FASB clarified which derivatives are eligible for optional expedients and exceptions under the new standard that provides accounting relief for reference rate reforms.
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
FASB proposes goodwill evaluation relief for some private companies, NFPs
FASB issued a proposal that would permit certain private companies and not-for-profits to elect not to perform goodwill assessments related to triggering events.
FASB addresses revenue contracts with customers acquired in a business combination
FASB proposed a standard that is intended to drive consistency in accounting for revenue contracts with customers acquired in a business combination.
FASB to seek input on its standard-setting agenda
FASB will undergo a comprehensive project starting this month to determine its future standard-setting priorities, FASB Chair Richard Jones said at the AICPA Conference on Current SEC and PCAOB Developments.
Standard setters focus on costs vs. benefits, ‘big three’ projects
FASB Chair Richard Jones, CPA, and GASB Chair Joel Black, CPA, describe their visions and priorities in this Q&A.
FASB pursues impairment-triggering relief for certain private companies, NFPs
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.
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.
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