The Accounting Standards Update aims to bring consistency to the financial statements of joint ventures when they are formed.
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
FASB details its investor outreach efforts
FASB engaged in more than 435 investor interactions in the last year, and the feedback collected is helping fuel several high-priority projects.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
FASB issues updated insurance standard
The amended standard provides transition guidance for improving the accounting for long-term duration contracts.
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.
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.
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.
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