FASB added a project to its technical agenda that would give certain private companies and not-for-profits the option to perform goodwill triggering event evaluation only on the annual reporting date.
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
FASB provides implementation relief for insurance companies
FASB issued a standard that provides a delayed effective date to its long-duration insurance standard for companies adversely affected by the pandemic. The standard also eases requirements for early adopters.
Pandemic accounting: How to make the right judgments
Guidance exists on numerous specific financial reporting issues related to lease concessions, various forms of government assistance, and loan restructurings. Here’s how you can find it.
FASB issues minor codification changes
FASB published a new standard that describes a series of incremental changes to accounting rules that are designed to improve its codification.
FASB proposes scope clarification for reference rate relief
Accounting relief from reference rate reform would be extended to a modification known as the “discounting transition” under a proposal issued by the Financial Accounting Standards Board.
FASB staff weighs in on debt modifications and restructurings
FASB staff issued a paper that educates borrowers on accounting for debt modifications and restructurings, which have surged as a result of the coronavirus pandemic.
FASB proposes clarifying forwards and options accounting
FASB would clarify an issuer’s accounting for certain modifications or exchanges of freestanding equity-classified forwards and options under a proposal issued Monday.
FASB proposes 3 targeted lease accounting changes
FASB proposed three targeted changes to its lease accounting guidance. The proposal is a response to feedback the board received during its post-implementation process for the lease accounting standard.
FASB clarifies callable debt securities accounting
FASB published a new standard that clarifies accounting requirements for callable debt securities.
Costs and benefits: A Q&A with FASB Chair Richard Jones
The chair of the Financial Accounting Standards Board describes his vision for standard setting and his dedication to making sure the costs of new rules don’t exceed the benefits.
FASB proposes expedient for private company franchisors
FASB issued a proposal that would provide a practical expedient for private company franchisors in how they analyze certain activities when determining their performance obligations in a franchise agreement under the board’s new revenue recognition standard.
Treasury report on CECL standard is inconclusive
The coronavirus pandemic and current market conditions prevent a definitive assessment of the impact of the FASB’s new standard on accounting for credit losses, according to a new report released by Treasury.
FASB alters not-for-profit accounting rules for gifts-in-kind
Not-for-profit financial statements will include more information on contributed nonfinancial assets, also known as gifts-in-kind, under a new standard issued by FASB.
TQAs address lease accounting for retirement communities
Background and nonauthoritative guidance on lease accounting for continuing care retirement community Type A life care contracts is provided in Technical Questions and Answers (TQAs) published by the AICPA.
FASB addresses valuation of private company share-based awards
Private company share-based awards can be difficult to value because such shares often are not actively traded. FASB proposed guidance that is designed to make this valuation less costly and complex.
FASB simplifies accounting for convertible instruments, contracts in own equity
FASB issued a new standard that is intended to simplify accounting for convertible instruments and contracts in an entity’s own equity.
End of LIBOR: How all industries, not just banks, can prepare
The adoption of the Secured Overnight Financing Rate affects any company that has borrowed money through rate-referenced debt or has an agreement that references the London Interbank Offered Rate.
Answers to 4 common accounting and auditing questions
New FASB rules have led to a host of new accounting and auditing questions for financial statement preparers and auditors. Some of the most frequently asked questions were answered at the AICPA’s ENGAGE 2020 virtual conference.
The 10 elements of financial statements, according to FASB
The Financial Accounting Standards Board defined 10 elements of financial statements in a proposed new chapter for its Conceptual Framework.
FASB proposes delay of insurance standard effective date
FASB proposed a one-year extension to the effective date of its new standard on long-duration insurance contracts to provide relief for insurance companies affected by the coronavirus pandemic.
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