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.
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
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.
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.
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.
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.
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.
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.
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.
Pandemic alters lease accounting landscape
The coronavirus pandemic has led to a likely delay in the effective date of FASB’s new lease standard as well as an environment in which lease concessions may lead to new accounting considerations.
FASB votes to delay revenue recognition effective date for private companies
The FASB voted to delay the effective date of its revenue recognition standard for nonpublic entities that have not yet issued their financial statements. Challenges related to the coronavirus pandemic led to the delay.
FASB staff Q&As address hedge accounting amid the pandemic
FASB’s staff published Q&As to address issues related to hedge accounting during the coronavirus pandemic.
FASB’s relief proposal includes lease accounting delay for private companies
FASB proposed pandemic relief actions that included a one-year delay in its lease accounting standard for private companies and most not-for-profits.
GASB issues guidance on accounting for P3s and APAs
GASB issued guidance that is intended to improve state and local governments’ accounting for public-private and public-public partnership arrangements as well as availability payment arrangements.
Pandemic alters lease accounting landscape
The coronavirus pandemic has led to a likely delay in the effective date of FASB’s new lease accounting standard as well as an environment in which lease concessions may lead to new accounting considerations.
FASB issues Q&As to clarify pandemic lease accounting issues
FASB posted a Q&A document to clarify questions about lease accounting that have arisen during the coronavirus pandemic.
FASB staff clarifies lease modifications, other pandemic accounting issues
Accounting challenges related to the coronavirus pandemic have resulted in numerous questions for FASB from financial statement preparers and practitioners. Shayne Kuhaneck, FASB’s acting technical director, answered some of these questions during the board’s meeting.
FASB effective date delay proposals to include private company lease accounting
The delays would apply to the effective date of its revenue recognition standard for nonpublic franchisors and the effective dates of its lease accounting standard for private companies and public and private not-for-profits.
Financial institutions using CARES Act deferrals won’t violate GAAP, SEC says
Companies that elect to defer or suspend FASB rules for credit losses or troubled debt restructurings in accordance with the CARES Act will not be found in violation of GAAP.
FASB to discuss effective date deferral requests in response to pandemic
Deferral requests for significant accounting standards that are not yet effective will be among the topics FASB will discuss related to the coronavirus pandemic at its April 8 board meeting.
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