FASB financial accounting & reporting

TOPICS / ACCOUNTING & REPORTING

September 21, 2020

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.

September 17, 2020

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.

September 17, 2020

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.

September 1, 2020

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.

August 17, 2020

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.

August 5, 2020

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.

August 1, 2020

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.

July 22, 2020

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.

July 16, 2020

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.

July 9, 2020

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.

July 1, 2020

FASB’s new cloud computing standard reduces complexity

In its Accounting Standards Update No. 2018-15, FASB’s guidance on how to account for implementing a cloud computing service contract aligns with buying an asset.

July 1, 2020

Accounting for sale and leaseback transactions

FASB’s new standards for revenue recognition and lease accounting have significantly changed the accounting for these popular transactions.

June 22, 2020

FASB Q&As address application of taxonomy to pandemic disclosures

FASB staff issued Q&As designed to clarify the application of the US GAAP Financial Reporting Taxonomy to disclosures related to the effects of the coronavirus pandemic and relief efforts.

June 10, 2020

FASB addresses insurance, convertible instruments, gifts-in-kind

FASB proposed delaying the effective date of its new long-duration insurance contracts standard. The board also voted to approve standards on improving convertible instruments and contracts in an entity’s own equity and not-for-profit accounting for gifts-in-kind.

June 3, 2020

FASB issues limited revenue recognition, lease accounting delays

FASB issued an option to delay implementation of the board’s revenue recognition and lease accounting standards for certain entities that have not yet applied the standards.

June 1, 2020

Hedge accounting may be more beneficial after FASB’s changes

FASB’s changes to its hedge accounting standard may provide companies with new alternatives to account for their risk management activities. Here is some background on hedge accounting, what is changing, and how it has emerged as a more viable approach.

June 1, 2020