The Financial Accounting Foundation released its new strategic plan, which outlines the strategic goals that the organization will address over the next several years.
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
FASB seeks comment on proposed improvements to GAAP taxonomy
FASB is seeking comments on the Proposed Improvements for the 2023 GAAP Financial Reporting Taxonomy Reference Project.
FASB seeks input on proposed changes to accounting for joint ventures
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.
IRS annual inflation adjustments, negotiating a job offer, and a quiz
This quick-hitting episode covers recent news of interest, including IRS and Social Security Administration annual announcements, why the AICPA is requesting guidance from the IRS and Treasury, and advice for negotiating after you’ve received a job offer.
FASB moves toward a standard for fair value accounting of cryptoassets
A tentative board decision sets the stage for a new standard allowing the reporting of some cryptoassets at fair market value.
FASB seeks input on proposed new chapter of conceptual framework
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 proposes improvements to segment 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.
FASB updates reporting standard for supplier finance programs
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.
FASB issues proposal to improve accounting for investments in tax credit structures
The FASB issued a proposed Accounting Standards Update intended to improve the accounting and disclosures for investments in tax credit structures.
FASB proposes changes to transition requirements in insurance guidance
FASB issued a proposed Accounting Standards Update (ASU) that would amend transition guidance in an update from 2018 for long-term insurance contracts that have been derecognized because of a sale or disposal of individual or a group of contracts or legal entities before the effective date.
FASB issues standard to improve fair value guidance for equity securities
FASB issued an Accounting Standards Update that improves financial reporting for investors and other financial statement users.
FASB adds three new projects to technical agenda
FASB announced the addition of three new projects to its technical agenda based on feedback received during its 2021 agenda consultation project.
FASB invites stakeholders to share views on accounting for government grants
FASB is seeking feedback on whether IAS 20 represents a workable solution for improving generally accepted accounting principles for business entities as it relates to the accounting for government grants.
Goodwill triggering event alternative provides relief to some companies
Learn how FASB’s goodwill accounting alternative for evaluating triggering events can make financial reporting easier for private companies and not-for-profit entities beyond the pandemic.
FASB to explore rules on accounting for ESG credits
The FASB said last week that it will explore new rules regarding the accounting for financial instruments with ESG-linked features and regulatory credits.
FASB proposal would extend time for reference rate reform relief
A proposal by the FASB would extend by two years the guidance related to reference rate reform relief and expand the definition of the Secured Overnight Financing Rate (SOFR).
FASB addresses troubled debt, vintage disclosures in CECL standard
FASB changed its credit losses standard, eliminating accounting guidance for troubled debt restructuring by creditors and enhancing disclosure requirements for vintage disclosures.
How to navigate new disclosures for government assistance
After a rush of government programs provided pandemic-related relief, the Financial Accounting Standards Board issued a standard requiring new disclosures for government assistance.
FASB issues expanded hedge accounting standard
The Financial Accounting Standards Board (FASB) has published an Accounting Standards Update designed to better align hedge accounting with an organization’s risk management strategies.
FASB’s position on leases standard is ‘insensitive’
A reader responds to a JofA article on FASB declining to extend nonpublic lease accounting effective date.
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