FASB financial accounting & reporting

TOPICS / ACCOUNTING & REPORTING

August 1, 2023

FASB proposes improvements to income statement expenses

FASB is seeking comments on a proposed Accounting Standards Update that is intended to provide investors with more decision-useful information regarding a public business entity’s expenses.

June 27, 2023

FASB proposes improvements to accounting for purchased financial assets

FASB is seeking comments on a proposed Accounting Standards Update intended to improve accounting for purchased financial assets.

May 12, 2023

FASB issues proposed changes to profit-sharing arrangements

FASB is seeking comments on a proposed Accounting Standards Update related to guidance for entities on determining whether profits interest and similar awards should be accounted for as share-based payment arrangements.

April 27, 2023

How the Financial Accounting Foundation plans to strengthen oversight

The organization’s latest effort provide a more convenient way for stakeholders with questions about due process in standard-setting to voice their concerns.

March 27, 2023

FASB issues update to leases guidance

The amended Accounting Standards Update addresses concerns related to terms and conditions to be considered and accounting for leasehold improvements.

March 23, 2023

FASB issues proposed changes to cryptoasset accounting, disclosure

FASB is seeking comments on a proposed Accounting Standards Update that is intended to improve the accounting for and disclosure of certain cryptoassets.

March 15, 2023

FASB proposes enhancements to income tax disclosures

FASB is seeking comments on a proposed Accounting Standards Update that addresses requests for improved income tax disclosures.

March 1, 2023

Managing interest rate risk with FASB’s new hedging flexibility

Find out how to apply FASB’s updated
hedge accounting guidance, which more
closely aligns a company’s financial
reporting with the results of its risk
management strategy.

February 27, 2023

FAF debuts enhanced access to online accounting standards

The Financial Accounting Foundation released its free, enhanced online access to the FASB Accounting Standards Codification and the GASB Governmental Accounting Research System.

January 13, 2023

FASB provides update on disaggregation project

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

January 1, 2023

Initial direct cost and deferred rent under FASB ASC 842

Topic 842 requires that initial direct costs be added to the right-of-use asset and included in its subsequent amortization.

December 21, 2022

FASB defers sunset date of reference rate reform guidance

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

December 16, 2022

FASB releases GAAP Taxonomy reports

FASB has released its annual GAAP Taxonomy, which includes the 2023 GAAP Financial Reporting Taxonomy and the 2023 SEC Reporting Taxonomy.

December 16, 2022

FASB set to draft cryptoasset disclosure standard

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

December 15, 2022

FASB issues updated insurance standard

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

December 14, 2022

Highlights: AICPA & CIMA Conference on Current SEC and PCAOB Developments

Regulators encourage accounting professionals to continue to tell their clients’ story while providing updates on the standards they’re required to uphold in the process.

November 30, 2022

FASB proposes update to leases guidance

FASB is seeking comments on a proposed Accounting Standards Update intended to improve accounting guidance on related-party arrangements between entities under common control.

November 22, 2022

FASB seeks input on proposed new chapter of its Conceptual Framework

FASB is seeking comments on a proposed new chapter of its Conceptual Framework related to recognition and derecognition criteria and guidance for items’ addition to and removal from financial statements.

November 21, 2022

FAF publishes new strategic plan

The Financial Accounting Foundation released its new strategic plan, which outlines the strategic goals that the organization will address over the next several years.

November 4, 2022