venture’s separate financial statements and reduce diversity in practice in this area of financial reporting.

A tentative board decision sets the stage for a new standard allowing the reporting of some cryptoassets at fair market value.

FASB issued a proposed new chapter of its Conceptual Framework that describes a reporting entity. The proposed chapter would become Chapter 2 of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting.

FASB issued a proposed Accounting Standards Update that would improve the disclosures about a public entity’s reportable segments and address requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses.

The Accounting Standards Update (ASU) enhances transparency required from buyer companies. Most of the ASU is effective for fiscal years beginning after Dec. 15, 2022.